drill rig

Rig rout puts smaller drillers in front as oil majors scale back

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Sound Oil Plc, a Mediterranean producer one-500th the size of Eni SpA, will start exploring fields in Morocco and Italy toward the end of 2015 and early 2016, while Cairn Energy Plc and Savannah Petroleum Plc plan wells in West Africa.
Supporters of a successful effort in 2012 to renationalize Argentina's largest oil company, YPF, wave flags. (AP Photo/Natacha Pisarenko)

Argentina, China ripe for more shale development, EIA says

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Outside of North America, Argentina and China are the only two nations that are producing commercial quantities of natural gas trapped in deep-seated shale formations, and they both have the capacity to grow their output substantially, the U.S. Energy Information Administration said in a report Friday.
(AP Photo/Hasan Jamali, File)

Iran will struggle to ramp up oil production after sanctions deal, Wood Mac says

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Iran and world powers are working towards an agreement that would ease sanctions on the OPEC member’s oil sales in return for curtailing its nuclear activity.
Oil field workers in 2012  drill into the Gypsum Hills near Medicine Lodge, Kan.   U.S. Steel said Tuesday it will lay off about 750 employees from two plants that make tubular steel, which is used in oil and gas drilling(AP Photo/Orlin Wagner, File)

Saratoga Resources seeks bankruptcy protection

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Saratoga Resources says it is seeking chapter 11 bankruptcy protection, the fifth U.S. oil producer this year to have to restructure its balance sheet in court proceedings
Oil field workers in 2012  drill into the Gypsum Hills near Medicine Lodge, Kan.   U.S. Steel said Tuesday it will lay off about 750 employees from two plants that make tubular steel, which is used in oil and gas drilling(AP Photo/Orlin Wagner, File)

Efficiency gains in the oil patch could be short lived, consultants say

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Today’s efficiency gains, especially those driven by 20 to 30 percent discounts off the cost of oil field tools and services, could be short lived if drilling rigs ride high again after the end of the downturn, which will come sooner or later.
Over thirty oil drilling rigs are idle in a Helmerich & Payne, Inc. yard along Groening Street in Odessa, Texas, as rig counts drop in the Permian Basin, Monday, May 18, 2015. (Courtney Sacco/Odessa American via AP)

North Dakota drill rig count drops to lowest since 2009

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The Williston Herald reports the drop occurs as companies are pumping less crude amid oil prices that have plummeting more than 40 percent since last year.
(DEwira/AFP/Getty Images)

IEA: Crude demand returns, and OPEC steps up

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The world’s appetite for crude is making a comeback as economies improve and cheap oil draws out more buyers, the International Energy Agency says.
(ALEXANDER KLEIN/AFP/Getty Images

OPEC’s push for market share is working, slowly but surely

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The group’s production increases came ahead of OPEC’s decision at a gathering in Vienna last week to keep the flow of oil steady even in the face of the oil bust, a strategy it has used to capture more of the market as other producers retreat.
(Spencer Platt/Getty Images)

U.S. shale production set to fall again in July, EIA says

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Daily oil production at the nation’s six biggest shale plays is set to slip by 91,000 barrels from June to July, the Energy Information Administration says.
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Calif. oil regulator resigns

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A top California oil and gas regulator has resigned amid questions about oilfield contamination of the state’s water supplies, officials confirmed Friday.