Oil

Oil market trends are setting the foundation for higher crude prices, Schlumberger says

Oil prices are poised to rise as a number of positive trends take shape in the market, Schlumberger CEO Paal Kibsgaard said.

Market Trends

It's Not Crazy to Dream of a World Without Fossil Fuels

Experts are already considering how an end to the oil, coal, and gas industries would transform society.<p>Several dozen academics, diplomats, and energy researchers gathered earlier this year in Berlin to embark on a fascinating thought experiment. They began with the assumption that a worldwide …

Climate

Why is Saudi Arabia suddenly so paranoid?

In the past, Saudi Arabia depended upon its enormous oil wealth and the United States for its security. It used the former to buy friends and pay off …

Middle East

Oil Refiners' Hope of Trump-Promised Deregulation Crushed by EPA

Prices for biofuel blending credits that drive oil refinery owners like Carl Icahn nuts plunged shortly after President Donald Trump’s inauguration. …

Business

Oil Spill Off Louisiana Coast 2X Bigger Than Original Estimate

LLOG Exploration Company, LLC drastically underestimated the amount of oil its fractured pipeline spilled into the Gulf of Mexico last week.<p>The oil …

Oil Spills

How an oil and gas giant outmaneuvered low oil prices

Italian oil and gas company Eni has transformed under a leader determined to reduce costs without cutting jobs—instead including employees in the …

Oil & Gas Industry

Schlumberger - The Slump Is Officially Over

Schlumberger is posting additional sequential gains in sales and margins, driven by North America.<p>While further gains can be anticipated, the pace of …

Business

Exclusive: PDVSA blocked from using NuStar terminal over unpaid bills

HOUSTON (Reuters) - Venezuela's state-run petroleum firm PDVSA has been barred from using a NuStar Energy oil storage terminal in the Caribbean over $26 million in unpaid bills, according to documents reviewed by Reuters, halting delivery of a cargo to an oil trader.<p>The suspension was triggered …

United States

Texas' shale oil boom yields rags-to-riches tales by the barrel

MIDLAND, TEXAS – In the dusty heart of West Texas, rows of tall white wind turbines and rust-colored working pump jacks bob up and down along the vast rugged landscape.<p>It’s a visual juggernaut but make no mistake – this is shale country and in this part of the Lone Star State, legends are born and …

News (U.S.)

Oil companies sound alarm on 4Q outlook

Schlumberger (SLB) and Baker Hughes, a General Electric company, (BGHE) issued cautionary statements over the future of the oil business when discussing its latest quarterly results on Friday, with weak oil prices slowing sector investment.<p>“We expect the overall oil and gas environment to remain …

Markets

A String Of Dangerous Accidents In Alaska Sends BP Reeling, Emails Show

Internal emails, recordings, interviews, and other documentation obtained by BuzzFeed News show how BP Alaska executives are struggling to “reset” the company’s safety culture after five dangerous accidents this year alone.<p><b>At least 27 accidents happened</b> at BP’s oil and gas operations in Alaska this …

Deepwater Horizon

Oil and Gas Stock Roundup: The Rig Count Keeps Tumbling, Pulling Service Stocks With It

Drillers continue laying down rigs, which is terrible news for small oil-service stocks.<p><b>What happened</b><p>On the one hand, it was a quiet week in the oil …

Stocks

Oil selloff continues as traders question OPEC strategy - MarketWatch

Oil prices moved sharply lower for a second straight day on Friday, as traders worried that OPEC-led production cuts won’t be enough to reduce the …

United States

Schlumberger Helps Out Halliburton - Bloomberg Gadfly

Schlumberger's results look great -- for Halliburton.<p>The oilfield-services bellwether kicked off earnings season for the sector on Friday morning. …

Business

Oil Edges Higher on Geopolitical Tensions

Oil prices rose Friday, boosted by disruptions to production in Iraq amid geopolitical conflict.<p>Light, sweet crude for November delivery gained 24 cents, or 0.5%, to $51.53 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, rose 40 cents, or 0.7%, to $57.63 a barrel.<p>Crude …

