Poland’s PKN Orlen to continue with shale gas projects despite writedowns

The CFO of Poland’s biggest oil company PKN Orlen, Slawomir Jedrzejczyk, said the company will continue with Polish shale gas exploration despite booking impairments on the projects in H1. A writedown on domestic shale gas activities reduced its second-quarter earnings by almost a quarter. State-controlled Orlen, following its bigger international competitors, is changing its view…

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ConocoPhillips halts shale operations in China for commercial reasons

The world’s largest independent pure-play exploration and production company, ConocoPhillips, has announced its withdrawal from shale operation in China. According to Xinhua Finance, the company has ended both the joint shale gas exploratory work with PetroChina in Dazu block within Neijiang County of southwest Sichuan province, as well as exploration with Sinopec in Zuanjiang County…

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Eagle Ford Drilling Rig

Oil explorers retreat from shallow U.S. Gulf in shift to shale, but Eagle Ford rig count down again

Energy producers are abandoning the search for oil and natural gas close to shore in the U.S. Gulf of Mexico as drilling budgets shrink and exploration migrates to land-based shale fields. The number of permits for new wells in seas less than 500 feet (152 meters) deep plunged 74 percent to nine during the first…

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Policy delay slows South Africa’s oil and gas exploration

A HUSH has fallen over SA’s oil and gas exploration sector as a plummeting oil price has coincided with lack of progress in creating attractive legislation for the oil and gas sector. But industry insiders say there has been no large-scale exit by the oil majors from SA onshore and offshore. Explorers are continuing with…

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ConocoPhillips investing in shale, cutting deepwater exploration costs

ConocoPhillips reported plans to further reduce its capital expenditures for deepwater exploration, with the “most significant reductions” coming from its operated program in the Gulf of Mexico. The company did not specify by how much capex would be decreased, however. At yearend 2014, the Houston-based independent slashed its 2015 capital budget by 20% to $13.5…

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