After almost two years of negotiation, diplomats are closer than ever to sealing an accord that would return energy-rich Iran to world markets while giving regional rivals guarantees that the Islamic Republic’s nuclear work can’t be used to make weapons.
Even as a drop in oil prices makes Arctic exploration less attractive, Norway is betting on success in the Barents Sea, thought to hold more than 40 percent of its undiscovered resources. The Nordic country’s oil output, still western Europe’s biggest, has been more than halved since a 2000 record.
The discovery won’t affect Pemex’s output forecast of 2.4 million barrels a day this year though will likely alter the company’s estimate to increase production by 500,000 barrels by 2018, CEO Emilio Lozoya said.
Cheniere plans to expand its liquefied natural gas empire, adding two additional production units in Corpus Christi and partnering with a smaller Houston-based LNG company to build new projects in Louisiana.
A natural gas extraction company controlled by energy giant Exxon Mobil sought to prove Wednesday that it is not to blame for a recent rash of small earthquakes in North Texas, telling a powerful state agency that it believes the earthquakes occurred naturally.
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