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Oil and Gas Oil and Gas Exploration

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  • FACTBOX-How big is Egypt's new Zohr gas find? Monday, 31 Aug 2015 | 11:59 AM ET

    Aug 31- The Zohr natural gas field discovered off Egypt by Italy's Eni is the largest found in the Mediterranean and at a potential 30 trillion cubic feet of gas is almost twice as large as the Leviathan field off Israel. The find could compete with gas projects in Israel and Cyprus. Globally, however, Egypt is outside the top 10 countries in total gas reserves, with...

  • ROME— The Italian energy company Eni SpA announced Sunday it has discovered a "supergiant" natural gas field off Egypt, describing it as the "largest-ever" found in the Mediterranean Sea. Eni said the discovery— made in its Zohr prospect "in the deep waters of Egypt"— could hold a potential 30 trillion cubic feet of gas over an area of 100 square kilometers.

  • ROME, Aug 30- Italian energy group Eni said on Sunday it had discovered potentially one of the world's largest natural-gas fields off the Egyptian coast, predicting that the find could help meet Egypt's gas needs for decades to come. "According to the well and geophysical data available, the field could hold a potential of 30 trillion cubic feet of lean gas in place,"...

  • ANCHORAGE, Alaska— Strong winds and high waves that pounded the northern coast of Alaska have led Royal Dutch Shell PLC to temporarily stop exploratory oil drilling in the Arctic Ocean. "Due to high wind and sea states, we have paused all critical operations in the Chukchi Sea," said spokesman Curtis Smith in an email response to questions. The eastern Chukchi Sea...

  • 7 stocks to play oil selloff: Lipow Monday, 24 Aug 2015 | 11:47 AM ET

    Oil prices may not recover until after Q1 2016 but it’s not all bad news for the sector, says oil analyst Andy Lipow. Here's how to play it.

  • Oil could drop into the $20s: Kilduff Thursday, 20 Aug 2015 | 1:08 PM ET
    Oil rig workers crude oil

    John Kilduff explains how oil, already in a bear market, could drop to the mid-$20s per barrel.

  • NEW YORK, Aug 19- A U.S. government sale of oil and gas drilling leases in the western Gulf of Mexico attracted the lowest number of bids on record on Wednesday as slumping oil prices kept producers from plowing money into expensive offshore prospects. "The continuing drop in oil prices and low natural gas prices obviously affect industry's short-term...

  • SAO PAULO, Aug 18- Brazil's OAS Investimentos SA, whose parent company is under creditor protection, has so far received five proposals for a stake in infrastructure company Invepar, with bidders also looking to buy its environment services and oil drilling units, executives said on Tuesday. In June, Reuters reported that Canadian asset manager Brookfield...

  • Democratic presidential candidate Hillary Clinton on Tuesday staked out her opposition to Arctic oil exploration, putting her at odds with the Obama administration one day after it approved drilling off Alaska. "The Arctic is a unique treasure," Clinton said in a Twitter post. On Monday, the Obama administration gave Royal Dutch Shell PLC final approval to...

  • WASHINGTON, Aug 17- The Obama administration on Monday granted Royal Dutch Shell the final permit to drill for oil and gas in the Arctic for the first time since 2012, a move environmentalists vowed to fight. The Interior Department gave Shell the final permit to drill into the oil zone in the Chukchi Sea off northern Alaska after the Fennica, an icebreaker the...

  • WASHINGTON, Aug 17- The Obama administration on Monday granted Royal Dutch Shell the final permit to drill for oil and gas in the Arctic, after the company repaired a ship essential to its exploration in the region this season. The Interior Department gave Shell the final permit to drill into the oil zone in the Chukchi Sea off northern Alaska after the Fennica, an...

  • Oil may not get the cure it needs: Analyst Monday, 17 Aug 2015 | 7:35 AM ET
    A BP employee uses ultrasound to scan a section of pipe along an oil transit pipeline at Prudhoe Bay oil field on Alaska's North Slope.

    An expected drop in crude prices to $30 to $40 a barrel might not be enough to balance global oil markets, analyst Jamie Webster says.

  • Hercules Offshore files for bankruptcy protection Thursday, 13 Aug 2015 | 8:46 AM ET

    Aug 13- Oil and gas drilling contractor Hercules Offshore Inc filed for Chapter 11 bankruptcy on Thursday, hurt by falling demand as producers and explorers cut spending.

  • SAO PAULO, Aug 7- Brazilian prosecutors plan to file criminal charges stemming from the lease of an Ensco Plc offshore oil-drilling ship to Brazil's state-run oil company Petrobras "in due course," they said. The plan to prosecute over the Ensco-Petrobras charter was mentioned in a Thursday statement presenting corruption charges stemming from the 2009 lease...

  • Aug 4- Contract oil and gas driller Nabors Industries Ltd forecast a decrease in third-quarter results, saying it expected current depressed market conditions to prevail for an extended period. Revenue from Nabors' drilling operations in the United States- the company's biggest market- fell about 40 percent in the quarter ended June 30. Net loss attributable...

  • Chevron's ugly earnings put focus on oil dividends Friday, 31 Jul 2015 | 2:12 PM ET

    Chevron earnings fell well below expectations Friday, raising new questions about shareholder returns at a time when oil prices are sliding again.

  • PORTLAND, Ore., July 30- An icebreaking vessel key to Royal Dutch Shell's plans to drill for oil in the Arctic departed Portland, Oregon, late on Thursday, navigating between a narrow gap of environmental activists dangling from a bridge after a two-day human blockade. Several Greenpeace activists appeared to bow to orders from police to lower themselves into...

  • MEXICO CITY, July 29- Mexico, which has started to open its nationalized oil industry to additional private investment, will postpone auctions for deep-water oil exploration and production contracts and adjust the terms of upcoming tenders after an inaugural oil auction failed to meet the government's modest expectations. "We are revising the issue of the...

  • PORTLAND, Ore., July 28- Protesters began gathering in a riverside park in Portland Tuesday evening, planning to drop kayaks in the water to protest Wednesday's scheduled launch of a ship to be used by Royal Dutch Shell for Arctic oil exploration. Following the lead of protesters in Seattle who tried to block ships headed for Shell's planned oil exploration in the...

  • *Drillers add 21 oil rigs in U.S. this week- Baker Hughes. NEW YORK, July 24- Brent and U.S. crude futures settled on Friday at their lowest since March and posted their fourth straight weekly decline as weak economic data from China and a rise in U.S. oil drilling rigs applied pressure. U.S. energy firms added 21 oil rigs this week after pulling seven rigs last week, oil...