Exclusives

Any hope that global demand would provide a floor for oil’s free fall was dashed as the leading energy forecaster cut its outlook for the fourth time in five months and crude extended its tumble.

Companies continue looking for ways to boost production.

The Nov. 27 decision in Vienna propelled futures to the lowest since 2010, a level that means some shale projects may lose money.

A report shows that E&P technology investment, led by spending in North America, has reached about $7 billion since 2003.

The jackup drilling market could fare better than others amid the oil and gas industry’s spending slowdown.

Deepwater International

At PETEX 2014, Richard Herbert, COO, Exploration at BP, highlighted a number of global trends in exploration that he believes will be factors as energy demand continues on its ongoing growth curve. 

Exploration

Exploring new areas, applying current or new technology in existing fields can revive production, a researcher said.

As channel count soars, many are reaping the benefits of better land seismic images.

The company is targeting areas worldwide, including in Latin America and Russia.

Production

Oil ministers from the 12 nations in the OPEC will discuss their combined production Nov. 27 after prices plunged 32% since June. 

OPEC will meet Nov. 27 in the Austrian capital to assess its collective output amid a supply glut and a 27% drop in prices this year.

OPEC said Saudi Arabia led declines in the group’s oil output last month, weeks before its 12 members meet to decide whether to trim a global supply glut that drove crude prices into a bear market.

Threats to new investment stand alongside political risks to oil and gas production.

OPEC is resisting pressure to cut oil production while demand slumps as it tests how low prices must go to make U.S. shale oil unprofitable. 

Technology

A lack of investment in the oil industry means a glut of crude is temporary and prices will rebound in the medium to long term, the IEA's chief economist said.

EMGS has signed an extended charter agreement for the vessel EM Leader with Seatrans, the owner of the vessel, at new and improved commercial terms.

ConocoPhillips has set a 2015 capital budget of $13.5 billion, a decrease of about 20% compared to 2014.

Applus+ has teamed up with its U.S.-based company Kiefner to create an industry partnership with Iowa State University (ISU) to support its Center for Nondestructive Evaluation.

Hassan Basma, the CEO and executive director of Bumi Armada Berhad, has requested for an early release of his contract of employment.