Oil And Gas Industry News

The latest upstream oil and gas news from around the world.

Oil Jumps 5 Second Time In Week On Short Covering

Oil prices jump more than 5 for a second time in a week as short covering alleviated pressure in a market dominated by sellers the past six months

Schlumberger Awarded Contract for Mariner Field

Statoil has on behalf of the Mariner co venturers awarded the contract for integrated drilling and well services on the Mariner field on the UKCS to Schlumberger Oilfield UK

Baker Hughes US Oil Drillers Cut Rigs Lowest Since May

The number of rigs drilling for oil in the United States fell by 10 this week as low crude prices continued to threaten energy company revenues

Two Killed Three Hurt In Oklahoma Oil Rig Explosion

An explosion and fire at a southeastern Oklahoma oil rig early Friday killed two workers and injured three others two of them critically

New York Commission Will Recommend Banning Fracturing

New York which is a net importer of energy could be a part of the solution to its energy problems by following the lead of its neighboring states Pennsylvania West Virginia and Ohio

Report Texas Could Face 2 7 Trillion Gallon Water Shortfall by 2060

The state of Texas could face a water shortfall of 2 7 trillion gallons by 2060 according to a recent report by Texas A M University s Mosbacher Institute

Report Only Three out of Four IOCs Generating Enough Free Cash at 60 bbl

IOCs will need to cut spending by 170 billion in 2015 in order to keep net debt flat at 60 barrel according to a Wood Mackenzie report

Halliburton CEO Restructuring Possible as 2015 Looks to Be Tough Year

Halliburton may further restructure its operations as 2015 looks to be tough year for oil and gas industry

In North Dakota Countdown Looms For 5 3 Billion Oil Tax Break

Tumbling US oil markets hit an important if obscure milestone Thursday closing for the first time at a price that could trigger a 5 3B 2 year tax break for North Dakota oil drillers

Brazil s Rousseff Vows Clean Up Of Scandal Tainted Petrobras

Brazilian President Dilma Rousseff dogged by a multibillion dollar corruption scandal at Petrobras vowed to stamp out graft at the flagship firm and place it under strict corporate governance

Norway Delays Arctic Focused Oil Licensing Round Until 2015

Norway s government delays the launch of its Arctic focused oil and gas licensing round until next year the oil ministry says

Norway s PGS Cuts Profit Forecast Sees Lower Dividend

PGS cut its 2014 profit forecast and said earnings would fall next year likely forcing a dividend cut as the oil industry goes through a period of turbulence

Oil Tumbles After Brief Rebound Brent Back Below 60

Global crude oil prices slump anew a day after a short covering rally as traders place fresh bets that the market will resume a six month rout on worries about a supply glut

Legal Standing May Be Key To Nebraska Court s Keystone XL Case

The controversial Keystone XL pipeline has a major hurdle to cross in the Nebraska State Supreme Court which may rule as soon as Friday and one aspect of the case there has been somewhat overlooked

Former Shell Head Voser Returns To ABB As Chairman

ABB names former Shell boss Peter Voser as its new chairman a homecoming for a man who was previously finance chief at the company

Few Big US Land Drillers Set To Ride Out Oil Downturn As Winners

Large US onshore drilling firms that operate new faster rigs are best placed to weather the looming downturn brought by slumping crude prices

ExxonMobil Says Hits More Shale Oil Gas In Argentine Region

ExxonMobil has struck shale oil and gas at a second well in Argentina s Neuquen province a region that sits atop Vaca Muerta one of the world s largest shale resources

EIA Analyst US Crude Production Strong Despite Rig Count Decline

A drop in rig counts as crude oil prices weaken does not have to translate into a drop in production analyst says

Saudi s Naimi OPEC Cannot Cut Alone But Others Would Not

Saudi Arabia s oil minister Ali Al Naimi says that OPEC could not cut output without the support of other big producers and attempts to get them on board had not worked

EU Bans Investment in Crimea Targets Oil Sector Cruises

The EU bans investment in Crimea halting European help for Russian Black Sea oil and gas exploration

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