Original byline: Jim Blecha/

GE’s Lufkin Industries closing plant, making layoffs

on
This is the third major job reduction by GE’s Lufkin Industries this year and the second and its Foundry plant, which is effectively being closed through this mass layoff, the company said in a letter to the Texas Workforce Commission.
hindes1

In Eagle Ford, local officials win rights on road control

on
In a bitterly contested case of neighbor against neighbor over access to the spoils of the Eagle Ford Shale, a court ruling has strengthened the hand of county officials seeking to maintain control of local roads.
A group of idle rigs is seen behind James Noe, Senior Vice President, General Counsel and Chief Compliance Officer for Hercules Offshore while aboard the Hercules 251 a shallow water drilling rig owned by on Wednesday, Aug. 11, 2010, near Port Fourchon, La. (Smiley N. Pool /Chronicle)

Cameron sells offshore jack-up rig business for $100 million

on
Cameron International Corp. has agreed to sell off its offshore jackup rig business for $100 million to a Singapore rig contractor, the companies announced Monday.
(AP Photo/Charles Rex Arbogast, File)

EIA revises US oil production estimates lower; June output sank

on
The federal government believes daily U.S. crude production fell to 9.3 million barrels in June, down by 100,000 barrels in the prior month, as low oil prices continue to discourage drilling.
The Tamar Lease natural gas rig, located 90 kilometers west of the city of Haifa in northern Israel. Recent discoveries of massive offshore natural gas deposits, set to begin flowing in the coming days, are turning into a mixed blessing for Israel. (AP Photo/Albatross Aerial Perspective, File)

Italy’s Eni finds ‘supergiant’ natural gas field off Egypt

on
Eni said the discovery — made in its Zohr prospect “in the deep waters of Egypt” — could hold a potential 30 trillion cubic feet of gas over an area of 100 square kilometers (38.6 square miles).
The Maersk Developer drills an exploratory well into Statoil's Martin prospect, about 3,000 feet below the surface in the Gulf of Mexico. Two years ago, Statoil paid $157 million for the right to drill into a single 9-square-mile block at the site and the Norwegian company is now spending about $1.1 million a day to rent the Developer, supply the drilling rig and pay for other contractors. (Jennifer A. Dlouhy / Houston Chronicle)

Maersk gets approval for $4.5 billion U.K. North Sea gas field

on
The field, located in the central part of the British area of the North Sea, is expected to produce enough natural gas to meet 5 percent of the U.K.’s total demand in 2020 or 2021.
In this Aug. 29, 2015 photo provided by Egypt's state news agency MEAN, Eni CEO Claudio Descalzi, third left, and his delegation meet with Egyptian President Abdel-Fattah el-Sissi, center, and an Egyptian delegation, in Cairo, Egypt. (MEAN via AP)

Italy’s Eni finds ‘supergiant’ natural gas field off Egypt

on
The Italian energy company Eni SpA announced Sunday it has discovered a “supergiant” natural gas field off Egypt, describing it as the “largest-ever” found in the Mediterranean Sea.
In this Sept. 16, 2004 file photo, waves crash against a sailboat lodged under a bridge in Fort Walton Beach, Fla., after Hurricane Ivan struck the gulf coast. Federal regulators believe a persistent oil spill in the Gulf of Mexico that began after a drilling platform was toppled during Hurricane Ivan in 2004 will continue for 100 years or more if left unchecked. (AP Photo/John Bazemore, File)

Shale boom has made U.S. oil production less vulnerable to hurricanes

on
Hurricanes no longer pose as much of a threat to domestic production as they once did since the shale boom reduced the United States’ reliance on oil and gas extracted offshore, according to a new federal analysis.
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)

Drillers added just one oil rig this week

on
The Baker Hughes rig count, considered a proxy for oil field activity, showed rigs drilling for oil increasing from 674 last week to 675 this week.
(Spencer Platt/Getty Images)

Oil jumps up 6 percent

on
The rebound follows the lowest close since February 2009 on Monday after a slump in Chinese stocks sent ripples through global financial markets. Crude is still down 15 percent this year on concern a supply glut will persist.