Oil supply running ahead of demand hasn't just pressured prices, it's also filling up storage space, potentially pushing crude toward another leg down.» Read More
BANGKOK, Feb 24- Bangchak Petroleum PCL will invest 20 billion baht, mainly on exploration and production, in 2015 and 2016 as part of a plan to spend 90 billion baht in the next six years to boost its business, the Thai oil refiner said. It also acquired about 80 percent of Australian oil and gas explorer Nido Petroleum Ltd in 2013 to secure energy supplies.
Chevron announced it is relinquishing concessions in Romania, the last of its shale gas projects in Europe.
BUCHAREST, Romania— U.S. oil company Chevron says it has pulled out of shale gas drilling in Romania, weeks after ending business in Poland. The company began drilling for shale gas at its exploration well in northeastern Romania in 2014, a project that drew protests. It is also ending its three other concessions in Romania.
NEW YORK, Feb 20- Crude prices ended mixed on Friday as the number of U.S. rigs drilling for oil fell far less than expected this week, while heating oil jumped 6 percent after severe winter cold crimped output at three refineries. "It's sell crude, buy products today," said Dominick Chirichella, senior partner at the Energy Management Institute in New York.
The Baker Hughes survey is likely to show that the number of rigs drilling for oil in the United States fell for the 11th straight week to multi-year lows, market participants said. "I assume we're going to continue to see another big fall and that's going to provide support for the market," said Tony Nunan, a risk manager at Mitsubishi Corp in Tokyo.
The U.S. Army Corps of Engineers is preparing to release a study for public comment that suggests expanding the Port of Nome as a first step in improving infrastructure along Alaska's west and north coast. Nome is south of the Bering Strait but far closer to Arctic waters than the nearest Coast Guard base in Kodiak, an island east of the Aleutian Chain.
CNBC's Stephane Pedrazzi talks to Pierre-François Riolacci, CFO of Air France-KLM, about how the company cannot benefit fully from the low oil price.
Edmund Shing, global equity portfolio manager at BCS Asset Management, says it is unlikely that oil price will go back down to $30 to $50, and has a better chance of reaching $70.
THE HAGUE, Netherlands— An independent report into natural gas drilling that has triggered a rash of small earthquakes in the northern Netherlands said Wednesday that energy companies and the government put production ahead of people's safety in their decision making. Companies and government bodies involved in drilling, including Shell, ExxonMobil and...
OKLAHOMA CITY _ Devon Energy Corp. on Tuesday reported a fourth-quarter loss of $408 million, after reporting a profit in the same period a year earlier. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.10 per share. Devon Energy shares have climbed roughly 9 percent since the beginning of the year, while the...
COLUMBUS, Ohio— Certain local zoning laws can't be used to supersede Ohio's state-level system for regulating oil and gas drilling, a fiercely divided Ohio Supreme Court ruled Tuesday. In a 4-3 decision with three written dissents, the high court said that the home rule clause of Ohio's constitution doesn't allow a municipality to block drilling activities...
The chief executive of Transocean Ltd. has agreed to resign as the head of one of the world's largest oil drilling rig companies. Steven Newman endured a rocky five years leading Transocean, which has seen its stock price more than halve since June to $19.05 as oil prices have plunged. The company also ran for BP the troubled Deepwater Horizon rig, which exploded...
LONDON, Feb 16- U.S. shale producers have responded even more quickly to lower oil prices than analysts expected, which should ensure shale production hits a plateau by May or June and is sustained rather than falling in the second half of the year. The number of rigs drilling for oil in the United States declined by another 84 last week, according to oil field...
Oil's recovery may be short-lived, but some analysts believe now is the time to get back into energy stocks.
*Brent rose above $60 a barrel last week as US rig count fell. SINGAPORE, Feb 16- Oil prices were steady on Monday, with traders saying the recent upward momentum was continuing as Japan emerged from recession and after U.S. oil drilling fell. Japan's economy rebounded from recession in the final quarter, and although the data was weaker than expected, the return to...
Energy bonds took a hit from fears low oil prices would spur a surge in defaults, but most issuers should stay resilient, Goldman Sachs said.
The life cycle of U.S. shale oil wells could put a question mark over American output and price stability.
OPEC is claiming victory in the latest oil war. Here's what the US needs to do, says Ron Insana.
Oil prices will get a heck of a lot worse before they get better, a top industry analyst said on Tuesday.
Halliburton will layoff between 6.5 and 8 percent of its global staff, the oil field services company said Tuesday.