2016, June, 24, 18:15:00GLOBAL DEFICIT $2 TLN
"Such huge outflows raise a question as to whether upstream business will generate enough cash, and where capex will figure in the priority order of companies," said Andrew Slaughter, executive director, Deloitte Center for Energy Solutions. "When we annualized operating cash flows of all the three company sets in 2015 for the next five years, assuming a $55/bbl average oil price, we see a total funding gap of up to $2 trillion from operations."
2016, June, 24, 18:10:00GLOBAL INVESTMENT DOWN $1 TLN
Global upstream development spending from 2015 to 2020 has declined 22%, or $740 billion, since fourth-quarter 2014. Including cuts to conventional exploration investment, the figure increases to just more than $1 trillion.
2016, June, 24, 18:00:00OIL CAN BE FROZEN
"We have seen a large amount of short positions being closed while long positions have been opened," Novak said in reference to speculative bets - shorts - in the market that prices will fall, and the opposite - longs - that they will rise.
2016, June, 23, 18:15:00SAUDI'S OIL POLICIES
"The Kingdom's oil policies are rooted in responsibility, and Saudi Arabia is seeking to maintain that balance while also giving heed to moderate prices for producers and consumers,"
2016, June, 20, 18:05:00LEVIATHAN'S DEVELOPMENT
According to a development plan approved this month by the energy ministry, Leviathan's three anchor customers for its phase 1 development are expected to be the domestic Israeli market, the Jordanian power company Nepco and the Egyptian consortium Dolphinus Holdings, which was supposed to purchase gas from Tamar last year in a deal that has not materialized.
2016, June, 19, 17:10:00ROSNEFT & BP: YERMAK NEFTEGAZ LLC
Igor Sechin, Rosneft CEO, said after signing: “These agreements serve as an example of full scale cooperation with BP, Rosneft’s strategic partner and largest minority shareholder. After creation of the Taas-Yuryakh Neftegazodobycha LLC joint venture we are now broadening the geography of our cooperation and creating a precedent which allows us to pursue cooperation in partnership with leading international companies to implement upstream projects at the largest Rosneft greenfield sites in West and East Siberia.”
2016, June, 19, 17:05:00U.S. RIGS UP 10
U.S. Rig Count is up 10 rigs from last week to 424, with oil rigs up 9 to 337, gas rigs up 1 to 86, and miscellaneous rigs unchanged at 1. Canadian Rig Count is up 4 rigs from last week to 69, with oil rigs down 1 to 28, gas rigs up 4 to 40, and miscellaneous rigs up 1 to 1.
2016, June, 16, 18:25:00U.S. THE STEEPEST CUTS
The oil and gas industry will cut $1 trillion from planned spending on exploration and development because of the slump in prices, leading to slower growth in production.
2016, June, 16, 18:00:00IRAN GROWS FASTER
Iran is regaining market share at a faster pace than analysts had projected since sanctions were lifted in January, helped by securing more tankers through a temporary shipping insurance fix.
2016, June, 16, 17:50:00KASHAGAN: I'LL BE BACK
The Kashagan oilfield development project has been marred by delays and cost overruns. It first began producing in September 2013 but was halted two weeks later due to gas leaks.
2016, June, 14, 18:25:00U.S. OIL PRODUCTION DOWN 118 TBD
U.S. oil production down 118 tbd, natural gas production down 476 mcfd.
2016, June, 14, 18:20:00CHINA'S OIL PRODUCTION DOWN
PetroChina Co., the nation’s biggest producer, said in March it expects oil and gas output to fall the first time in 17 years as it shuts fields that have “no hope” of turning a profit, while Cnooc Ltd. sees output slipping as much as 5.2 percent this year.
2016, June, 14, 18:15:00VENEZUELAN OIL DOWN
The decline of 120,000 barrels a day, to 2.37 million barrels a day, underscores the inability of state energy company Petróleos de Venezuela SA to maintain oil-industry investments, as the region’s largest petroleum exporter suffers from a debilitating cash crunch, widespread food shortages and civil unrest.
2016, June, 14, 18:10:00NORWEGIAN OIL & GAS DOWN BY $50 BLN
Last year, Norway’s derived half of its oil and gas revenue from production taxes, 43% from the government’s direct ownership in oil and gas assets, and 7% from dividends paid by Statoil ASA, in which the government has a 67% stake.
2016, June, 13, 20:15:00THE NEW FIND OF ENI & BP
The new discovery is 12 km off shore, and 10 km north of last year’s find, Nooros. The well was drilled in water depth of 25 m and reached a total depth of 3,750 m and found about 62 m of net gas pay in high quality Messinian sandstones and with "excellent reservoir properties," according to Eni.