WorldOil Venezuela’s state oil producer to cut costs by 50% Already in default and struggling with sinking oil production, Venezuela’s state-run energy firm told its employees to cut costs and expenses by 50% in an austerity drive to reflect the broader economic crisis hitting the OPEC nation of 30 million people. Oil extends rally above $58 as Keystone outage cuts U.S. supply Oil extended its rally above $58/bbl as supply disruptions on the Keystone pipeline added to optimism that the U.S. glut is waning and that OPEC will prolong its output curbs. Saudis eye oil sales to world's biggest plants emerging in China Saudi Arabia’s status as the biggest oil supplier to China has been usurped by Russia. OPEC’s biggest producer is now trying to regain ground in the world’s largest crude importer. OPEC said to get few answers on shale before decision on production cuts OPEC will have to decide whether to extend global oil cuts without knowing whether they’re triggering a new flood of rival supply from U.S. shale producers. Oil industry shows signs of life after Norway wealth fund shock A week after Norway’s $1-trillion sovereign wealth fund said it wanted to get out of oil and gas investments, the latest spending plans from oil companies show how the country’s not about to quit petroleum. Eight energy majors commit to reducing methane emissions within natural gas industry BP, Eni, ExxonMobil, Repsol, Shell, Statoil, Total and Wintershall today committed to further reduce methane emissions from the natural gas assets they operate around the world. The energy companies also agreed to encourage others across the natural gas value chain – from production to the final consumer – to do the same. North Sea tax measure to unlock upstream UKCS investment, says Oil and Gas UK Chancellor Philip Hammond today announced a tax measure that will unlock further investment in the UK North Sea by enabling more assets to change hands and allow new owners to provide fresh investment in many mature oil and gas fields. Siccar Point Energy farms out Lyon prospect Siccar Point Energy EandP Limited (SPE) is pleased to announce that it has entered into a farmout agreement with Ineos UK SNS Limited (Ineos) covering two exploration licences (P.1854 and P.1935) in the West of Shetlands area, containing the significant Lyon prospect. Installation of SM 71 F platform complete, offshore Louisiana Otto Energy Ltd has advised that the operator of the South Marsh Island 71 (SM 71) oil and gas development (Byron Energy Limited) has confirmed that installation of the jacket and decks comprising the SM 71 F platform is now complete. Industry's growing optimism reflected in 30th offshore licensing round The Oil and Gas Authority has received 96 applications for 239 blocks in the 30th offshore oil and gas exploration license round. Lundin announces non-commercial gas discovery on Hufsa prospect Lundin Petroleum AB has announced that its wholly owned subsidiary Lundin Norway AS has completed the drilling of exploration well 7219/12-2 on the Hufsa prospect in PL533 in the southern Barents Sea. A non-commercial gas discovery was made in the main well while the sidetrack was dry.