U.S. crude production rose to the highest level in a quarter-century as a shale drilling boom in states such as Texas and North Dakota cut the need for foreign oil and pushed the country closer to energy independence. More »
OPEC reduced crude production in November to the lowest level in more than two years as output dropped below the organization’s 30 million barrel-a-day ceiling for a third month. More »
The proposal goes much further than the plan introduced by President Enrique Pena Nieto in August, which only allowed profit-sharing agreements but not arrangements for sharing oil.
ConocoPhillips is planning to spend $16.7 billion next year, aiming to boost drilling in U.S. shale plays and increase expenditures in the deep-water Gulf of Mexico, Alaska and elsewhere, the company said Friday. More »
Oil production in Texas has hit its highest rate on record, more than doubling in less than three years, according new federal data. More »
State-owned energy giants and international supermajors continue to top lists of the world’s largest oil companies. But the U.S. shale revolution is beginning to make a mark as U.S. independent oil and gas producers rise in the ranks. More »
Prices for crude and oil-based fuels, which have been declining in recent weeks, will continue to fall through the end of the year and will average lower in 2014, according to a federal report released Wednesday. More »
The U.S. will surpass Russia and Saudi Arabia as the world’s top oil producer by 2015, and be close to energy self-sufficiency in the next two decades, amid booming output from shale formations, the IEA said. More »
BHP Billiton plans to spend two-thirds of its petroleum budget on U.S. shale in coming years, but the Australian natural resources giant knows that the biggest returns come from replicating low-cost production over and over. More »
Repsol SA, Spain’s largest oil producer, plans to invest $4 billion in Venezuela through 2022 on existing projects and discoveries to more than double oil output.
Rigs targeting oil in the U.S. advanced for the first time in four weeks to a two-month high as producers increased drilling in the Permian Basin, the biggest oil-producing region in the U.S. More »
EOG Resources Inc. (EOG) and other companies produced 49 percent more oil from the Eagle Ford shale formation in southern Texas in August than during the same month last year. More »