The oil ministry says its budget is being squeezed by low oil prices and the country’s war with Islamic State.
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There are now two state-owned oil companies in the divided country but international energy firms are reluctant to do business with the new one.
Woodside Petroleum's all-stock offer for Oil Search, that values the company at around 11.64 billion Australian dollars (US$8.06 billion) is a deal that could spark hope for more mergers and acquisitions in the oil industry amid the drop in oil prices.
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Woodside Petroleum’s possible buyout of Oil Search could spark hopes for a surge in mergers and acquisition activity in the oil industry following the plunge in oil prices.
Former Secretary of State Hillary Clinton said she would support lifting the U.S.’s 40-year-old ban on oil exports only as part of a broader plan that included concessions from the oil and natural gas industry.
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Oil prices jumped after data showed an unexpectedly large decline in U.S. crude stockpiles, raising expectations that a lingering supply glut is about to ease.
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KEITH CRANE: As Congress looks for the means to fix crumbling U.S. highways and bridges without raising gasoline taxes, some lawmakers apparently see the Strategic Petroleum Reserve as an ATM.
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Mexico sweetened the terms for its September auction of oil fields, setting minimum bids that are generally lower than for the exploratory blocks offered in July, which generated little interest given the weak price environment for oil and gas.
Oil Search Ltd. rejected an US$8.26 billion offer from Woodside Petroleum Ltd. that would create a major oil-and-gas player, but that doesn’t mean it’s all over between the Australian companies, Robb M. Stewart of The Wall Street Journal reports. Oil Search said the all-stock offer was “highly opportunistic and grossly undervalues” the company, but it held the door open to...
Steam-assisted extraction, made necessary by the local crude’s thickness, doesn’t make sense at today’s oil prices, leading to experiments with new and more environmentally friendly methods.
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The U.S. oil-rig count fell by 10 to 652 in the latest reporting week, the second straight decline after six consecutive weeks of increases, according to Baker Hughes Inc.
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Government forecasters on Wednesday said U.S. oil production fell to a nearly one-year low and that low crude prices are likely to keep U.S. production falling through 2016.
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Even in a world of cheap petroleum, Woodside is buying high for Oil Search’s low-cost assets.
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The Canadian unit of Chinese state-controlled energy giant Cnooc said it would be able to maintain three-quarters of its production at a troubled oil-sands operation after regulatory authorities partially lifted a suspension order.
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Problems at two Canadian oil-sands producers’ mainstay operations boosted synthetic crude prices—and experts say a prolonged dip in production could alter the volume of crude exports to the U.S.
For much of the past year, the world’s biggest energy companies suffered through an oil-price rout with one silver lining: Their little-loved refineries were churning out big profits again. Now, that bright spot could be fading, even as oil prices plummet.
Across the oil exploration industry, smaller companies are renegotiating drilling commitments, selling off stakes in licenses and canceling plans to drill exploration wells.
Heard on the Street: PetroChina, Sinopec and Cnooc’s latest results show China’s oil giants are still spending too much.
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Oil prices fell after weekly U.S. inventory data showed a surprise drop in gasoline demand and record-high stockpiles of crude oil and petroleum products.
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Mexico’s hydrocarbons regulator has improved the terms for its September oil auction to drum up more interest among cash-strapped international oil firms reeling from falling prices.
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