Production ///

Pemex negotiates lower rig rates as crude collapse hurts profits

MEXICO CITY -- Petroleos Mexicanos is negotiating reduced rig rates with all of its providers after the state-owned oil producer posted a ninth straight quarterly loss on slumping crude prices.

U.S. oil drilling retreat slows as fewest rigs shut in eight weeks

HOUSTON -- The tide may be turning in the retreat of the U.S. oil explorers. Rigs targeting oil fell by 33 to 986, the smallest decline since Jan. 2, according to Baker Hughes. Rigs in the Permian basin dropped by seven to 355 after dropping by as much as 49 earlier in the month. The Eagle Ford in Texas lost three rigs.

YPF defies oil industry with same budget amid price slump

Argentina's YPF SA is defying the oil industry trend after crude prices collapsed by keeping last year’s capital budget intact without laying off workers.

U.S. oil drillers idle rigs for 12th week, Baker Hughes says

U.S. oil explorers idled rigs for the 12th straight week, extending the steepest drop-off in drilling on record as crude prices headed for a second week of losses.

Oil sails from Russia to Asia faster on smaller ships

With supertankers booked solid carrying cheap crude, smaller vessels are taking advantage of the opportunity by hauling record volumes of Russian oil to Asia.

Obama could end crude export ban by executive order, Hamm says

U.S. President Barack Obama could authorize crude oil exports with an executive order, according to Harold Hamm, founder and CEO of Continental Resources Inc.

Total appointed operator of PRL 15 JV, InterOil says

InterOil Corporation has announced that all participants in the PRL 15 Joint Venture have unanimously voted to appoint Total E&P PNG Limited as the operator.

Petronas turns to $2.7 billion fourth-quarter loss on oil slump

KUALA LUMPUR (Bloomberg) -- Petroliam Nasional, the Malaysian state oil company preparing for a leadership transition in April, reported a loss in the fourth quarter following crude’s plunge.

Statoil submits development plan for Peregrino Phase II project

Following the sanction of the Peregrino phase 2 project in December, Statoil together with its partner Sinochem, has submitted the Plan of Development (PoD) to the National Agency of Petroleum, Natural Gas and Biofuels in Rio de Janeiro on Jan. 30.

IEA echoes Saudi view on oil-demand boost balancing market

The oil market will rebalance in the next several months as a price collapse boosts consumption and curbs supplies, the International Energy Agency said, a day after Saudi Arabia’s oil minister told reporters demand is rising.

Oil bargains for Asia stretch to Mexico as ships set sail

Ships carrying oil from Mexico are sailing to South Korea for the first time in more than two decades as the U.S. shale boom brings bargains from around the globe.

Alberta energy drillers pivot to natural gas as oil plunges

Alberta’s energy producers are pivoting toward developing gas reserves rather than oil after crude lost half its value last year.

Bear Head LNG files application with DOE to export gas to Canada

Bear Head LNG Corp. and Bear Head LNG (USA), LLC, both wholly owned subsidiaries of Liquefied Natural Gas Limited (LNGL), have filed an application with the U.S. Department of Energy (DOE) requesting authorization to export up to 440 Bcf per year of U.S. natural gas to Canada, and up to 8 mtpa of LNG from Canada to Free Trade Agreement (FTA) and Non-FTA nations.

Statoil awards Mariner supply base, warehousing contracts to Asco

Statoil (UK) Limited has awarded the contracts for supply base and warehousing services for Mariner field to Asco UK Limited.

Technip installs HRD process platform for ONGC using Unideck system

Technip has successfully installed the HRD process platform for Oil and Natural Gas Corporation Limited (ONGC), using its proprietary Unideck integrated topside float over installation system for the first time in Indian waters.

Tissue paper-for-Venezuelan oil swap offered by Trinidad

Venezuela, plagued with shortages of basic goods, was offered a reprieve by the Prime Minister of neighboring Trinidad & Tobago: exchange oil for tissue paper.

Nexen implements Petrotechnics’ Proscient platform on UKCS operations

Petrotechnics has completed the implementation of its Proscient software platform on two UK offshore assets operated by Nexen Petroleum UK Ltd., a wholly owned subsidiary of CNOOC Limited.

Cameron LNG applies for approval of liquefaction facilities expansion

Cameron LNG has initiated the pre-filing review with the Federal Energy Regulatory Commission for the planned expansion of the company's existing three-train liquefaction export project in Hackberry, Louisiana.

Oil sands cash flows to fall by $23 billion, Wood Mackenzie says

The operational cost of extracting bitumen from Canada's oil sands tops out at $37/bbl for in-situ projects and $40/bbl for mining projects according to Wood Mackenzie's latest analysis.

Det Norske reviews funding as oil drops

Det Norske Oljeselskap, the oil producer controlled by billionaire Kjell Inge Roekke, is reviewing its funding options and cutting costs as a plunge in crude prices caps the cash flow it needs for new projects.