Oil And Gas Industry News

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

Icahn Takes Stake in Rout Beleaguered Freeport McMoRan

The billions in cutbacks that Freeport McMoRan has taken in its battle against plunging commodity prices may not be enough for one of its newest shareholders billionaire activist investor Carl Icahn

US Crude Jumps 6 In Second Day Of Short Covering Frenzy

US crude rose 6 notching its first weekly gain in two months after a rally in gasoline

Rattled by Pure Sentiment in August Markets Return Focus to Fundamentals

Following stock market chaos in August that brought oil prices down to 6 year lows oil traders focus again on the persistent global oil oversupply situation

Environmental Groups to Sue EPA Over Waste Disposal Rules

Several environmental groups plan to sue the EPA claiming the agency has failed in its duty to review and update regulations associated with oil and gas waste

Baker Hughes US Oil Drillers Add Rigs For The Sixth Week In A Row

US energy firms added one oil rig this week the sixth consecutive week of increases even as US oil prices flirt with 6 1 2 year lows

Alberta To Keep Oil Gas Royalty Framework To End 2016

Alberta s oil and gas royalty framework will remain in place until the end of 2016 Energy Minister Marg McCuaig Boyd says

More Oilfield Services M A Likely On The Way

Lower for longer volatility coupled with the recent pairing of mega energy companies Schlumberger and Cameron suggest oilfield services may be running out of time for wishful thinking

For OPEC This Year s Painful Oil Slump Will Bring Gains in 2016

While OPEC s fight to snatch market share from rival oil producers might look like a costly failure as prices languish below 50 a barrel an entirely different picture could emerge next year

Halliburton Believers Stand to Win Big Betting on Deal Real M A

Traders willing to bet the biggest oil services deal can survive regulatory scrutiny stand to rake in more than 3 billion in profit

Maurel Prom Eyes Further Merger After MPI Deal To Cope With Low Oil Price

Maurel Prom says it was reabsorbing its former Nigerian unit MPI as a first step towards tripling in size to cope with the impact of a plunge in the oil price

New IEA Boss Faces World Energy Landscape In Flux

The new head of the International Energy Agency faces dilemmas that challenge the purpose of the body set up to protect the interests of the West against the power of OPEC in the 1970s

UIL Energy to Acquire Perth Basin 2D Seismic

UIL Energy plans to acquire up to 164 miles of 2D seismic data across three central Perth Basin permits

Russian Oil Firms Raise Profits And Output Spurred By Rouble Weakness

Russian oil firms are increasing their rouble profits and raising production as a weak currency protects their business which has turned into one of the world s most profitable

Denmark Expects to Maintain Present Oil and Gas Production

Denmark expects to maintain its current production of oil and gas for the next two and a half years according to new estimates from the Danish Energy Agency

Lukoil s 2Q Profit Falls

Lukoil s net income of 1 01 billion in the second quarter of 2015 marked a decrease of over 50 compared to the 2 40 billion figure recorded in 2Q 2014

IOG Gets 3 Month Skipper License Extension

Independent Oil and Gas is granted a three month extension for the Skipper license located in the North Sea by the Oil and Gas Authority

Buru Energy Hits Oil at Praslin 1 Well

Buru Energy Limited encounters oil at the Praslin 1 exploration well located in Western Australia

Oil Soars Over 10 Biggest Gain in Six Years as Shorts Scramble

Oil rockets up more than 10 posts its biggest one day rally in more than 6 years

White House Says Keystone XL Pipeline Review Continues

The White House says that the US State Department continues to review TransCanada s proposed Keystone XL pipeline from Canada s oil sands to Gulf Coast refineries

SKD Sees Opportunities for Tender Assist Drillers in Low Oil Price Market

SapuraKencana Drilling feels that the industry downtrend may open opportunities for tender assist drillers

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