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2015-01-11 14:40:00

2015: DROP E&P SPENDING

2015: DROP E&P SPENDING

Global capital expenditures for oil and gas exploration and production projects are expected to drop 17% to $571 billion in 2015, according to Cowen and Co.'s annual study of 476 oil and gas companies' E&P capex budgets. The study assumes an average West Texas Intermediate price of $70/bbl.

The decline represents the third largest in global expenditures since 1985. The largest was the 33% plunge in 1986 when oil prices plunged below $10/bbl.

The study acknowledges, however, that current crude prices are hovering around $50/bbl, indicating there is significant downside risk to those projections. If oil prices average $60/bbl, US E&P spending would drop 30-35%.

Based upon the expectation of $70/bbl WTI, international E&P spending is expected to decline at least 15%, while spending under a $55-60/bbl average price could decline by as much as 20%. International E&P spending typically holds up for longer and declines by less than North American spending during oil spending down cycles, the study notes.

Spending is expected to hold up in the Middle East, where small increases will come from Abu Dhabi National Oil Co. (ADNOC), Kuwait Oil Co., Saudi Aramco, and Qatar Petroleum.

The seven supermajors are estimated to be down by 9-15% due in part to the completion of or reduced spending on LNG projects.

Based on the expectation of $70/bbl WTI, 186 companies that were surveyed are planning an average decline in expenditures in the US of 22% to $119 billion. US declines are likely to be the most severe in vertical drilling, in some of the secondary plays, and on the periphery of some basins, the study says.

Drilling in the cores of the Eagle Ford, Permian, and Bakken will hold up surprisingly well, according to the study. Its model, however, indicates that in the event of a 20% drop in spending that the rig count could decline 550 units from the fourth quarter average. The study also anticipates completions to fare better than drilling in 2015.

US companies with the biggest budget cuts in 2015 compared with 2014 are SandRidge Energy Inc. at 63%, Whiting Petroleum Corp. at 41%, Continental Resources Inc. at 40%.

In Canada, meanwhile, 110 companies surveyed are estimating a decline of 24% in the region. Encana Corp. is expected to slash its spending 47% from 2014, while Husky Energy Inc. is expected to reduce its budget by 37%.

ogj.com

Tags: OIL, GAS, PRICES, EXPLORATION, PRODUCTION

Chronicle:

2015: DROP E&P SPENDING
2017, December, 15, 12:50:00

LUKOIL'S PLAN: $50

LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.

2015: DROP E&P SPENDING
2017, December, 15, 12:45:00

BP INVESTS TO SOLAR

BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.

2015: DROP E&P SPENDING
2017, December, 13, 12:40:00

OIL PRICE: ABOVE $64 YET

REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.

2015: DROP E&P SPENDING
2017, December, 13, 12:35:00

RUSSIAN-TURKISH NUCLEAR

ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.

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