Integrated Oil & Gas
Paramount Resources Ltd:Provides update on operations and midstream sales process.Says fourth quarter 2015 sales volumes averaged approximately 45,000 boe/d, including 10,000 boe/d of condensate.Continues to implement measures to reduce its cost structure while maximizing the efficiency and effectiveness of its operations.Says production in the fourth quarter was impacted by a scheduled ngls pipeline outage.Fourth quarter production was also impacted by an unscheduled outage at the third-party operated smoky deep cut plant.Has reduced its permanent workforce by approximately 15 percent and eliminated most of the corporate consultant positions.Employee salaries have been reduced by five percent in 2016 and rates for contract work have been reduced by 10 to 15 percent.Says general and administrative expenses are expected to be reduced by more than 15 percent in 2016.Labour and travel costs for the company's field operations are expected to be reduced by 12 to 15 percent in 2016.Currently conducting a process for the potential sale of certain of its midstream assets in the kaybob operating unit.No assurance that mistream sales process will result in a definitive sale agreement being entered into or a sale being consummated.
Total SA:Total will shut down one of two crude distillation units (CDU) for planned maintenance at its 207,000 barrel per day Lindsey refinery in Britain in June and July next year, a spokesman said on Thursday. - RTRS."We will have a turnaround which will involve work to transfer to the new structure of the operational units," he said in an email. - RTRS.He added the previously announced permanent shutdown of the second CDU will take place in September, halving the total capacity of the plant on the east coast of England. - RTRS.The restructuring plan will involve cutting the workforce by 180 positions to 400. Total said in February that it was looking to increase the plant's efficiency and competitiveness - RTRS.
PetroChina Co Ltd:Says Kunlun-based energy company to merge a Kunlun-nased fuel gas company.The company current holds 58.33 pct stake in Kunlun-based energy company and holds 100 pct stake in Kunlun-nased fuel gas company.
Petroleo Brasileiro SA Petrobras:Informs that on Oct. 23, 2015 the board has approved partial spin-off of Petrobras Gas SA (Gaspetro).Says the spin-off is aimed at segregating company’s assets and liabilities, related to natural gas distribution business and other assets and liabilities, making Gaspetro a holding that will consolidate Petrobras' shares in gas distributors.Informs that the board has approved setting up of a new wholly owned subsidiary Petrobras Logistica de Gas SA, aimed at gathering assets and liabilities not related to the business of natural gas distribution, segregated in Gaspetro.
Turcas Petrol AS:Decides to merge with wholly owned unit Turcas Rafineri Yatirimlari.The main rationale behind this decision is the non-operational status of Turcas Rafineri Yatırımları following the divestment of shares in STAR Rafineri owned via Turcas Rafineri Yatırımları on May 15, 2014.
Petroleo Brasileiro Petrobras SA:Says that Board of Directors held on Aug. 6, resolved on the IPO of Petrobras Distribuidora (BR).The recommendation that BR submit a request to the CVM for registration as a category "A" publicly-held company and submit an application to the BM&FBOVESPA for the trading of securities on the Novo Mercado segment.Approval, as offeror, of the request to register the public offering of the secondary distribution of shares issued by BR, corresponding to 25 pct of its capital stock.Application for the option to distribute a supplementary lot (Green Shoe) and an additional lot (Hot Issue), within the context of the public offering.
Statoil ASA:To reorganize management structure by consolidating its operations in the Norwegian and the Barents Seas into one business cluster, Operations North-Reuters.Aim is to drive down costs.Did not disclose how much it could save by the consolidation.