×

Oil and Gas Oil and Gas Exploration

  • LONDON, July 18- U.S. oil and gas exploration and production companies are drilling new wells faster than they can be fractured and hooked up to gathering systems, creating a growing backlog of drilled but uncompleted oil and gas wells. By June, the number of drilled but uncompleted oil and gas wells across the seven largest shale plays had topped 6,000, according...

  • LONDON, July 18- U.S. oil and gas exploration and production companies are drilling new wells faster than they can be fractured and hooked up to gathering systems, creating a growing backlog of drilled but uncompleted oil and gas wells. By June, the number of drilled but uncompleted oil and gas wells across the seven largest shale plays had topped 6,000, according...

  • *Kuwait says market on path to rebalancing. LONDON, July 17- Oil edged up to about $49 a barrel on Monday as fewer drilling rigs were added in the United States, helping ease concerns that surging shale supplies will undermine OPEC- led production cuts. Brent crude, the global benchmark, was up 5 cents at $48.96 a barrel by 1219 GMT.

  • LONDON, July 14- U.S. oil and gas exploration and production companies are paying more to hire drilling rigs as the number of rigs still idle after the slump declines. Drilling costs were up by 8 percent in June 2017 compared with their recent low in November 2016, according to preliminary data from the U.S. Bureau of Labor Statistics published on Thursday.

  • ANCHORAGE, Alaska— Petroleum exploration has largely ceased in federal waters off Alaska but an Italian multinational oil and gas company has received permission to move ahead with modest drilling plans on leases sold in 2005.. The federal Bureau of Ocean Energy Management late Wednesday announced conditional approval of an exploratory drilling plan...

  • MEXICO CITY— Mexico has assigned 21 exploration and production contracts for oil and gas fields that hold potential reserves of 435 million barrels of crude equivalent. The companies bid $88 million in direct payments, and offered to invest as much as $2.06 billion over the next 30 years. The government was promised 75 percent of profits from the fields located...

  • ANKARA, Turkey— Turkey's military says it has deployed a frigate in the eastern Mediterranean to monitor a drilling ship that is believed to have begun searching for oil and gas off ethnically divided Cyprus despite Turkey's objections. The island's internationally-recognized Greek Cypriot side has said this week that drilling for oil and gas would go...

  • MEXICO CITY, July 12- Premier Oil's shares rocketed as much as 38 percent on Wednesday on news it discovered potentially more than 1 billion barrels of oil off the coast of Mexico, a major victory for Latin America's No. 2 economy since the historic opening of its energy sector. The news of the discovery, in the first shallow-water offshore exploration well drilled...

  • BAGHDAD— Iraq says it will offer new oil and gas exploration rights as it looks to boost energy revenues to fund its war against the Islamic State group and shore up its finances amid low oil prices. Five are shared with Iran, three with Kuwait and one is in the Persian Gulf. Iraq has the world's fourth largest oil reserves.

  • July 12- Premier Oil has discovered oil off the coast of Mexico at its Zama-1 exploration well in Block 7, it said on Wednesday, sending its shares rocketing as much as 38 percent higher. Zama-1 well is the first offshore exploration well drilled by the private sector in Mexico. The project is jointly owned with Talos Energy, which acts as operator and has a 35...

  • July 12- Premier Oil Plc said it had discovered oil off the coast of Mexico at its Zama-1 exploration well in Block 7.. Premier, which holds a 25 percent interest in the block, said estimates for the Zama-1 well were in excess of 1 billion barrels, which could extend into a neighbouring block. The project is jointly owned by Talos Energy, which acts as operator and has a...

  • ISTANBUL, July 11- The U.S. shale drilling boom is likely to ease next year as demand on the industry's service sector is unsustainable, Halliburton's business development head said on Tuesday. The number of rigs drilling for oil in the United States rose to 763 last week, the highest in more than two years, showing that despite oil trading below $50 a barrel, shale...

  • *Iran hopes to attract BP, Lukoil and Gazprom among others. ISTANBUL, July 10- Iran is readying its first round of oil and gas exploration tenders since the easing of economic sanctions, hoping to attract the likes of BP and Gazprom, an Iranian energy official said on Monday. France's Total last week became the first major to sign a post-sanctions development deal...

  • IRAN PREPARES TO ANNOUNCE FIRST OIL AND GAS EXPLORATION TENDERS SINCE EASING OF SANCTIONS- NIOC.

  • ABUJA, July 5- Nigeria's cabinet has approved a national gas policy that aims to reduce the country's dependence on crude oil by increasing gas exploration and facilities, the oil ministry said in a statement. Nigeria has for decades relied on its ample supplies of oil to power its economy. Nigeria has the world's ninth largest proven gas reserves, at 187 trillion...

  • ABUJA, July 5- Nigeria's cabinet has approved a national gas policy that aims to reduce the country's dependence on crude oil by increasing gas exploration and facilities, the oil ministry said in a statement. Nigeria has for decades relied on its ample supplies of oil to power its economy. Nigeria has the world's ninth largest proven gas reserves, at 187 trillion...

  • ABUJA, July 5- Nigeria's cabinet has approved a national gas policy that aims to reduce the country's dependence on crude oil by increasing gas exploration and facilities, the oil ministry said in a statement. Nigeria has for decades relied on its ample supplies of oil to power its economy. Nigeria has the world's ninth largest proven gas reserves, at 187 trillion...

  • ABUJA, July 5- Nigeria's cabinet has approved a national gas policy that aims to reduce the country's dependence on crude oil by increasing gas exploration and facilities, the oil ministry said in a statement. Nigeria has for decades relied on its ample supplies of oil to power its economy. Nigeria has the world's ninth largest proven gas reserves, at 187 trillion...

  • *Gambia says African Petroleum did not meet obligations. BANJUL, July 4- Gambia has ended talks with African Petroleum to extend oil exploration in two of the West African country's most promising offshore blocks and is now in preliminary discussions with new investors, a senior oil official told Reuters. African Petroleum had been seeking to prolong its...

  • *Gambia says African Petroleum did not meet obligations. BANJUL, July 4- Gambia has ended talks with African Petroleum to extend oil exploration in two of the West African country's most promising offshore blocks and is now in preliminary discussions with new investors, a senior oil official told Reuters. The A1 and A4 blocks, operated by the firm founded by...