Brent crude prices and their continued fall dominated headlines this week.
Indeed, Kurdistan-focused Genel Energy (LON:GENL) has downgraded its revenue forecast for the current year significantly to reflect the sharply lower oil price.
It is predicting turnover in the region of US$350-$400mln in 2015 if Brent crude remains trading around US$50 compared with an estimated US$500-$600mln at US$80 a barrel.
Meanwhile, revenues for 2014 are seen at the lower end of the predicted US$500-$600mln range.
In common with the rest of the industry, Genel revealed a number of non-cash write offs; relating to its exploration activities in Malta, Angola and Morocco, they are expected to total US$480mln.
In a comprehensive update on 2014 activities, Genel also revealed it is following the rest of the industry by cutting its exploration budget by 30% to US$200-US$250mln.
Elsewhere, KrisEnergy (SGX:SK3) has completed a 2D seismic exploration programme offshore Bangladesh.
The 3,146 kilometre survey of the SS-11 exploration block took 22 days to complete.
“The existing 2D data sets were acquired in the mid-1970s and this programme will provide higher resolution data to confirm existing prospects and leads and assess the overall prospectivity of the block,” said Chris Gibson-Robinson, director of exploration and production.
UK shale hopes were dented this week ahead of key planning decisions in Lancashire.
Lancashire county council is due to make a decision on proposals by Cuadrilla for the drilling and fracking of shale gas wells.
Cuadrilla, which is partnered by British Gas owner Centrica, wants to drill as many as four wells at two separate sites in an area between Blackpool and Preston.
A council report this week has recommended both applications should be turned down.
India- focused Oilex (LON:OEX) is set to benefit from high gas prices as it brings the Cambay field into production.
Sundeep Bhandari, the company’s vice chairman, has revealed that gas produced at the field could “definitely” be sold for a price in excess of US$6 per thousand cubic feet (mcf) of gas.
A price in the range of US$8 to US$10 is most likely, according to Bhandari.
“It is a very good price anywhere in the world,” Bhandari said in an interview with IG Markets.
Indeed, at that level the Cambay gas price would represent a healthy premium to the reported prices for several other operations in India.
Shares in Tangiers Petroleum surged this week after an independent resource report underlined the huge unconventional oil potential of its Project Icewine acreage on Alaska’s North Slope.
The area is host to the massive Prudhoe Bay discovery; however, Tangiers and its partner Burgundy Xploration, led by Eagle Ford pioneer Paul Basinski, believe there is huge untapped potential.
An independent report by DeGolyer and MacNaughton appears to concur. It estimates Tangiers North Slope acreage is potentially host to 8bn gross, mean, unrisked barrels of oil.
Uncertainty over the futures of Gulfsands Petroleum’s (LON:GPX) management has put a strategic partnership in doubt, and could result in a US$10mln cashcall.
Gulfsands and Arawak Energy in November agreed a strategic cooperation agreement to jointly acquire and develop new business opportunities in the Middle East and North Africa.
An associated US$20mln convertible loan was also agreed between the parties, and Gulfsands has thus far drawn US$10mln of the facility.
Arawak has told Gulfsands it has decided it should cancel the partnership and said it reserves its right to terminate the loan agreement and call for early repayment.
Arawka says it will not hesitate to enforce its rights should Gulfsands chief executive Mahdi Sajjad and commercial director Ken Judge leave the company.
Magnolia Petroleum (LON:MAGP) told investors this week its chairman Dr John Cubitt has resigned and will leave the company with immediate effect.
Current non-executive director Gavin Burnell is to take over the role of chairman.
Rita Whittington, chief operating officer, said: "We are grateful to Dr Cubitt for his contribution to the company since 2009 and extend our best wishes to him for the future."