Energy & Oil

Friday, November 21st 2014 - 06:59 UTC
Potential of US offshore oil and gas, according to American Petroleum Institute

Two new studies released by the National Ocean Industries Association (NOIA) and the American Petroleum Institute (API) show significant potential added energy and economic benefits to the United States if the Eastern Gulf of Mexico and the Pacific outer continental shelf (OCS) were opened to offshore oil and natural gas development.
Wednesday, November 19th 2014 - 09:42 UTC
Chevron begins oil and gas production at Tubular Bells, in the Gulf of Mexico

Chevron Corporation announced on Tuesday that the Hess Corporation-operated Tubular Bells deepwater project, located in the U.S. Gulf of Mexico, has started crude oil and natural gas production. The field is located 217 km southeast of New Orleans, in approximately 1,310 m of water in the Mississippi Canyon area.
Monday, November 17th 2014 - 06:50 UTC
IEA says oil supplies may not keep up with demand

Despite what appears to be a saturated oil market in 2014, oil producers around the world will struggle to meet rising demand over the next few decades.
Saturday, November 15th 2014 - 07:52 UTC
Something stinks in Petrobras: former director and leading contractors CEOs arrested on bribery charges

Brazilian police arrested a former Petrobras executive on Friday, sending the state-run oil company's shares and bonds down after a widening corruption scandal forced it to delay the release of its financial results.
Friday, November 14th 2014 - 07:27 UTC
Falklands accepts Premier's 'realistic solution' to current world oil price environment

The Falkland Islands Government said on Thursday it took notice of the announcement by Premier Oil of their revised proposal for commercial oil production in the Falkland Islands, which “it is considered represents a realistic solution to progress development in the current international oil price environment”.
Friday, November 14th 2014 - 07:13 UTC
Early signs of a pullback in drilling activity

With oil prices low and showing no sign of an immediate rebound, the industry is beginning to pull back on spending. Oil prices have dropped around 30% since summer highs, raising fears among producers across the globe.
Thursday, November 13th 2014 - 05:44 UTC
Crude price falls to a three year low, created by shale boom and Libya restart

West Texas Intermediate, WTI crude closed at a three-year low on Wednesday with prices under pressure from the growing oil glut created by the U.S. shale boom and the restart of Libya's largest operational oilfield.
Wednesday, November 12th 2014 - 07:10 UTC
World largest offshore drilling fleet admits slowdown in oversupplied rig market

Transocean Ltd, the owner of the world's largest offshore drilling fleet, said it was likely to retire additional rigs as the company continued to face pressure due to slowdown in an oversupplied rig market.
Wednesday, November 12th 2014 - 06:42 UTC
Petrobras Argentina plans to invest 622m dollars to explore for shale gas

The Argentine unit of Brazilian state-controlled oil giant Petrobras plans to invest 622 million dollars to explore for non-conventional natural gas in Neuquen, the Argentine government announced on Monday.
Tuesday, November 11th 2014 - 04:34 UTC
Minister Swire underlines business opportunities for UK companies in Paraguay

UK Minister for Latin America, Hugo Swire, spoke of the growing presence of UK in Latin America and more specifically on the expanding links with Paraguay. Minister Swire said UK was determined to deepen its commercial ties with a rising Latin America and described Paraguay as a perfect trade and investment partner for UK, particularly since British oil industry has struck oil in the Chaco region.