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The Maersk Developer drills an exploratory well into Statoil's Martin prospect in the Gulf of Mexico. (Jennifer A. Dlouhy / Houston Chronicle)

Maersk oil profit sank 86 percent last quarter

Maersk Line said on Nov. 4 it will cut as many as 4,000 jobs, scale back capacity and delay investments to cope with a weaker container market.
The new Libyan flag flutters outside an oil refinery in Zawiya on September 23, 2011.  (LEON NEAL/AFP/Getty Images)

East Libya seeks to grab oil contracts amid fight with rivals

Libya, with Africa’s largest oil reserves, pumped about 1.6 million barrels a day of crude before a 2011 rebellion ended Muammar Qaddafi’s 42-year rule.
(Matthew Lloyd/Bloomberg)

BP plans to start natural gas output from Egypt’s atoll in 2018

Royal Dutch Shell Plc, Europe’s biggest energy company, and BP are struggling to increase oil and gas production and add to their reserves.
An oil worker walks by an oil pump during a sandstorm in the desert oil fields of Sakhir, Bahrain

FILE - In this Thursday, Jan. 8, 2015 file photo, an oil worker walks by an oil pump during a sandstorm that blew in, in the desert oil fields of Sakhir, Bahrain. Across a Mideast fueled by oil production, low global prices have some countries running on empty and scrambling to cover shortfalls, even as more regional crude is on tap to enter the market.(AP Photo/Hasan Jamali, File)

Oil market needs another month to decide if the rebound is for real

Even with oil prices possibly past the low point, and production falling from outside of OPEC, there aren’t enough signs to say a full recovery is in the works, Kuwait’s oil minister said.

Norway oil-rig tender reveals ‘desperate’ drillers in price rout

Offshores drillers such as Transocean Ltd., Seadrill Ltd. and Fred Olsen Energy ASA have been caught in a double whammy of falling demand for their services and a glut of new rigs coming into the market.
A pump jack works beside the site of new home construction, in Midland, Texas. The West Texas town is in the middle of an oil boom with thousands of workers in need of housing. (Pat Sullivan/AP)

Trade gap in U.S. narrows on lowest oil imports in a decade

The narrowing meant trade had little impact on the economy in the third quarter, easing concern that slower global growth and a stronger dollar would cause exports to slump.
(AFP/Getty Images)

Petrobras output cut by oil workers striking against austerity

Brazil’s daily oil production has fallen by about 500,000 barrels as oil workers strike for the third day to protest austerity measures by state-controlled Petroleo Brasileiro SA that are resulting in job losses.
The new Libyan flag flutters outside an oil refinery in Zawiya on September 23, 2011.  (LEON NEAL/AFP/Getty Images)

Libya oil guard halts oil exports from port amid political rift

Libya’s Petroleum Facilities Guard halted crude shipments from Zueitina port indefinitely amid the escalating conflict between the divided country’s two rival administrations, putting the OPEC member’s oil exports at risk.
(Kristian Helgesen/Bloomberg)

North Sea fields face more job cuts as slump impairs viability

The North Sea, first tapped in the 1960s, has seen production fall by more than half from a peak 15 years ago as fields age and an increase in costs make it one of the world’s most expensive places to operate.
The Eirik Raude semi-submersible rig operates on the Jubilee Field offshore Ghana. (Photo: Tullow Oil)

Tullow jumps as Kosmos says Ghana oil project still on course

The Tweneboa, Enyenra and Ntomme, or TEN, project is 75 percent complete and remains on budget and on track, Kosmos Energy Ltd. said in a statement Monday.