Iranian officials recently said the country, an OPEC member, targets projects worth US$185 billion by 2020, Reuters reported. A pro-market economic policy package designed to win foreign investment was outline.

Zonal Xwanco and Campo Maripe indigenous communities protest over their territorial claims to Loma Campana Field in Argentina’s southern Neuquén province, Reuters said. Neuquén holds almost all shale production. 

Shell joins BP Plc and Chevron Corp. in cutting costs as the world’s biggest oil producers grapple with a 50% slump in crude prices in the past year. They are reducing jobs, deferring projects and selling assets to strengthen their balance sheets and maintain dividend payouts.

Chevron, job, cuts

Of the positions that will be eliminated 950 are in the Houston, where Chevron has about 8,000 employees.

Santos, GLNG

The Santos-operated GLNG project is set to be the second project to commercialize CSG to LNG in Queensland, behind the BG Group-led QCLNG project. 

BP CEO Bob Dudley said company is less likely to be acquired, “and it is certainly not our intention” to sell, after $18.7 billion Gulf of Mexico settlement, Reuters reported.

Korean vessel makers are racking up debt and could show billions of dollars in losses when they report earnings.

Oil and gas majors have slashed capex budgets between 10% and 15% this year in response to oil prices halving over the past year.

The jackup rig renter cut 15% of workforce, or 324 jobs, in November. More than two-thirds of the holders of its outstanding debt support imminent bankruptcy protection filing, Reuters said. 

Mexico’s energy ministry came up with a figure of lost offshore oil output almost 3x higher than Pemex’s, Bloomberg said. An April 1 blast affected the Abkatun fixed platform.

proppant, frack sand, consolidation, PacWest, IHS, Samir Nangia

The top 10 frack sand suppliers claim 55% of total business, while more than 40 companies make up the remaining percentage.

The union is fighting plans by Petrobras to sell $15.1 billion of assets by the end of 2016.

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