Drillers removed five oil rigs in the Permian and one in the Niobrara, and added one in Eagle Ford. Number of rigs in the Bakken remained the same, Reuters said.

Calgary-based industry body expects 4,728 wells will be drilled next year, down 15% from its 2015 forecast and down 58% percent from the 11,226 wells drilled in 2014, Reuters said.

At least some drillers were willing to start drilling again, even with U.S. oil prices trading in the $40s, in hopes of higher prices in the future, Reuters said.

State oil firm ANCAP said that the well will be drilled about 400 km (249 miles) from the seaside capital Montevideo at 3,400 m (11,155 ft) deep, Reuters reported.

Drillers removed 16 oil rigs in the week ended Oct. 30, bringing the total rig count down to 578, the least since June 2010, oil services company Baker Hughes Inc said in its closely followed report.

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With low prices pushing some companies into the red, oil majors have had to sharply cut costs and rein in growth plans.

The company stopped drilling offshore South Africa last year after having mechanical problems with its rig during high winds and rough seas in the Outeniqua Basin, Reuters said.

The state energy company expects to begin drilling development wells in Algeria in 2016 and estimates peak output of up to 30,000 barrels per day (bbl/d) by the end of next year or early 2017 from around 18,000 bbl/d at present, Pertamina upstream director Syamsu Alam told reporters.

Under relaxed trading embargo with U.S., Cuba can now use products made with 25% U.S. components. Cuban officials say at least one deepwater rig meets the new standard, Reuters reported.

 The well is in the Cienaga de Oro reservoir, and the overlying reservoir is the Tubara sandstone. Canacol, through its wholly owned subsidiary CNE Oil & Gas SAS, holds full operated interest in the VIM 5 contract.

JetStream was recently used in a 6.5-in. intermediate section in the North Sea that was drilled to 10,446 ft total depth through soft, porous limestone.

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Shell has spent about $7 billion on exploration in the waters off Alaska so far and said it could take a hit of up to $4.1 billion for pulling out of the Chukchi Sea for the "foreseeable future".