WorldOil Shell cuts spending by $15 billion as profit misses forecasts Royal Dutch Shell will cut $15 billion of investment over the next three years as the crash in oil prices saw fourth-quarter profit miss forecasts. Total awarded 10% in the new 40-year ADCO concession Total has signed a new 40-year onshore concession agreement that covers the fifteen principal onshore oil fields of Abu Dhabi and represents more than half of the Emirate’s production. Shell, Exxon sell North Sea field to ONE after oil-price rout Royal Dutch Shell and Exxon have sold their stakes in the Sean field to Oranje-Nassau Energie for an undisclosed sum as drillers seek to offload aging North Sea assets. SAExploration bags ocean-bottom marine seismic awards for $45 million SAExploration Holdings has announced new project awards for ocean-bottom marine seismic data acquisition services collectively valued at approximately $45 million. Lundin to drill appraisal well in Barents Sea The Norwegian Petroleum Directorate has granted Lundin Norway a drilling permit for an appraisal well 7220/11-2 under PL609 in the Barents Sea. Oil will recover once producers quit spending, Harold Hamm says Oil prices will recover as early as the first half of this year as producers cut back, Continental Resources Inc. founder and CEO Harold Hamm said Wednesday. GE, Statoil launch new collaboration for sustainable energy GE and Statoil have now announced a new collaboration to accelerate the development of more environmentally and economically sustainable energy solutions. Scotland issues fracing moratorium pending consultation Scotland will impose a moratorium on unconventional oil and gas drilling pending the results of a public consultation, in the latest blow for fracing in the UK. Murkowski: Alaska will not be treated as a territory BG Group, KBR sign global alliance amid oil slump BG Group has signed a global alliance with KBR enhancing the company’s capacity to deliver commercially attractive oil and gas projects around the world. Cenovus cuts another $700 million from budget Cenovus Energy is further reducing its 2015 capital spending in order to preserve cash and maintain the strength of its balance sheet.