OFFSHORE ALASKA HOLDS UP TO 29B BARRELS OF OIL .... Offshore US east coast from Virginia to Georgia holds est. 3.3B bls, 31TCF natgas. Likely far higher. Drilling probably to start in '20's .... Iraq oil production up another 200Kb/d. OPEC production up 483K to 30.9Mb/d .... Shell's oil production unit made almost no money in final months of '14. They plan to cut spending $15B over next 3 yrs. Cancelled $6B Qatar project .... Chevron plans 13% capex reduction this year. 23% reduction of jobs in PA ops. New Gulf of Mex field to produce for 40 yrs. $7.5B invested there. Plus new GOM development with BP. Sold N Sea field.