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Oil and Gas Exploration

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  • YANGON, May 3- Myanmar has awarded contracts to international oil majors Statoil and ConocoPhillips for oil and gas exploration in a deepwater offshore block, the official Kyemon Daily said on Sunday. The Myanmar newspaper said the two companies' regional subsidiaries- Singapore-registered Statoil Myanmar Private Ltd and ConocoPhillips Myanmar E&P Pte....

  • U.S., BRENT CRUDE FUTURES PARE LOSSES SLIGHTLY ON DATA SHOWING U.S.

  • POLL-Oil prices to stay weak for at least a year Thursday, 30 Apr 2015 | 6:00 AM ET

    *Brent crude oil seen averaging $60/ barrel, WTI $54.40 in 2015. April 30- Oil is likely to stay relatively weak for at least the next year, a Reuters poll forecast on Thursday, suggesting a slowdown in oil production in the United States will not be enough to offset a global supply glut. The price crash has forced some exploration companies to stop drilling for oil and...

  • WASHINGTON, April 28- An environmental group and a law clinic have petitioned the U.S. Securities and Exchange Commission to investigate whether Royal Dutch Shell has adequately disclosed to investors the risks of oil exploration in Arctic waters, the groups said on Tuesday. While catastrophic oil spills are rare, one in the Arctic could cost $10 billion or...

  • WASHINGTON, April 28- An environmental group and a law clinic petitioned the U.S. Securities and Exchange Commission to investigate whether Royal Dutch Shell has adequately disclosed to investors the risks of oil exploration in the harsh Arctic waters, the groups said on Tuesday. Oceana, an international environmental group, and the Abrams Environmental Law...

  • *Saudi Arabia tells China ready to supply more oil if needed. NEW YORK, April 27- Crude settled lower on Monday as ample global supply blunted support from the conflict in Yemen and the falling number of U.S. rigs drilling for oil and kept traders cautious after prices reached 2015 peaks last week. "While the situation in Yemen and the falling U.S. rig count have...

  • Why the US won't have OPEC to kick around in 2016 Monday, 27 Apr 2015 | 6:36 AM ET
    The oil ministers of Qatar, Saudi Arabia and the United Arab Emirates attend the opening session of the Arab Energy Conference in Abu Dhabi.

    U.S. elections have long featured a familiar whipping post. Yet thanks to the energy boom, it's one that may not play a role in 2016.

  • Ghana can continue production in Ivory Coast oil dispute Saturday, 25 Apr 2015 | 11:02 AM ET

    Ivory Coast had made a request to the Hamburg- based International Tribunal of the Law of the Sea that Ghana suspend oil exploration and exploitation operations in the disputed area while legal hearings expected to take several years into the dispute are held.

  • April 23- Oil drilling contractors Patterson-UTI Energy Inc and Helmerich& Payne Inc reported higher-than-expected quarterly profits as demand for their hi-tech rigs remained resilient despite the slump in crude prices. The strong demand has helped Patterson-UTI and Helmerich& Payne offset a drop in drilling activities due to a near 45 percent fall in...

  • April 21- Contract driller Nabors Industries Ltd said it reduced its global workforce by more than 18 percent since the end of 2014 as the slump in oil prices hurt drilling activity. Nabors said on Tuesday it cut its workforce by 41 percent in its U.S. drilling operations and 26 percent in Canada. The company's revenue fell 10.5 percent to $1.42 billion in the first...

  • Tensions in the Middle East and a drop last week in the number of rigs drilling for oil in the United States also put a floor beneath U.K. North Sea Brent and U.S. crude futures, traders said. Brent, the more widely-referenced benchmark, was up 10 cents at $63.55 a barrel by 11:53 a.m. EDT, after falling more than $1 earlier. "The market was bouncing around looking for...

  • LONDON, April 17- Argentina announced on Friday it had started legal proceedings in one of its own courts against five British and American companies drilling for oil and gas in the Falkland Islands, a move Britain denounced as bullying. Britain defeated Argentina in a 1982 war over the South Atlantic islands and administers them as an overseas territory, whose...

  • LONDON, April 17- Argentina has started legal proceedings against five companies, including three British ones, which are drilling for oil and gas in the disputed Falkland Islands, raising tensions in a diplomatic row over the islands' sovereignty. Argentina's minister for the Falklands, known as Las Malvinas in Argentina, announced the start of the lawsuit in...

  • LONDON, April 17- Argentina has started legal proceedings against five companies, including three British firms, which are drilling for oil and gas in the disputed Falkland Islands, raising tensions in a diplomatic row over the islands' sovereignty. Argentina's minister for the Falklands, known as Las Malvinas in Argentina, announced the start of the lawsuit in...

  • EZEIZA, Argentina, April 16- The cost of drilling wells in Argentina's vast but barely tapped Vaca Muerta shale oil and gas formation will fall at least 10 percent by the end of 2016, Miguel Galuccio, chief executive officer of state energy company YPF said on Thursday. The company, nationalized in 2012 as part of a production push aimed at erasing Argentina's...

  • TOKYO, April 16- Japanese stocks edged up on Thursday, as buying in oil and mining shares reversed early losses, offsetting profit-taking in recent gainers such as food stocks, while Sharp Corp surged on restructuring hopes. Rising oil prices lifted oil and mining stocks, with Inpex Corp soaring 5.4 percent and Japan Petroleum Exploration gaining 3.8 percent.

  • TOKYO, April 16- Japanese stocks slipped to more than a one-week low on Thursday morning as investors cut back on some recent outperformers including food companies and drugmakers, while Sharp Corp surged on restructuring hopes. Rising oil prices lifted oil and mining stocks, with Inpex Corp soaring 3.6 percent, Japan Petroleum Exploration gaining 2.1...

  • COLUMN-U.S. shale boom nears turning point: Kemp Tuesday, 14 Apr 2015 | 5:58 AM ET

    LONDON, April 14- Oil production from major U.S. shale plays will decline by almost 60,000 barrels per day between April and May according to new estimates from the Energy Information Administration. Only the Permian Basin is expected to post a small month-on-month increase in output. With the number of rigs drilling for oil in the United States down by almost 53...

  • LONDON, April 13- Brent rose towards $59 a barrel on Monday in a volatile market, continuing gains after a strong end to last week as financial traders increased bets on higher prices amid a slowdown in U.S. drilling. Front-month Brent crude futures were up 82 cents at $58.69 a barrel by 0934 GMT, having earlier touched $59.54. "We found a bit of a momentum this morning,"...

  • WASHINGTON, April 10- The United States is planning to impose a major new regulation on offshore oil and gas drilling to try to prevent the kind of explosions that caused the catastrophic BP Plc oil spill in the Gulf of Mexico, the New York Times reported on Friday, citing Obama administration officials. The Interior Department could make the announcement as...