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The Headquarters of the ENI energy company are seen in Rome, Italy, Wednesday, December 14, 2005. Gazprom would consider buying a stake in the electricity unit of Eni SpA, Europe's fourth-biggest power company, as a way to enter the Italian electricity production market, Il Sole/24 Ore reported, citing an interview with Gazprom Deputy Chief Executive Alexander Medvedev. Photographer: Chris Warde-Jones/Bloomberg News

After leading oil industry on exploration, Eni seeks to cash in

In the last decade, the company has spent $41 billion drilling dozens of wells from Mozambique to Pakistan and Angola.

Insurers asked to send clarifying notice of quake coverage in Oklahoma

Oklahoma’s insurance commissioner is asking insurance companies to send customers a notice to clarify whether their policies cover earthquake damage caused by things like mining or oil and gas exploration.
(Daniel Acker/Bloomberg)

Many oil companies “virtually abandoning” exploration

Investment banking firm Tudor, Pickering, Holt & Co. forecast that oil company spending will fall to $25 billion next year, down 50 percent over the last three years.
(Kristian Helgesen/Bloomberg)

Former Arctic engineering exec to direct Houston deep-water research center

Bill Maddock, an expert in offshore operations and engineering, has been tapped to lead a Houston-based deepwater offshore energy research center established in the aftermath of the Deepwater Horizon spill.
(Spencer Platt/Getty Images)

ION Geophysical to cut 25 percent of workforce

ION Geophysical Corp., a local seismic services firm, announced Wednesday it would shed another quarter of its employees by the end of the month to cut costs amid cheap crude prices.
(Jerry Lara/San Antonio Express-News)

Explorers in need of cash are selling oil fields as last resort

Having exhausted other ways to raise cash amid depressed prices, a slew of producers announced more than $2.4 billion in asset sales last month
Lee Tillman, of Marathon Oil Company, delivers remarks in  the Unconventional Impact Pane during the Offshore Technology Conference at NRG Park on May 5, 2014, in Houston, Tx. (Mayra Beltran/Houston Chronicle)

Despite spending cuts and cost savings, Marathon Oil posts $386 million loss

A collapse in crude prices trumped other efforts by the Houston-based exploration and production company to balance its budget, including boosting its production and paring back its budget.
(Eddie Seal/Bloomberg News)

2015 already a record year for writedowns, IHS says

Beleaguered drillers wrote off $29 billion in the first quarter of the year alone, more than the 2014 full-year total of about $25 billion.
A crowd gathers on the floor of the Offshore Technology Conference.

Lower Tertiary contains vast potential, challenges, Chevron executive says at OTC

In the years Chevron has spent chasing crude in the coveted Lower Tertiary, the company uncovered a number of hurdles the oil industry will have to overcome to ensure future development of this highly coveted frontier play, a Chevron executive said Wednesday.
Noble Energy will drill exploration wells off the coast of the Falkland Islands, the company announced Wednesday.

Noble Energy doubles down in Falkland Islands

The Houston-based oil company announced Monday that it has scooped up additional acres offshore the Falkland Islands and plans to start drilling there this year despite opposition from Argentina’s government.