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Oil and Gas Exploration

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  • OPEC will not cut production  Monday, 22 Dec 2014 | 4:30 AM ET

    Neil Atkinson, head of analysis at Lloyd's List Intelligence, compares the price of oil to "a bungee jump", referring to its volatility in price, saying that the problem is no knowing how many more "bounces" there are in oil until the price is stabilised.

  • NY farmers lament lost opportunity for gas riches Sunday, 21 Dec 2014 | 11:41 AM ET

    ALBANY, N.Y.— While environmental groups are doing a victory dance over New York's decision to ban fracking, farmers such as apple grower David Johnson are grieving for dashed hopes and dreams. That's what they've done since the Marcellus Shale gas drilling boom began in 2008 and New York launched an environmental review that effectively put a moratorium in...

  • These companies can weather the oil pullback: Pro Friday, 19 Dec 2014 | 2:26 PM ET
    Workers connect drill bits and drill collars, used to extract natural petroleum, on Endeavor Energy Resources LP's Big Dog Drilling Rig 22 in the Permian basin outside of Midland, Texas.

    Oil at $50 a barrel is not going to scare some producers, and investors should focus on companies with core acreage in good basins, said Mike Kelly.

  • Cyprus: initial offshore drilling finds no gas Friday, 19 Dec 2014 | 12:53 PM ET

    NICOSIA, Cyprus— Cyprus' Energy Ministry says initial exploratory drilling by an Italian-Korean consortium off Cyprus' southern coast has failed to find significant quantities of gas. Cyprus has also licensed France's Total and U.S. firm Noble Energy to search for offshore gas. Noble and Israel's Delek and Avner are partners in a Cypriot gas field that's...

  • The price of cheap oil: Friedman  Friday, 19 Dec 2014 | 8:09 AM ET

    Thomas L. Friedman, The New York Times, weighs in on the global impact of falling crude prices.

  • Oil technology's hope for the future  Friday, 19 Dec 2014 | 7:34 AM ET

    Former Shell President John Hofmeister, shares his thoughts on New York's fracking ban, and natural gas as a transportation fuel.

  • Decision time in the Permian Basin  Friday, 19 Dec 2014 | 7:31 AM ET

    CNBC's Brian Sullivan reports on slowdowns and shutdowns as oil drillers and producers react to the drop in oil prices.

  • DAR ES SALAAM, Dec 19- Tanzania's gross domestic product has expanded by 32 percent after the state rebased its calculation to incorporate new sectors in the economy, including big discoveries of natural gas, officials said on Friday. Farming remains Tanzania's economic mainstay, while tourism, mining, communications and financial services are the other key...

  • *Aim to keep pressure on Russia over Ukraine. BRUSSELS, Dec 18- The European Union banned investment in Crimea on Thursday, halting European help for Russian Black Sea oil and gas exploration and outlawing European cruise ships from calling at Crimean ports. EU leaders, who meet in Brussels later on Thursday, will pledge to keep up pressure on Russia over its role in...

  • Chevron Corp has put a plan to drill for oil in the Beaufort Sea in Canada's Arctic on indefinite hold, while Marathon Oil cut its capital expenditure for next year by about 20 percent. Canadian oil producers also deepened cuts in 2015 spending, as Husky Energy, MEG Energy and Penn West Petroleum joined those hacking back capital budgets in response to tumbling...

  • Chevron Corp has put a plan to drill for oil in the Beaufort Sea in Canada's Arctic on hold indefinitely, while Marathon Oil cut its capital expenditure for next year by about 20 percent. Canadian oil producers also deepened 2015 spending cuts, as Husky Energy, MEG Energy and Penn West Petroleum joined those hacking back capital budgets in response to tumbling...

  • CALGARY, Alberta, Dec 17- Chevron Corp is putting a plan to drill for oil in the Beaufort Sea in Canada's Arctic on hold indefinitely because of what it called "economic uncertainty in the industry" as oil prices fall. In a letter to Canada's National Energy Board on Wednesday, the company withdrew from a hearing on Arctic drilling rules because it has walked away...

  • What bothers me the most in Fed statement: Insana Wednesday, 17 Dec 2014 | 2:13 PM ET
    Federal Reserve Chair Janet Yellen.

    Here's what bothers Ron Insana about the Fed's statement — its last of 2014.

  • New York to ban fracking; environmentalists cheer Wednesday, 17 Dec 2014 | 12:57 PM ET

    ALBANY, N.Y.— Handing environmentalists a breakthrough victory, New York plans to prohibit fracking for natural gas because of what regulators say are its unexplored health risks and dubious economic benefits. New York, which overlies part of the gas-rich Marcellus Shale formation that has led to a drilling boom in Pennsylvania and other nearby states, has...

  • BRUSSELS, Dec 17- The European Union will widen its ban on investment in Crimea to target Russian Black Sea oil and gas exploration, EU officials said on Wednesday, tightening sanctions first imposed over Moscow's annexation of the region. At a summit on Thursday and Friday in Brussels, EU leaders meeting in the European Council will announce the punitive...

  • Investors in beat-up oil bonds lean on banks for rescue Wednesday, 17 Dec 2014 | 1:00 AM ET

    BOSTON, Dec 17- Independent oil exploration and production companies are leaning heavily on bank credit lines to survive plunging crude prices, making it a nervous time for U.S. funds holding their junk-rated debt. 'said Francis Bradley III, a Greenberg Traurig attorney in Houston who specializes in energy company financing deals. " U.S. mutual funds hold an...

  • Will the Fed say buh-bye to 'considerable time?' Tuesday, 16 Dec 2014 | 4:55 PM ET
    Janet Yellen

    "Considerable time" may be on its way out. But the Fed needs to be careful not to send signals to the market it will take back later.

  • Bakken-Cushing pipeline project slammed shut Saturday, 13 Dec 2014 | 11:01 AM ET

    Enterprise Products Partners is shelving a pipeline that would have transported crude from North Dakota to Oklahoma, the company said Friday.

  • Dec 12- Energy companies cut 29 oil drilling rigs in the United States this week, the most in two years, as oil prices kept sliding, bringing crude down 47 percent since June, data showed on Friday. The number of rigs drilling for oil declined to 1,546 in the week to Dec. 12, according to data from oil services firm Baker Hughes. Twenty-one of the 29 rigs that were cut were in...

  • EU considers tightening ban on energy, tourism in Crimea Wednesday, 10 Dec 2014 | 10:05 AM ET

    BRUSSELS, Dec 10- The European Union is considering widening its ban on investment in Crimea to include barring the sale of technology used for oil and gas exploration and stopping EU firms running tourist businesses there, according to a draft document seen by Reuters. The proposals, being worked on by EU officials, would also ban EU citizens from buying or...