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  1. Chevron sets 2017 capital budget at $20 billion

    Chevron Corp. has cut its planned capital and exploratory investment program for 2017 by 15% from this year and 42% from 2015 to $19.8 billion, which includes $4.7 billion of planned affiliate expenditures. “Our spending for 2017 targets shorter-cycle time, high-return investments, and completing major projects under construction. In fact, over 70% of our planned upstream investment program is expected to generate production within 2 years,” said John Watson, Chevron chairman and chief executive officer. “This is the fourth consecutive year of spending reductions. Construction is nearing completion on several major capital projects, which are now online or expected to come online in the next few quarters. This combination of lower spending and growth in production revenues supports our overall objective of becoming cash balanced in 2017,” he said. Of the $20 billion, $17.3 billion will be directed toward the firm’s upstream divisions, with international operations receiving $11.6 billion and US receiving $5.7 billion. About $8.5 billion of planned upstream capital spending relates to base-producing assets, including about $2.5 billion for shale and tight investments, the majority of which is slated for Permian basin developments in Texas and New Mexico. Another $7 billion of the planned upstream program is related to major capital projects currently under way, including $2 billion toward the completion of the Gorgon and Wheatstone LNG projects in Australia, and $3 billion of affiliate expenditures associated with the Future Growth Project-Wellhead Pressure Management Project (FGP-WPMP) at Tengiz field in Kazakhstan ( OGJ Online, July 5, 2016 ). Global exploration funding accounts for $1 billion of the total upstream budget, and the remainder is primarily related to early stage projects supporting potential future development opportunities, the firm says. Total downstream spending is expected to be $2.2 billion, with US downstream receiving $1.6 billion and international downstream receiving $600 million.

    Online Articles

    Online Articles

    Thu, 8 Dec 2016

  2. Chevron cuts annual E&P spend by 15%

    Chevron has unveiled a $19.8-billion capital and exploratory investment program for 2017, around 15% down on its projected investments during 2016.

    Online Articles

    Online Articles

    Fri, 9 Dec 2016

  3. Santos to offload noncore assets to cut costs

    Santos Ltd., Adelaide, has flagged its controversial coal seam gas (CSG) project in New South Wales and its Asian business for potential sale as part of its planned disposal of noncore assets into a separate business to cut costs and ease debt.

    Online Articles

    Online Articles

    Fri, 9 Dec 2016

  4. GE and Technip sign Memorandum of Understanding to explore digital solutions for new LNG projects

    GE Oil & Gas (NYSE: GE) and Technip (Euronext: TEC) have today signed a Memorandum of Understanding for a joint project to explore areas to co-develop digital solutions for the LNG industry, with a particular focus on the design and build phase of new Liquefied Natural Gas ( LNG ) projects .

    Online Articles

    Online Articles

    Wed, 15 Jun 2016

  1. Offshore West Africa production set to dip, report claims

    Online Articles

    Online Articles

    Wed, 2 Nov 2016

  2. Report identifies regional bright spots among dulled offshore spend

    Douglas-Westwood said its new 3Q 2016 World Oilfield Equipment (OFE) Market Forecast generally paints an “unattractive picture” for offshore OFE spend through to 2020.

    Online Articles

    Online Articles

    Wed, 9 Nov 2016

  3. WoodMac: LNG projects move ahead amid deferrals upstream

    LNG projects worldwide continue to move toward final investment decisions (FID) in 2015 and 2016 in contrast to 45 upstream oil and gas projects which have been deferred already in 2015, Wood Mackenzie said in a recent global gas analysis.

    Online Articles

    Online Articles

    Tue, 8 Sep 2015

  4. Apache to sell Wheatstone and Kitimat LNG projects to Woodside

    Apache Corp. has agreed to sell its interest in two LNG projects , Wheatstone LNG and Kitimat LNG, along with accompanying upstream oil and gas reserves, to Woodside Petroleum Ltd. for a purchase price of $2.75 billion.

    Online Articles

    Online Articles

    Tue, 16 Dec 2014

  5. MEO offers equity in Tassie Shoal (methanol and LNG ) projects

    MEO Australia Ltd. is offering equity in the Tassie Shoal methanol and LNG projects proposed for offshore northern Australia.

    Online Articles

    Online Articles

    Thu, 7 Aug 2014

  6. Cost opportunity seen for LNG projects in western Canada

    Rising construction costs in the US and falling oil prices give LNG export projects in western Canada a window of opportunity in competition with otherwise advantaged projects to the south.

    Article

    Article

    Thu, 30 Apr 2015

  7. LNG projects offshore northwestern Australia pickup pace

    A number of big LNG projects with production sourced offshore northwestern Australia are making progress toward start-up.

    Online Articles

    Online Articles

    Tue, 24 Jan 2012

  8. Latest DW report sees bright spots amidst oversupply

    Douglas-Westwood's latest World Drilling and Production Market Forecast sees oversupply increasing again in 2017.  

    Online Articles

    Online Articles

    Wed, 28 Sep 2016

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