Saudi Arabia, UAE lead GCC subsidy reform

Saudi Arabia and the United Arab Emirates lead the Gulf Cooperation Council in raising energy prices and cutting subsidies in response to fiscal pressures created by the slump in crude oil prices, according to Arab Petroleum Investments Corp. (APICORP), Dammam, Saudi Arabia. Source: News

EIA: US shale oil output to decline 116,000 b/d in February

Crude oil production in February from seven major US shale plays is expected to fall 116,000 b/d to 4.83 million b/d, according to the US Energy Information Administration’s latest Drilling Productivity Report (DPR). The agency last month also projected a 116,000-b/d loss for January. Source: News

Suncor extends offer for Canadian Oil Sands

Suncor Energy Inc. is extending its offer for all the outstanding shares of Canadian Oil Sands Ltd. (COS) to Jan. 27. Source: News

Eni brings Mpungi field on production offshore Angola

Italy’s Eni SPA has started deepwater production from Mpungi field on Block 15/06 offshore Angola, reaching a third milestone in the West Hub development project. Source: News

Isobel Deep redrill further confirms discovery in North Falkland basin

Premier Oil PLC’s Isobel Deep redrill, 14/20-2, has confirmed the oil discovery of the original well in May 2015. The well, which is on licence PL004A, 30 km south of Sea Lion field, reached TD at 3,014 m encountering oil-bearing intervals in a number of sandstone reservoirs between 2,564-2,861 m (the base of the Isobel […]