Oil explorers idled rigs in US fields for the 19th straight week, prolonging an unprecedented retrenchment in drilling. Rigs targeting oil in the U.S. declined by 26 to 734, Baker Hughes Inc. said on its website Friday, a four-year low. Those seeking gas slipped by eight to 217, the Houston-based field services company said. The…
Only last week UK Oil and Gas Investments (UKOG) announced that it had discovered an oilfield in the Weald Basin near London’s Gatwick Airport holding as much as 100 billion barrels of oil. Shares in UKOG immediately soared. A week later, Stephen Sanderson, UKOG’s CEO, says he’s not certain how much oil is in the…
Petroleo Brasileiro S.A. (Petrobras) reported Thursday the discovery of a new oil and gas accumulation in the Amazon Basin, Block AM-T-84 in Brazil. The discovery was made while drilling well 1-BRSA-1293-AM (ANP nomenclature), informally known as Jusante do Aneba. Well drilling reached the total depth of 6,693 feet ( 2,040 meters). Preliminary well tests have…
Saudi Arabia pumped close to a record amount of crude oil last month, leading the biggest surge in OPEC output in almost four years just as the U.S. shale boom shows signs of slowing, the International Energy Agency said. The Organization of Petroleum Exporting Countries may extend its biggest output gain since June 2011 into…
Norwegian oil and gas firm Statoil made an oil discovery in the Yeti prospect in the U.S. Gulf of Mexico, about 15 kilometres south of the Big Foot field and 11 kilometres from the Cascade field, it said on Thursday. “We are analysing data to determine the size of the discovery in order to consider…
Iran hopes to resolve differences with Chinese energy companies on oil and gas projects in the Islamic republic, as Tehran wants to be ready to raise output quickly after a potential lifting of sanctions this year, Iranian oil officials said on Wednesday. The officials are in China this week to discuss Chinese investments in oil…
North Dakota’s oil producers are complying with new safety standards that went into effect on Wednesday to remove as many volatile gases from crude as possible, state officials told Reuters. The new rules require the more than 1.2 million barrels of oil extracted each day from the state’s Bakken shale formation be run through machines…
At least four people died after a fire broke out on a Pemex oil processing platform in the Gulf of Mexico early on Wednesday, leading to the evacuation of 302 workers, the Mexican state-run oil company said. The fire, which burned throughout the day, erupted overnight on the Abkatun Permanente platform in the oil-rich Bay…
The U.S. Interior Department on Tuesday upheld a 2008 lease sale in the Chukchi Sea off Alaska, moving Royal Dutch Shell a step closer to returning to oil and gas exploration in the Arctic since it suffered mishaps in the region in 2012. “The Arctic is an important component of the Administration’s national energy strategy,…
La producción argentina de petróleo no ha logrado revertir la tendencia a la baja que observa de modo consecutivo en los últimos cinco años. De acuerdo con las más recientes estadísticas de la Secretaría de Energía, en 2014 la extracción de crudo cayó 1,44% hasta 30,88 millones de metros cúbicos (m3). En la apertura por…