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Oil and Gas Exploration

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  • Smog over Beijing, China.

    Governments globally charge prices for energy that do not account for its harmful side effects, amounting to a $5.3 trillion subsidy, the IMF said.

  • SEATTLE, May 16- Hundreds of activists in kayaks and small boats fanned out on a Seattle bay on Saturday to protest plans by Royal Dutch Shell to resume oil exploration in the Arctic and keep two of its drilling rigs stored in the city's port. Environmental groups have vowed to disrupt the Anglo-Dutch oil company's efforts to use the Seattle as a home base as it...

  • WASHINGTON, May 15- U.S. industrial production unexpectedly fell for a fifth straight month in April due in part to a further decline in oil and gas drilling, suggesting that the economy is growing at only a modest pace in the second quarter. The economy's struggle to pick up steam after a dismal first quarter was underscored by other data on Friday showing a drop in...

  • LONDON, May 13- Premier Oil produced less oil and gas in the first quarter of the year, but its output of 60,200 barrels of oil equivalent per day was above guidance, sending its shares higher on Wednesday. Premier Oil's main frontier exploration work is focused on the Falkland Islands, where oil drilling remains controversial due to a sovereignty dispute between...

  • LONDON, May 13- Premier Oil has further reduced its capital expenditure plan for this year as it adjusts to weak crude prices that have already forced it to suspend a shareholder payout for 2014.. Premier Oil's main frontier exploration work is focused on the Falkland Islands, where oil drilling remains controversial due to a sovereignty dispute between...

  • WASHINGTON, April 1- For a leader who has made fighting climate change a priority, President Barack Obama's decision to approve Royal Dutch Shell's return to oil and gas exploration off Alaska was seen by many environmentalists as a contradiction. But Shell, which has already spent about $6 billion exploring the Arctic, expects to return to polar waters this...

  • HAVANA/ PARIS, May 12- French oil company Total on Tuesday denied it had signed an offshore exploration deal with Cuba during President Francois Hollande's visit there. "Total categorically denies it has signed an offshore exploration agreement with Cuba," a spokesman said. A source with knowledge of the matter said Total's marketing and services branch, which...

  • The Department of Interior conditionally approved Shell's plan to explore for oil in the Chukchi Sea off Alaska. Shell has already spent about $6 billion on exploration in the Arctic. "We have taken a thoughtful approach to carefully considering potential exploration in the Chukchi Sea," said Abigail Ross Harper, the director of the Bureau of Ocean Energy...

  • 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...