Production ///

Cnooc retains annual output target as sales slump on lower crude

Cnooc Ltd., China’s biggest offshore oil and gas explorer, will keep its annual production target, undeterred by a 40% plunge in first-quarter sales.

Saudi Arabia’s solution to global oil glut: Pump even more crude

Saudi Arabia has a response to the global surplus of oil: Raise output to near-record levels, and then pump even more.

163 members of Congress urge Obama admin to increase OCS energy production

U.S. Sen. Lisa Murkowski, R-Alaska, chairman of the Senate Energy and Natural Resources Committee, along with Sens. Tim Scott, R-S.C., Bill Cassidy, R-La., and Rep. Rob Bishop, R-Utah, chairman of the House Natural Resources Committee, led 159 of their Senate and House colleagues in urging Interior Secretary Sally Jewell to increase access to the energy resources on the nation's Outer Continental Shelf (OCS).

Freeport considers energy spinoff two years after diversifying

PHOENIX, Arizona (Bloomberg) -- Freeport McMoRan Inc. is considering spinning off energy assets two years after agreeing to acquire them for $9 billion as it tries to finance development plans amid lower commodity prices.

Suncor awards Athabasca oil sands contract to Fluor

Fluor Corporation was awarded an engineering, procurement, fabrication and construction (EPFC) contract by Suncor Energy Oil Sands Limited Partnership for a tank farm development project in the Athabasca oil sands region in Alberta, Canada.

IHS CERAWeek ’15: Gas leaders see small-scale LNG gaining momentum

HOUSTON -- At IHS CERAWeek '15 conference's 'Natural Gas Day', Daniel Yergin, Vice Chairman of IHS, chaired a plenary session on maintaining momentum in the global gas market.

BP sells stake in CATS pipeline for $486 million

BP has agreed to sell its equity in the Central Area Transmission System (CATS) business in the UK North Sea to Antin Infrastructure Partners for $486 million.

Domino could trigger knock on effect for Black Sea investment, Wood Mackenzie says

Wood Mackenzie has presented its latest analysis of the competitiveness of Black Sea deepwater developments and the significant Domino discovery, which look set to dramatically influence the region’s gas supply dynamics and corporate landscape, at the annual BBSPA conference in Vienna.

CNOOC brings Bohai Sea's Kenli 10-1 oilfield online

CNOOC has commenced production at the Kenli 10-1 oilfield in the Bohai Sea, the company said Thursday.

Not ‘critical’ for U.S. to lift oil export ban now, EIA chief says

The U.S. can wait to lift the ban on crude exports because slowing production will give refiners time to handle the type of oil produced in shale plays, Energy Information Administration chief Adam Sieminski said.

IHS CERAWeek 2015: Lukoil leader sees low oil limiting industry nationalism

The ongoing era of lower oil prices is set to be a driving force behind decreased resource nationalism, according to the president of Russian oil major Lukoil.

Noble Energy agrees to improve air emission controls in DJ basin

Noble Energy, Inc. has announced an agreement with the U.S. Environmental Protection Agency (EPA), the U.S. Department of Justice (DOJ) and the State of Colorado to improve emission control systems on a number of oil storage tanks located within the Denver-Julesberg basin (DJ basin) that may no longer comply with air regulations.

Iraq oil output growth seen slow by BP, Lukoil on low prices

Growth in Iraq’s oil production capacity may slow as lower crude prices hurt the ability of OPEC’s number two producer to pay international oil companies for work there, officials from BP Plc and OAO Lukoil said.

Canada oil growth output poised to fall 59% after price collapse

Canada’s crude output growth will slow to 17,000 bpd by next year after oil lost half its value, according to the Canadian Energy Research Institute.

Statoil awards Ferus CO2 service contract for Bakken test well

Statoil has awarded a major carbon dioxide (CO2) supply and service contract to Denver-based Ferus LP, a provider of energized fluids (liquid CO2 and liquid nitrogen) to the North American oil and gas industry.

IHS CERAWeek 2015: Exxon Mobil's Tillerson says to “settle in” to lower price environment

Exxon Mobil CEO Rex Tillerson said that industry participants should accept the low pricing environment, as vast new sources of supply—especially in North America—reflect the dramatic transformation in the oil and gas landscape.

Gazprom said to get EU antitrust complaint on gas this week

OAO Gazprom will get an antitrust complaint from the European Union as soon as Wednesday in a two-year-old probe into gas pricing that’s been delayed amid political tension in Ukraine, according to an EU official.

World’s biggest oil trader says crude price can’t drop much more

Vitol Group, the world’s biggest independent oil trader, said the cost of finding and pumping crude will prevent prices from dropping much lower than where they are now for prolonged periods.

Exxon Mobil president calls for urgent action on U.S. LNG exports

The U.S. is at risk of losing economic opportunity and the ability to solidify its role as a global leader in energy production unless the government moves to approve LNG exports, Rob Franklin, president of ExxonMobil Gas & Power Marketing Company, said Monday.

Iran oil return seen no closer as Obama seeks creative angle

The return of embargoed Iranian crude oil to global markets looks no more imminent than before President Barack Obama appeared to leave open the possibility of lifting most sanctions from the outset if a nuclear deal can be reached, BNP Paribas SA and UBS Group AG said.