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Oil and Gas Oil and Gas Exploration

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  • June 5- U.S. oil drillers boosted activity in four key basins this week, bringing the promise of additional oil to a market that faces OPEC's Friday decision to leave production caps unchanged. With some OPEC countries like Saudi Arabia and Iraq pumping oil at record or near record levels, the group is trying to keep crude prices low enough to support global oil...

  • Pickens: Saudis bluffing on oil production Thursday, 4 Jun 2015 | 9:04 AM ET
    T. Boone Pickens.

    T. Boone Pickens says Saudi production is topping out at about 10 million barrels per day and oil prices will return to $70 per barrel by year end.

  • *Croatia to sign oil, gas exploration licences in June/July. SALI, Croatia, June 1- When Croatia announced in 2013 it would set a tender to explore for oil and gas in its pristine Adriatic waters, the government evoked the hydrocarbon riches of Norway to win over the plan's many detractors. "If it's not dangerous for Norway or Scotland, it shouldn't be dangerous for us,"...

  • RIO DE JANEIRO, May 28- Brazil's state-run oil company Petrobras canceled leases with Schahin Petroleo e Gas SA for five offshore oil drilling and production vessels after a cash crunch forced the ship leaser to remove the equipment from service for nearly a month, Schahin said on Thursday. The decision, if upheld, will result in the loss of more than 1,000 related...

  • Schahin says Petrobras cancels offshore ship leases Thursday, 28 May 2015 | 5:40 PM ET

    RIO DE JANEIRO, May 28- Brazil's state-run oil company Petrobras canceled leases with Schahin Petroleo e Gas SA for five offshore oil drilling and production vessels after a cash crunch forced the ship leaser to remove the equipment from service for nearly a month, Schahin said on Thursday. The decision, if upheld, will result in the loss of more than 1,000 related...

  • KHOBAR, Saudi Arabia, May 28- Saudi Aramco may raise the number of its oil and gas drilling rigs to as high as 250 next year if oil prices continue to firm and as domestic demand for gas increases, industry sources said on Thursday. Brent oil is now around $62 a barrel, up from a low of $45 in January though still far from the $100 mark which Saudi officials said they...

  • The next fracking boom could be in Saudi Arabia Tuesday, 26 May 2015 | 12:25 PM ET
    Workers at an oil facility near Riyadh, Saudi Arabia.

    Technology made the US oil shale boom. New technology may allow oil giants Saudi Arabia and Norway to become the next fracking boomers.

  • WASHINGTON, May 22- A group of 18 mostly Democratic U.S. senators on Friday urged the Obama administration to stop Royal Dutch Shell's preparations for oil exploration in the Arctic, saying the region has a severely limited capacity to respond to accidents. The appeal was spearheaded by Senator Jeff Merkley of Oregon and the letter was signed by other liberals,...

  • OSLO, May 22- Wage talks involving thousands of Norwegian offshore oil workers broke down late on Thursday, unions and employers said, raising the risk of a strike that could disrupt oil exploration and efforts to raise output from existing fields. The talks between the Norwegian Shipowners' Association and three labour unions affecting more than 9,000...

  • OKLAHOMA CITY/ WASHINGTON, May 20- Facing a backlash over the side effects of its oil and gas boom, Oklahoma is poised to overturn an 80- year-old statute that allows cities and towns to ban drilling operations within their borders. The move by Oklahoma's Republican-majority legislature follows a similar law signed on Monday by Texas Governor Greg Abbott in...

  • 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.