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Oil and Gas Oil and Gas Exploration

  • LONDON, Jan 23- The number of rigs drilling for oil and gas in the United States has recorded the largest one-week increase for over five years, confirming a rapid upturn is now underway. But there is no denying a rapid and sustained upturn is now underway which could pose challenges for the Organization of the Petroleum Exporting Countries and for shale drillers...

  • *OPEC, non- OPEC ministers say complying with output cuts. LONDON, Jan 23- Oil prices fell one percent on Monday as signs of a strong recovery in U.S. oil drilling activity outweighed news that OPEC and non- OPEC producers were on track to meet output reduction goals set in December. Ministers representing members of the Organization of the Petroleum Exporting...

  • *OPEC, non- OPEC ministers say complying with output cuts. LONDON, Jan 23- Oil prices fell one percent on Monday as signs of a strong recovery in U.S. oil drilling activity outweighed news that OPEC and non- OPEC producers were on track to meet output reduction goals set in December. Ministers representing members of the Organization of the Petroleum Exporting...

  • Jan 20- U.S. energy companies this week added the most oil rigs in nearly four years, extending an eight-month recovery as drillers take advantage of a deal by OPEC to cut supplies that has boosted prices over $50 a barrel since early December. Almost two-thirds of the rigs added since May were in the Permian basin, the nation's biggest shale oil formation located...

  • Jan 13- Energy firms in Canada more than doubled the number of rigs drilling for oil this week to the highest level in almost two years as producers returned en masse from Christmas breaks and crude prices remain near 18- month highs. Drillers in Canada, like their counterparts in the United States, slashed the number of rigs operating during most of 2015 and 2016...

  • WINNIPEG, Manitoba, Jan 11- Makers of fertilizers that boost corn and palm growth are taking advantage of higher profit margins for uses in other industries, such as oil drilling and livestock feed, to ride out a severe slump. Canada's Agrium Inc said on Tuesday that nearly one-sixth of production at its new Borger, Texas urea nitrogen plant will be diesel exhaust...

  • NEW YORK, Jan 10- Citigroup Inc stands to get less of a profit boost than other big U.S. banks from lower corporate tax rates expected from the new government in Washington. At the same time, Citigroup may have to slash $4 billion or more of the value of an unusually large income tax asset that the bank holds as a result of losses it suffered during the financial crisis...

  • NEW YORK, Jan 10- Citigroup Inc stands to get less of a profit boost than other big U.S. banks from lower corporate tax rates expected from the new government in Washington. At the same time, Citigroup may have to slash $4 billion or more of the value of an unusually large income tax asset that the bank holds as a result of losses it suffered during the financial crisis...

  • BEIRUT, Jan 4- Lebanon's new government on Wednesday passed two decrees concerning oil and gas exploration blocks, meaning a tender process for offshore reserves, stalled since 2013, can begin. Beirut estimates it has 96 trillion cubic feet of natural gas reserves and 865 million barrels of oil offshore, but squabbling between parties has prevented it from...

  • BEIRUT, Jan 4- Lebanon's new government on Wednesday passed two decrees concerning oil and gas exploration blocks, meaning a tender process for offshore reserves, stalled since 2013, can begin. Lebanon estimates it has around 96 trillion cubic feet of natural gas reserves and 865 million barrels of oil offshore, but squabbling between parties has prevented it...

  • CAIRO, Dec 28- Egyptian Oil Minister Tarek El Molla has signed three offshore oil and gas exploration and production deals worth a total of at least $220 million with France's Total, Britain's BP, and Italian oil major ENI's Egyptian subsidiary IEOC, the ministry said on Wednesday. Saudi Arabia informed Egypt last month that shipments of oil products expected...

  • OTTAWA, Dec 21- U.S. lawmakers on Wednesday slammed an agreement made with Canada to ban offshore Arctic drilling, saying Ottawa's plan to review its ban every five years gives Canada a leg up on energy exploration. President Barack Obama on Tuesday announced a ban on new oil and gas drilling federal waters in the Atlantic and Arctic Oceans, while Canada...

  • President Barack Obama on Tuesday banned new oil and gas drilling in federal waters in the Atlantic and Arctic Oceans, in a push to leave his stamp on the environment before Republican Donald Trump takes office next month. The ban affects 115 million acres of federal waters off Alaska in the Chukchi Sea and most of the Beaufort Sea and 3.8 million acres in the...

  • President Barack Obama on Tuesday permanently banned new oil and gas drilling in federal waters in the Atlantic and Arctic Oceans, in one of his last environmental pushes before he leaves office next month. The ban affects federal waters off Alaska in the Chukchi Sea and most of the Beaufort Sea and in the Atlantic from New England to Chesapeake Bay.

  • President Barack Obama on Tuesday permanently banned new oil and gas drilling in federal waters in the Atlantic and Arctic Oceans, in one of his last environmental pushes before he leaves office next month. Environmental groups said Obama's use of the law meant the incoming administration of President-elect Donald Trump could not simply reverse the action...

  • OBAMA BANS NEW OIL, GAS DRILLING IN FEDERAL WATERS IN THE ATLANTIC OCEAN FROM NEW ENGLAND TO CHESAPEAKE BAY.

  • PRESIDENT OBAMA PERMANENTLY BANS NEW OIL, GAS DRILLING IN FEDERAL WATERS OFF ALASKA IN THE CHUKCHI SEA AND MOST OF THE BEAUFORT SEA.

  • President-elect Donald Trump on Wednesday formally named former Texas governor Rick Perry to lead the Department of Energy, adding to the list of oil-drilling advocates skeptical about climate change filling out his Cabinet selections. In a statement from Trump's transition team, the president-elect cited Perry's tenure leading Texas, a leading...

  • LONDON, Dec 13- In the waters off Malaysia, Royal Dutch Shell is finding gas quickly and cheaply to replenish depleting fields where only a few years ago geologists had lost hope of discovering any new reserves. After a costly flop in Alaska, Shell has turned away from giant "frontier" projects, focusing instead on exploring closer to home, such as in Malaysia where it...

  • LONDON, Dec 13- In the waters off Malaysia, Royal Dutch Shell is finding gas quickly and cheaply to replenish depleting fields where only a few years ago geologists had lost hope of discovering any new reserves. After a costly flop in Alaska, Shell has turned away from giant "frontier" projects, focusing instead on exploring closer to home, such as in Malaysia where it...