Saturday's attack is the biggest on Saudi oil infrastructure since Saddam Hussein's invasion of Kuwait in 1990.Energyread more
"Blaming Iran won't end disaster. Accepting our April '15 proposal to end war & begin talks may," Zarif said on Twitter.Energyread more
Oil prices are expected to jump as much as $10 per barrel after a coordinated drone strike hit Saudi Arabia's largest oil field, forcing the kingdom to cut its oil output in...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
BlackBerry has reinvented itself to become a leader in securing mobile communications and in embedded communications. Next year it plans to roll out new products. CEO John...Evolveread more
Mexican national oil company Pemex can keep 101 oil and gas exploration blocks it was granted in 2014 under the government's sweeping energy reform, after the energy ministry approved a two-year deadline extension to invest in them, two sources said on Monday.
The leases on the blocks, which represent about a fifth of the company's total exploration and production projects, were set to expire last weekend.
The energy reform, which ended Pemex's decades-long monopoly, allowed Petróleos Mexicanos, as it is officially known, to keep most of its previous leases on the condition that it perform a minimum level of work on the fields.
The reform's fine print required all lease holders to invest in their projects within three years or risk losing them. Pemex was unable to comply due to several rounds of budget cuts, and the global oil price slump dramatically reduced its cash flow.
The energy ministry did not immediately respond to a request for comment.
Pemex is seeking a joint venture partner for its Maximino-Nobilis exploratory block in the Gulf of Mexico's deep waters, and has established a tie-up for its nearby Trion block with Australian mining and oil company BHP Billiton.
Three other exploratory leases face a legal challenge, and two more — one onshore and another in deep waters — were not granted the two-year extension, according to one of the sources.
The sources requested anonymity because they were not authorized to publicly discuss the matter.
The extensions give Pemex more time to execute minimum investment plans for the projects, but failure to do so would force it to return the acreage to the state for possible inclusion in future oil auctions.
Pemex was also given 286 extraction leases that are not affected by the investment requirement under the so-called Round Zero tender in 2014.
Since then, Mexico has conducted seven international oil auctions of onshore and offshore acreage that formerly belonged to Pemex.
The auctions have led to 70 new contracts that the energy ministry has estimated will bring $59 billion in new investment over the lifetime of the contracts.