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The Pittsburgh-based company won’t drill new wells in central Pennsylvania and in the Upper Devonian shale basin, which sits atop the Marcellus reservoir in the western part of the state, the company’s CEO said.
Crude oil’s collapse is bringing back memories of the decade of low prices that started in 1985 when Saudi Arabia began targeting market share.
Norway is on track for record gas production this year after Statoil ASA put an end to technical issues that limited the capacity for the country’s biggest field.
Venezuela has proposed a summit between heads of state from OPEC and other oil-producing nations in November to discuss the price needed to sustain future supplies.
Iran, with the world’s fourth-largest reserves of oil, is gearing up to boost output once world powers lift the sanctions they imposed to deter the nation’s nuclear program.
Faced with the oil-price weakness and sanctions over the crisis in Ukraine, Russian officials are searching for ways to steer the country out of its longest recession in two decades.
he London-based company said Tuesday it expects to pump 85,000 to 90,000 barrels a day in 2015, compared with a previous forecast of 90,000 to 100,000.
Oil Search, which has a stake in the Exxon Mobil Corp.-operated liquefied natural gasproject in Papua New Guinea, is among companies grappling with a slump in prices amid a surge in new supply.
“No one is happy” with prices at current levels, Iran’s oil minister told reporters in Tehran.
Canadian Oil Sands Ltd. urged shareholders to reject Suncor Energy Inc.’s C$4.3 billion ($3.3 billion) hostile takeover, accusing the larger rival of undervaluing its business and exploiting undisclosed information about a partnership in making a low-ball offer. Suncor’s bid is “wholly inadequate” and has less value than the current market price, Calgary-based Canadian Oil Sands said […]