Oil and Gas Oil and Gas Exploration

  • March 15- The Trump administration is likely to open up portions of the Atlantic to oil and gas drilling despite opposition from East Coast states, a U.S. Interior Department official suggested in remarks at a recent energy industry conference, a recording of which was reviewed by Reuters. States from New England to Florida have expressed strong opposition to...

  • A worker walks through an oil production facility owned by Parsley Energy in the Permian Basin near Midland, Texas, August 23, 2018. 

    The Permian Basin is booming and pipeline projects are expected to add millions of barrels to supply in the years to come. Couple that with a low-yield world and investors keep heading back to risky oil and gas MLPs for income.

  • Andrew Jassy, chief executive officer of web services for Amazon.com Inc., speaks during the 2019 CERAWeek by IHS Markit conference in Houston, Texas, U.S., on Monday, March 11, 2019.

    Amazon thinks that volatile price swings in the boom-and-bust oil business are a perfect match for its web services cloud computing division.

  • OSLO, March 14- Norway plans to expand the offshore oil and gas acreage offered to companies under its annual licensing round in so-called predefined areas, oil minister Kjell-Boerge Freiberg said on Thursday. The 2019 APA round will offer 90 new blocks, of which 48 are in the Arctic Barents Sea, 37 are in the Norwegian Sea and 5 in the North Sea, he said.

  • NAIROBI, March 12- Kenya's president signed on Tuesday a long-awaited petroleum bill into law to regulate oil exploration and production, and which outlines how revenues will be shared between local communities and companies. Tullow Oil and its partner Africa Oil discovered commercial reserves in the Lokichar basin in 2012. The companies are working...

  • LONDON, March 11- Oil prices rose on Monday, lifted by comments from Saudi Energy Minister Khalid al-Falih that an end to OPEC- led supply cuts was unlikely before June and a report showing a fall in U.S. drilling activity. West Texas Intermediate crude oil futures were at $56.73 per barrel at 1320 GMT, up 66 cents, or 1.18 percent from their last close.

  • LONDON, March 11- Oil prices rose on Monday, lifted by comments from Saudi Energy Minister Khalid al-Falih that an end to OPEC- led supply cuts was unlikely before June and a report showing a fall in U.S. drilling activity. West Texas Intermediate crude oil futures were at $56.42 per barrel at 1200 GMT, up 35 cents, or 0.62 percent from their last close.

  • Rig supervisor David Crow shows off the oil rig he manages for Elevation Resources at the Permian Basin drilling site in Andrews County, Texas, May 16, 2016.

    The US is playing the role of disruptor in the global energy market and the implications are significant for global oil prices, which have seen huge swings in the past six months, and with more volatility expected.

  • *Government wants to cut Norway's reliance on oil and gas. OSLO, March 8- Norway's trillion-dollar sovereign wealth fund, the world's biggest, will sell its stakes in oil and gas explorers and producers but still invest in energy firms that have refineries and other downstream activities, according to a government plan. "The government is proposing to exclude...

  • OSLO, March 8- The Norwegian government's proposal to exclude oil and gas explorers and producers from its trillion-dollar sovereign wealth fund will affect 1.2 percent of the fund's equity holdings, the fund said on Friday. "According to the FTSE's definition, the fund held exploration and production companies with an approximately value of 66 billion...

  • Darren Woods, Chairman and CEO, Exxon Mobil.

    Exxon Mobil doesn't plan to cut its natural gas spending, meaning reduced cash flow and limited upside for the stock, Cowen says.

  • *Government wants to cut Norway's reliance on oil and gas. OSLO, March 8- Norway's trillion-dollar sovereign wealth fund, the world's biggest, will sell its stakes in oil and gas explorers and producers but still invest in energy firms that have refineries and other downstream activities, according to a government plan. The state, which has built up its wealth on...

  • The oil drilling platform Holly, approximately two miles off the shore of Huntington Beach, California. Catalina Island can be seen in the background

    The Trump administration's revised five-year program to expand offshore drilling in most federal waters will be released "in the coming weeks," an Interior Department official said on Wednesday.

  • An offshore oil platform.

    ExxonMobil announced Thursday that it has made world's third-biggest natural gas find offshore Cyprus. Based on preliminary data, the discovery could represent a natural gas resource of approximately 5 trillion to 8 trillion cubic feet.

  • The change is designed to open access to China's pipeline infrastructure to private and foreign energy producers as a way to spur oil and gas exploration. China's economic planner, the National Development and Reform Commission, approved the plan for the group last month, including details of assets to be incorporated, and final approval from China's State...

  • U.S. oil output from seven major shale formations is expected to rise 84,000 barrels per day in March to a record of about 8.4 million bpd, the U.S. Energy Information Administration said in a monthly report on Tuesday. A shale revolution has helped boost the United States to the position of world's biggest crude oil producer, ahead of Saudi Arabia and Russia.

  • MILAN, Feb 15- Italian major Eni said it intends to expand in the Middle East after a spree of deals in the Gulf last year, pressing ahead with plans to reduce its reliance on Africa and oil and gas exploration. Since last March Eni has secured nine deals in the United Arab Emirates, gained a foothold in Bahrain and expanded in Oman to underpin its future growth.

  • CAIRO, Feb 12- Royal Dutch Shell, Eni, BP and Exxon Mobil were among the winners in one of Egypt's largest ever oil and gas exploration tenders on Tuesday, as the country looks to sustain an investment upswing spurred by major discoveries. The awards marked Exxon Mobil's entry into gas exploration in Egypt, while Shell was handed the most concessions, three for oil...

  • SINGAPORE, Feb 1- China's national oil companies are raising spending on domestic oil and gas drilling to the highest levels since 2016, responding to Beijing's call to boost national energy security. Below lists key basins and blocks where China's state energy giants are increasing drilling activities and discoveries, mostly of natural gas, according to...

  • Many of the rigs cut were in the Permian Basin in Texas and New Mexico, the country's biggest shale oil formation, were the rig count dropped by seven this week to 481, the lowest since August. Oil prices tanked in the fourth quarter of 2018, with U.S. crude futures dropping from a near four-year high of $76.90 a barrel in early October to an 18- month low of $42.36 in...