The Top 8 Stories You Need To Know About 22/12/2014 In O&G

Saudi Says It Is Prepared to RAISE Oil Output Despite Weak Prices...
Saudi Arabia is prepared to raise its oil output and claim a larger market share to meet the demands of any new customers, according to Monday's edition of the Saudi-owned al-Hayat newspaper, which spoke to oil minister Ali Al-Naimi... [Oilpro]

...And Says It Will NOT Cut Output EVEN IF Others Do.
...Saudi Arabia said on Sunday regarding its stance on the oil market's largest slump in years: it will not cut output even if non-OPEC countries choose to do so. Saudi Oil Minister Ali Al-Naimi told reporters, "If they [non-OPEC nations] want to cut production they are welcome: We are not going to cut, certainly Saudi Arabia is not going to cut." [Oilpro]

Here Is Why Transocean Is Scrapping 7 Rigs... And This Is Just The Beginning.
Last week, Transocean announced it will scrap seven deepwater and midwater floaters. The rigs have been held for sale. But with no buyers and prospects for old rigs drying up amid a challenging contracting environment, Transocean has made the decision to cut these rigs up for the value of their iron. [Oilpro]

Afren The Next Takeout Target As O&G M&A Continues; Shares Surge.
E&P sector consolidation in the wake of the oil price sell-off continues. This morning, MENA-focused E&P Afren announced that it has been approached by SEPLAT Petroleum Development Company and talks of a deal are underway. While there has not been an offer made, a deadline of January 19, 2015 has been set for SEPLAT to make an offer or walk away. [Oilpro]

Libya Oil Production Drops As Fighting Spreads To Port.
Libya’s oil output fell below its own consumption as fighting spread to Mellitah, a region that hosts the country’s fourth largest oil port, the state petroleum company said. National Oil Corp. already this month declared force majeure at two export terminals, Es Sider and Ras Lanuf, after an attempt by Islamist militias to capture them. [Bloomberg]

President Obama and Keystone XL - Minimal Impact.
One wonders what to believe of the comments about the Keystone XL pipeline made by President Barack Obama at last Friday’s year-end press conference. President Obama attempted to use his remarks to state his case of why Keystone is not a good thing for America. Allen Brooks argues that he continues to get key facts wrong, maybe signaling that he missed the briefings. [Oilpro]

Silent Night In The North American Oilfield.
While North American (NAM) oilfield activity doesn't halt for holidays, Christmas is one of the slowest times of the year for drilling crews. Drilling activity normally bounces back after the holidays, but this time we think it will likely continue to decline throughout 1H15. We expect a decline of 450 rigs (25% of the active fleet) to play out over the first half of 2015. [Oilpro]

Rosneft Repays $7bn and Sees No Need To Buy Dollars.
The Russian company repaid $7 billion in debt and said it is generating enough dollars to meet the obligations taken on to buy TNK-BP last year and become the world’s largest traded oil producer. [Bloomberg]

F: oilpro.com