Statoil ASA (STL), Norway’s biggest energy company, said its plans for the Johan Castberg oilfield in the Barents Sea are being undermined by unexpected regulatory changes that threaten to limit development in the far north.
Marathon Oil Corp. is maintaining its goal of shedding up to $3 billion in assets by the end of this year even though it is taking the potential sale of some of its stake in a Canadian oil sands project off the table.
Two West Virginia colleges are teaming up to open a new training center for people who want to work in the oil and gas industry, complete with indoor and outdoor laboratories to simulate drilling operations.
Saudi Arabia will need to drop production by a million barrels a day from 2012 levels if it wants to keep the global oil market balanced and defend $100 Brent, according to Energy Security Analysis Inc. consulting firm.
The price of oil fell below $93 per barrel Thursday after a survey showed manufacturing activity in China falling to its lowest level in seven months, a sign that the recovery in the world’s No. 2 economy is fading.
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