Geopolitics

Sanchez Energy Will Break My Decade-Old Record Of Zero Trade Losses

I bought Sanchez Energy as a short-term play on expectations of a stock bounce, based on one-time effects of Comanche deal and expectations of higher …

Business

US rig count declines by 15 this week to 913; Texas loses 8

The number of rigs exploring for oil and natural gas in the U.S. declined by 15 this week to 913.<p>That's up from the 553 rigs that were active a year …

Business

Contractor killed at Suncor Energy mining site north of Fort McMurray

FORT MCMURRAY, Alta. - An Alberta labour spokesman says a contract worker has died at Suncor Energy's Millennium mine north of Fort McMurray.<p>Trent …

Canadian News

Schlumberger, Baker Hughes warn of weak fourth quarter

REUTERS - The world's top two oilfield services firms warned on Friday of a challenging fourth quarter for the industry, as investment slows due to soft oil prices and energy firms reducing activity on offshore rigs.<p>Shares of Schlumberger NV dropped nearly 5 percent to a 21-month low of $61.41, …

United States

This High-Yield Oil Giant Could Offer Retirees Sustainable Income

Check out this energy giant if you're looking for a dividend stock with a high yield and improving fundamentals.<p>Integrated oil and natural gas giant</b> …

Stocks

Why you shouldn’t trust the recent gains in oil prices - MarketWatch

Given the historic summit between Saudi Arabia and Russia in early October — the first time a sitting Saudi king has visited the Kremlin — one cannot …

Business

Indian Oil defers Paradip refinery shutdown to March-April | Reuters

This story has not been edited by Firstpost staff and is generated by auto-feed.<p>Published Date: Oct 20, 2017 09:45 pm | Updated Date: Oct 20, 2017 …

After decades of trying, petro-companies are one step closer to drilling in the Arctic Refuge.

This week, Senate Democrats failed to strip a line from the Republican’s budget that would encourage people to pump up and burn of all the …

Environmentalism

Company seeks to build island off Alaska for Arctic drilling

ANCHORAGE, Alaska — America within a few years could be extracting oil from federal waters in the Arctic Ocean, but it won’t be from a remote …

Arctic Ocean

U.S. Sen. Cantwell’s amendment to protect ANWR from oil exploration fails

The Arctic National Wildlife Refuge is both a prime oil prospect and a northern Alaska stronghold of caribou and hundreds of other wildlife species …

United States

Body of man killed in oil and gas platform blast found

KENNER, La. – Authorities have found the body of a man who was killed during an explosion on an oil and gas platform in Louisiana's Lake Pontchartrain.<p>Jefferson Parish Sheriff Joe Lopinto said a helicopter spotted the body of 44-year-old Timothy Morrison on Friday afternoon. He said the body was on …

Baker Hughes Rig Count Falls by 5

U.S. oil and natural gas producers reduced drilling activity substantially last week, with Baker Hughes' (BHGE) rig count falling by 15 to 913 …

Fortune 500

California City Councils Choose Wildlife Deaths Over Fracking

The San Luis Obispo, Goleta, Berkeley, and Arcata city councils passed resolutions this past month opposing oil and natural gas production through hydraulic fracturing (fracking). By taking this action, the California city councils are choosing to support an environmental catastrophe in the name of …

Opinion

North America's Oil Growth Engine Shows Signs of Slowing

October 20th, 2017, 6:58 PM UTC<p>Schlumberger Ltd. and Baker Hughes, the world’s two biggest oilfield service companies, say North America’s growth …

Business

Nigeria: Senate Partners Russian Oil Giants to Develop Nigeria's Oil and Gas

The Senate said on Thursday that it had began talks with Russian oil companies for partnership to develop Nigeria's oil and gas sector.<p>Disclosing …

Oil & Gas Industry