Production ///

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.

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.

Gazprom Neft to bring power to Russia’s most northernmost onshore field

The transportation of six 13MW gas-turbine power units to Russia’s Vostochno-Messoyakhskoye field, for the construction of a gas-turbine thermal power plant has begun.

Iraq oil surge to fan OPEC rivalry that triggered slump

The battle for customers among OPEC members that helped trigger oil’s collapse is about to escalate.

China to keep 200 MMbbl crude hoard even if oil rallies

China is poised to maintain its commercial hoard of more than 200 MMbbl of crude within three years even if oil rallies toward $130/bbl.

RWG secures maintenance contract from ZADCO

Through local partner Al Ahlia Oilfields Development Company, ZADCO has awarded RWG a maintenance services contract for the overhaul and upgrade of multiple Industrial Avon gas generators used to enhance oil and gas production processes.

Stranded Kurd tanker leaves Gulf of Mexico

An oil tanker that hauled 1 MMbbl of Kurdish crude to the U.S. six months ago didn’t unload its cargo and is now making a return trip across the Atlantic Ocean with the shipment still on board.

Exciting year ahead for Europe's upstream sector, Wood Mackenzie says

Wood Mackenzie's European upstream research team have assessed the most significant events of 2014 impacting Continental and Mediterranean Europe’s—all of Europe excluding UK and Norway—oil and gas sector, including the Ukraine Crisis and the collapse of global oil prices, identifying the key areas to watch this year.

Eni sanctions OCTP project in Ghana

Eni, Vitol and GNPC have signed, with the President of Ghana and the Minister of Petroleum, an agreement to proceed with the OCTP integrated oil and gas project in Ghana.

API: December petroleum demand up sharply, crude production highest since ‘72

Total U.S. petroleum deliveries (a measure of demand) rose last month by 5.1% from December 2013 to average nearly 20.0 MMbpd.

Goldman Sachs president sees oil falling to $30/bbl in extended slump

Oil prices will probably continue to decline and could reach as low as $30/bbl, according to Gary Cohn, president of Goldman Sachs Group Inc.

Saudis won’t ‘singlehandedly’ balance crude market, Aramco says

Saudi Arabia won’t balance global crude markets on its own even as prices fall to levels that are “too low for everybody” and threaten investment needed to meet long-term demand, the head of Saudi Arabian Oil Co. said.

BP freezes employee pay in response to oil price slump

BP will freeze employee pay in the latest example of cost cuts as the world’s top oil companies respond to plunging crude.

$200 oil possible with lack of spending, OPEC’s El-Badri says

OPEC’s secretary-general said oil prices as high as $200/bbl are possible if producers fail to invest in new supply.

JGC wins Petronas contract for LNG expansion project

JGC Corporation, as a part of a consortium with JGC Group company, JGC Malaysia, has been awarded a contract by Petronas LNG 9 Sdn. Bhd. (PL9SB), a wholly-owned subsidiary of Petronas.

Oil price slump spurs CNPC to focus on natural gas, cut costs

Stung by the slump in crude oil prices, China National Petroleum Corp. said it will speed up natural gas exploration in 2015 and take “revolutionary measures” to cut costs.

WorleyParsonsCord wins Canadian oil sands contract

WorleyParsonsCord has been selected to provide fabrication, modularization and construction services in an agreement with a major exploration and production company in Canada to construct a significant oil sands mining project.

Ennsub completes sealing work on Wheatstone LNG platform

Ennsub has successfully completed the design, manufacture, testing and installation of bespoke sealing systems for the Wheatstone LNG platform off the coast of Australia.

U.A.E. plans to keep investing in energy amid volatile oil price

The United Arab Emirates will continue building and upgrading its oil facilities to maintain its role as a major producer amid the decline and volatility in prices, Energy Minister Suhail Al Mazrouei said.