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2016

Markets

TGS plans for lower activity in 2016

TGS said its operating revenues were down by more than 50% in the final quarter of last year compared with the same time in 2014. The seismic company said it also expects its full year revenues to be down by one third, with weak market conditions expected to continue into 2016.

Opinion

Opinion: We will do all we can to support North Sea workers

As 2015 draws to a close, we are on track to see the first annual rise in oil production for 15 years. This fact may seem strange to those who have only considered the sustained low oil price that has dominated the headlines in 2015, but it is a positive sign from an important industry that is adapting to a changed landscape. DECC statistics show that production of petroleum is 32% higher and natural gas production is 8.6% higher in the three months June to August 2015, compared to the same period in the previous year.

Oil & Gas

Saudi Arabia set to announce 2016 budget amid oil plunge

Saudi Arabia, seeking to cope with the lowest oil prices in more than a decade, may announce cuts in capital spending and other economic measures for next year as it unveils the first annual budget under King Salman. Key officials, including Finance Minister Ibrahim Al-Assaf and Economy and Planning Minister Adel Fakeih, are scheduled to discuss the budget and outline the kingdom’s economic policy at a news conference on Monday in Riyadh. An official from Saudi Arabian Oil Co. will also attend. While the government may reduce capital expenditure, it’s unlikely to reduce spending on healthcare, education or major infrastructure projects, according to Fahad Al-Turki, the Riyadh-based chief economist at Jadwa Investment.

Oil & Gas

Nigeria to boost 2016 budget even as crude revenue declines

Nigeria’s government said it will boost spending by a fifth in next year’s budget without overstepping borrowing targets, even as oil revenue in Africa’s largest economy is set to fall. Under a three-year economic plan approved by the cabinet, expenditure will rise to 6 trillion naira ($30.2 billion), Budget and Planning Minister Udoma Udo Udoma told reporters late Monday in the capital, Abuja. Lawmakers last week authorized an increase of 466 billion naira in this year’s budget of 4.5 trillion naira to pay for fuel subsidies and troops fighting an Islamist insurgency in the northeast.

Oil & Gas

ONS 2016 gearing up to be biggest show yet

ONS has sold more exhibition space ahead of the event next year than it did for the whole show in 2014. Shows organisers said the growing interest in ONS, which takes place in Norway, has been led by a desire for more collaboration in order to meet the industry’s current challenges. The news comes after a number of exhibitors – including BP – opted out of exhibiting at Offshore Europe in Aberdeen amid the decline in oil price.