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Oil and Gas Journal Drilling News

  1. Oil and gas companies are set to enter 2018 in their best shape since oil prices collapsed. In its 2018 Upstream Outlook, global natural resources consultancy Wood Mackenzie believes many will now focus on demonstrating they can thrive in a low-price environment.

  2. The World Bank Group (WBG) reported it plans to stop financing upstream oil and gas projects in developing countries to help implement the 2016 Paris climate agreement’s goals. Exceptions will be considered where there is a clear energy access benefit for the poor and the project fits within the countries’ Paris agreement commitments, it said on Dec. 12 during the One Planet Summit in Paris.

  3. Cenovus Energy Inc. is combining executive jobs and planning a 15% workforce cut in 2018 under a little-changed budget focusing on cost and debt reduction. It plans to invest $1.5-1.7 billion (Can.) in 2018, compared with an expected $1.55-1.65 billion this year.

  4. Eni Norge can restore Goliat field in the Barents Sea to full production, the Norwegian Petroleum Safety Authority (PSA) said.

  5. Ineos has shut its 575,000-b/d Forties crude oil pipeline system. Last week during a routine inspection, Ineos contractors discovered a hairline crack in an onshore portion of the Forties system at Red Moss near Netherley, roughly 10 miles southwest of Aberdeen.