LONDON (Reuters) – Deepwater oil projects and complex gas facilities worth around $200 billion have been canceled or put on hold worldwide in recent months due to the sharp drop in oil prices over the past year, consultancy Ernst and Young said on Tuesday. Further project cuts and delays are likely as the industry braces for an extended period of ...

NEW YORK (Reuters) – The Obama administration has found an unlikely ally in its efforts to keep pushing more biofuel into the nation’s gasoline supply: OPEC. The lowest oil prices in over six years have fueled a resurgence in U.S. gasoline use in recent months as more Americans take to the road. Demand is expected to climb 1.5 percent this ...

Energy firms pulled another 13 rigs from U.S. oil fields this week, the biggest drop in four weeks, data showed on Friday, showing that a near six-month slump in activity had yet to run its course despite a rebound in crude oil prices. That was the 25th straight weekly decline, bringing the total rig count down to 646, the lowest ...

It’s no surprise that wavering fuel prices have dealt a heavy blow to Texas’ economy in recent months. Comerica Bank’s Texas Economic Activity Index confirms the economic damages caused by low oil and gas prices, indicating a 3.4 percent index drop in March, knocking the reading down to 101.1. According to the San Antonio Business Journal, the state’s reading in ...

Don’t take my word for it. Project Manager Silas Martin from Drilling Info recently published an article in Forbes Magazine where he stated that the leaders in permit and completion mapping actually found a bearable leasing reality. In the crazy downward trend of the past 6 months, Drilling Info examined an array of market information, including things such as rig ...

Oil drillers added rigs in two U.S. shale basins this week, data showed on Friday, the strongest sign yet that higher crude prices are coaxing producers back to the well pad after a slump in activity of nearly six months. Overall, U.S. drillers reduced the number of active rigs by just one this week, oil services company Baker Hughes Inc ...

PETALING JAYA — The recent oil price rally doesn’t seem to have legs as prices came under pressure on stronger dollar and growing stockpile. Oil prices have been hovering around the US$65 level since beginning of the month but a 3 per cent slip on Tuesday caused jitters among investors. The worry is not baseless. There is no indication that ...

Debt amounting to $4.2 billion may prompt one of Wyoming’s largest oil and gas producers to file for bankruptcy, the Casper Start Tribune reports. Tulsa-based Samson Resources Co. announced in March that it planned to cut 196 Wyoming employees from its 1000-person workforce and 270 company-wide. Despite the company’s efforts to offset the debt, including the sale of oilfields in ...

The Permian Basin lost four drilling rigs during the past week, continuing a trend of soft decline that supported expectations that the most dramatic reductions of drilling activity are over. The latest drop left 233 rigs running in the Permian Basin, which is fewer than half of the amount running in the region at the end of 2014, according to ...

HOUSTON — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by six this week to 888. Houston-based Baker Hughes said Friday that 660 rigs were seeking oil and 223 explored for natural gas. Five were listed as miscellaneous. A year ago, 1,861 rigs were active. Among major ...