Santos has acquired 50% interest in PPL269 from New Guinea Energy for $40 million in Papua New Guinea.

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Galp Energia cut its five-year annual average capex plan by 20% to €1.2-1.4 billion (US$1.3-1.5 billion) for the period until 2019. The company will invest up to 90% of the capex on its upstream business, especially to develop the Lula/Iracema field in Brazil. More on: http://www.1derrick.com/galp-c...

ExxonMobil revealed a capex budget of $34 billion, 12% lower than 2014 spending. The company also announced that spending is expected to average less than $34 billion in 2016 and 2017. The company estimates 2015 production to rise 2% YoY to 4.1 MMBOE/d, driven by a 7% YoY growth in liquids. Seven ne...

Kosmos Energy has plugged and abandoned the CB-1 exploration well located in the Cap Boujdour permit area offshore Western Sahara after hitting non-commercial hydrocarbon shows. The well penetrated approximately 14m of net gas and condensate pay in clastic reservoirs over a gross hydrocarbon bearing...

Shell has announced the withdrawal of its regulatory application for the proposed Pierre River Mine on north of Fort McMurray, Alberta, to focus attention on its existing oil sands operations. Lorraine Mitchelmore, Shell Canada President and Executive Vice President of Heavy Oil, said: "The Pie...