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Chevron announces $35 billion capital and exploratory budget for 2015, plus 2014 earnings

Chevron Corporation (NYSE: CVX) today announced a $35.0 billion capital and exploratory investment program for 2015. Included in the 2015 program are $4.0 billion of planned expenditures by affiliates, which do not require cash outlays by Chevron. The 2015 budget is 13% ...
North America | Friday, January 30, 2015

Buckeye announces open season for Michigan/Ohio pipeline expansion project

Buckeye Partners, L.P. (NYSE:BPL) announced today that one of its operating subsidiaries, Buckeye Pipe Line Transportation LLC , launched a binding open season to solicit commitments for its Michigan/Ohio Pipeline Expansion Project. Once complete, the Project will allow ...
North America | Friday, January 30, 2015

CFO to leave Atlantic Petroleum with immediate effect following cost-saving relocation

Atlantic Petroleum (NASDAQ OMX Copenhagen: ATLA DKK & Oslo Stok Exchange: ATLA NOK) today announces that the Company will re-locate its finance function to Bergen and close down the Torshavn office. In connection with this re-location the Company's CFO Mourits Joens ...
West Europe | Friday, January 30, 2015

Bankers Petroleum announces revised 2015 capital budget and work program

Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) announces its revised 2015 capital program of US$153 million (all amounts referenced below are in US dollars), reduced from the previously announced 2015 capital program of $218 million. These adjustments have been made to ens ...
East Europe | Friday, January 30, 2015

Madalena Energy provides an operations udpate and posts an updated corporate presentation

Madalena Energy Inc. (TSXV: MVN and OTC: MDLNF) provides the following operational update: Domestic operations update: Western Canada On January 28, 2015, Madalena was advised by Keyera Corp. that Keyera's Paddle River gas plant will be shut down for a minimum pe ...
North America | Friday, January 30, 2015

Latin America contracts awarded to Exterran strengthen relationship with Petrobras

Exterran Holdings, Inc. (NYSE:EXH) today announced that it has signed two agreements related to projects in Bolivia and Brazil. The first, signed on Oct. 31, 2014, is a six-year compression services contract with Petrobras Bolivia S.A. including construction and install ...
South America | Friday, January 30, 2015


Oil price, Plexus Holdings, Sundry results-Afren-Bowleven-Nighthawk. And finally...

Oil price A quiet end to the week as the crude price holds around these levels even marginally up this morning. Although the bulls are saying that we are making quite a base here I am still concerned that we might have one more tilt at the lower levels, fundamentals st ...
West Europe | Friday, January 30, 2015

How the Keystone XL pipeline became a steel standoff between neighbours

In North America, 2015 has started with a curious amalgam of steel and oil news, both involving business between the US and Canada. The most well-known story is the saga of the Keystone XL pipeline. What has been a long-running oil story has become a steel story as wel ...
North America | Friday, January 30, 2015

Total awarded 10% in new 40-year ADCO concession in Abu Dhabi

Total has signed a new 40-year onshore concession agreement with the Supreme Petroleum Council of the Emirate of Abu Dhabi (United Arab Emirates) and the Abu Dhabi National Oil Company (ADNOC), granting Total a 10% participating interest effective January 1, 2015. The c ...
Middle East | Friday, January 30, 2015

Energy Economist: Shale oil's response to prices may call for industry re-evaluation

Shale oil’s investment cycle is shorter and its decline profile sharper than conventional oil production. Current indicators suggest legacy declines from shale will catch up fast with the industry. This points to a sharp deceleration in US shale oil output. But, w ...
North America | Friday, January 30, 2015

Oil price volatility - take the long term view and ride out the storm

The press suggests that oil companies are cancelling field development projects in the current low price environment. This made me question these decisions since oil companies should be long-term thinkers. Cash flow constraints aside, are they really making decisions ba ...
North America | Friday, January 30, 2015

Michael Waring has seen the energy downturn movie before, and he's not worried

With oil and gas prices down, it's time to cull the herd, sell marginal producers and double down on the strong ones in your portfolio, says Michael Waring, founder of Galileo Global Equity Advisors Inc. In this interview with The Energy Report, Waring explains that ...
North America | Friday, January 30, 2015

Increasing demand for refined products will increase oil prices

In last week's article I posted a chart from the International Energy Agency'srecent Oil Market Report that shows global demand for refined products catching up to supply by the 3rd quarter of this year. My opinion is that all of the analysts who are now blaming ...
North America | Friday, January 30, 2015

BlackPearl Resources provides 2014 year-end reserves and contingent resources estimates, and production highlights

BlackPearl Resources Inc. (TSX:PXX)(OMX:PXXS) is pleased to announce the results of its 2014 year-end oil and gas reserves evaluation, contingent resource evaluation and to provide fourth quarter and annual oil and gas production data. Highlights include: Proved rese ...
North America | Friday, January 30, 2015

Greenfields Petroleum Corporation announces 2015 budget for the Bahar Project in Azerbaijan

Greenfields Petroleum Corporation (TSX VENTURE:GNF)(TSX VENTURE:GNF.DB) announces that the operating company of the Bahar project, Bahar Energy Operating Company, continues work in its redevelopment of the Gum Deniz and Bahar fields in the Bahar ERDPSA, Azerbaijan. BEOC ...
Russia FSU | Friday, January 30, 2015

Steam flooding & recovery factors

To petroleum engineers' ears, attuned to the recovery factor that one can expect from a water flood (typically 30% to 40%, and only occasionally over 60%) the recovery factors that steam flooding can deliver, somewhere between 50% and 80%, seem inordinately high. A ...
West Europe | Friday, January 30, 2015
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