Exxon CEO says Argentina shale investment may exceed $10 billion BUENOS AIRES (Bloomberg) -- Exxon Mobil Corp. may invest more than $10 billion in Argentina’s Vaca Muerta shale formation in the next decades, Chairman and CEO Rex Tillerson said Thursday. The...

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Schlumberger acquires Omron Oilfield and Marine, Inc. HOUSTON --Schlumberger has acquired Omron Oilfield and Marine, Inc., a U.S.-based OMRON Corporation group company, which is a global leader in automation technology and solutions. “The addition...

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Increased field decline on mature fields is becoming visible: Rystad HOUSTON -- For the first time since the 1980s, the industry will experience two consecutive years of decreased global E&P investment, according to the latest analysis by...

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Weatherford Canada drilling services facility gains API Q2 certification HOUSTON, Texas -- Weatherford International plc announced that the Weatherford drilling services facility in Nisku, Alberta, Canada, received API specification Q2 certification....

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OPEC ministers say oil market moving in right direction VIENNA, Austria (Bloomberg) -- OPEC ministers gathering in Vienna for the group’s biannual meeting said the oil market is moving in the right direction as a supply glut dissipates. While...

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Statoil drills minor discovery, dry appraisal well in North Sea STAVANGER, Norway -- Statoil Petroleum, operator of production license 035, is in the process of concluding the drilling of wildcat well 30/11-12 S and appraisal well 30/11-12 A....

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Iran plans oilfield tenders in June for international companies TEHRAN, Iran (Bloomberg) -- Iran plans to invite international companies to bid for oilfield development rights in June, a government official said, as the Persian Gulf country...

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Oil pessimists exit market as supplies seen closer to balance NEW YORK (Bloomberg) -- The oil market doomsayers are beginning to capitulate. Speculators reduced bets on falling prices to the lowest level in 11 months as oil briefly breached $50/bbl...

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Oil states expected to stick with Saudis: OPEC reality check. VIENNA, Austria (Bloomberg) -- OPEC members gathering in Vienna June 2 are expected to go along with a Saudi Arabia-led policy focused on squeezing out rivals amid signs the strategy...

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New Brunswick's decision to extend fracing moratorium is a step in wrong direction, CAPP says CALGARY, Alberta -- The Canadian Association of Petroleum Producers (CAPP) has expressed disappointment with the New Brunswick government’s decision...

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Saudi Aramco boosts oil output to record in fight for market RIYADH, Saudi Arabia (Bloomberg) -- Saudi Arabian Oil Co., the world’s largest crude exporter, increased production to an all-time high last year while keeping its reserves...

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Pre-OPEC meeting said to have no discussion of oil-output limits VIENNA, Austria (Bloomberg) -- The final preparatory gathering of officials from the Organization of Petroleum Exporting Countries before the ministerial meeting on June 2 didn’t...

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BP boosts Thunder Horse production with water injection project HOUSTON -- BP has started up a major water injection project at its Thunder Horse platform, extending the production life of one of the biggest deepwater...

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Shale oil seen stifling OPEC's historic market-balancing role KUWAIT (Bloomberg) -- The surge in the global supply of shale oil has curbed OPEC’s ability to balance crude markets, a former Qatari energy minister said. The Organization of Petroleum...

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Shell cuts 2,200 more jobs to withstand lower-for-longer oil THE HAGUE (Bloomberg) -- Royal Dutch Shell will cut 2,200 more jobs, taking the total tally of losses to 12,500 from 2015 to 2016 as the world’s second-biggest...

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Oman Block 36 wildcat disappoints for DNO OSLO, Norway -- DNO’s Hayah-1 exploration well, in Oman's Block 36, failed to encounter hydrocarbons other than minor gas shows and will be plugged and abandoned, the company...

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Oil’s recovery under threat as tankers run in circles off China BEIJING (Bloomberg) -- In late February, the tanker Jag Lok loaded oil from Equatorial Guinea in western Africa and set sail for the Chinese port of Qingdao, the gateway to the world’s...

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OPEC set for another meeting with no deal after Doha failure VIENNA, Austria (Bloomberg) -- After failing to reach an accord on oil supply in Doha last month, OPEC is poised to go another meeting with no agreement on how much crude to produce. All...

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Africa's busiest oil industry running hard to stand still LONDON (Bloomberg) -- Algeria has more drilling rigs than the rest of Africa combined, yet oil production still isn’t recovering after years of decline. It’s little wonder the nation remains...

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