North America ///

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.

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.

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.

API establishes office in Colorado

WASHINGTON -- The American Petroleum Institute has announced the establishment of a Colorado Petroleum Council that will focus on energy priorities in the state, including hydraulic fracturing and energy infrastructure, as the state seeks to create jobs, generate more revenue to the government, and produce more domestic energy.

Murkowski: DOE won’t hinder progress of Alaskan LNG exports

U.S. Sen. Lisa Murkowski, R-Alaska, has received confirmation from Christopher Smith, Assistant Secretary for Fossil Energy at the Department of Energy (DOE), that LNG export projects in Alaska are eligible for conditional authorizations.

Marine Well Containment Company delivers expanded containment system

HOUSTON -- Marine Well Containment Company (MWCC) announced today the completion and delivery of its expanded containment system (ECS), bolstering well containment capabilities and response readiness for operators in the deepwater U.S. Gulf of Mexico. The enhanced system builds on the equipment and technology put into place with MWCC’s Interim Containment System, made available in February 2011.

GE opens marine-dedicated division

PARIS -- GE has unveiled its new GE Marine organization, which combines several GE businesses, and will be led by Tim Schweikert, V.P., GE Marine.

Inaugural ShaleTech Canada offers unique forum for networking, technology sharing

ShaleTech Canada 2015 is the premier event for professionals working in the shale oil and gas industry in Canada, which is the world's fifth-largest oil producer.

WPX completes sale of international interests

WPX Energy has completed the disposition of its international interests upon the successful merger of Apco Oil and Gas International with a subsidiary of privately held Pluspetrol Resources Corporation.

Rex Energy names new CFO

STATE COLLEGE, Pennsylvania -- Rex Energy Corporation has announced that Thomas Rajan has been appointed CFO of the company effective Feb. 1, 2015.

ConocoPhillips reports loss as oil crash crimps shale gains

ConocoPhillips, the third-largest U.S. energy producer, reported a fourth-quarter loss as new output failed to make up for the worst oil-price crash since 2009.

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.

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.

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.

New ozone standards duplicative and costly: API

WASHINGTON, D.C. – The EPA's new proposal to tighten regulations on ozone would be very costly, and would fall on top of current standards that are already improving air quality.

Successful toe sleeve deployment enhances production in Anadarko basin

PetroQuip Energy Services has successfully run its Big Foot toe sleeve in a recent horizontal completion for an independent operator in the Anadarko basin.

Alaska’s Sen. Murkowski slams Obama leasing plan

U.S. Sen. Lisa Murkowski, R-Alaska, has criticized the Obama administration for its continued campaign to shut down oil and natural gas activity in Alaska.

Obama lease sale strategy includes offshore Mid- and South Atlantic

Secretary of the Interior Sally Jewell and Bureau of Ocean Energy Management (BOEM) Director Abigail Ross Hopper have announced the next step in the development of the U.S.'s Outer Continental Shelf (OCS) Oil and Gas Leasing Program for 2017-2022.