WorldOil World Oil anticipates a drilling recovery after the oil price decline HOUSTON -- The oil and gas industry’s leading magazine for upstream technology and activity, World Oil, forecasts a sharp drop in drilling, both in the U.S. and internationally, as a direct result of plunging crude oil prices. In its 89th annual forecast and review, World Oil predicts an average WTI oil price of $55.75/barrel (bbl), while Brent will be $58.80/bbl. A Henry Hub natural gas price of $3.35/MMBtu is expected. Rigs seeking U.S. oil drop for eighth week, Baker Hughes says U.S. drillers idled oil rigs for an eighth week as crude prices headed for their longest stretch of declines since 2009. Gazprom Neft obtains first shale oil inflows at Southern Priobskoye field Gazpromneft Khantos has completed testing of an initial two wells, drilled to allow analysis of deposits in the Bazhenov formation, in the south of Priobskoye oil field. OPEC January crude output rises as Iraq pumps at record pace VIENNA, Austria -- OPEC oil production rose in January as record Iraqi output helped drive prices near six-year lows. Chevron guts spending by most since ’03 as profit takes dive SAN RAMON, California -- Chevron Corp. slashed its drilling budget by the most in 12 years and said it may delay some shale projects as energy producers around the world hoard cash and curtail ambitions in response to free-falling oil prices. SBM Offshore reintroduces COO position SBM Offshore has appointed Philippe Barril as COO, effective from Mar. 1, 2015. Daybreak announces record initial production in Kentucky Daybreak Oil and Gas has announced initial flow rate of approximately 520 bopd from the Jackson H-20 well in Kentucky. Ezra bags more than $65 million worth global contracts; gets Lewek Constellation on track Ezra Holdings, through the group’s subsea services division, EMAS AMC, has secured multiple contracts from various energy companies valued at more than $65 million (including options). Oil heads for longest decline in six years as glut seen worsening Oil headed for the longest run of monthly losses since January 2009 amid speculation that rising U.S. crude supplies will exacerbate the global glut that spurred last year’s price collapse. Santos acquires interest in Malaysia's deepwater Block R from Inpex, JX Nippon Inpex Corporation, through its wholly-owned subsidiary, Inpex Offshore South West Sabah, has reached an agreement to transfer 10% of its participating interest in the deepwater Block R, offshore East Malaysia to Santos Sabah Block R, a subsidiary of Santos Limited. Blackstone ‘scrambling’ to invest in distressed oil and gas companies Blackstone Group, the biggest alternative-asset manager, is “scrambling” to invest more than $10 billion in energy companies after the price of oil plunged, the firm’s president said.