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Marshall Adkins, director of energy research at Raymond James in Houston, said the moves show there is reason for optimism, but that the deepwater oil and gas sector might be 18 months away from seeing a rebound, as opposed to the quicker recoveries expected in U.S. shale.
While commodity markets fixate on a return of Iranian oil, the importance of gas in the longer term was underlined Wednesday as BP Plc data showed the Islamic Republic held its position as the nation with the largest proven reserves of the fuel after snatching the crown from Russia in 2011.
The number of rigs chasing oil fell to a total of 635, extending the slowdown for a 27th consecutive week, according to weekly data from oil services firm Baker Hughes.
The Southeast Asian country left the group in 2008 after nearly five decades of being the only Asian member amid declining oil reserves and investment
DENVER — The ground around a northern Colorado wastewater injection well has been relatively quiet for more than two months, offering hope that a 10-month string of more than 200 small earthquakes might have subsided.
A natural gas extraction company controlled by energy giant Exxon Mobil sought to prove Wednesday that it is not to blame for a recent rash of small earthquakes in North Texas, telling a powerful state agency that it believes the earthquakes occurred naturally.
Exxon Mobil estimates it will fill onsite storage at a stranded processing plant in less than one month and need to cease both natural gas and crude production in the area.
Five important bills: the Texas Coalition for Affordable Power ranks the fate of each.
Exxon Mobil Corp. will get help from the U.S. government in paying for clean up costs at two refineries that produced billions of gallons of aviation fuel for allied forces during World War II and the Korean War.
Montana drilling has been very limited during the Bakken oil boom, but it’s been decades since the state was without a single drilling rig.