Oil’s Big Players Line Up for $30 Billion of Projects in Iran

OSLO—The International Energy Agency’s executive director said Monday that global oil and gas investments were expected to drop in 2015 and 2016, marking the first two-year spending decline in decades, and he warned of the long-term impact on supply. “We have never seen this in the last 30 years, two consecutive years of investment decline,” …

Auction of Marginal Oil and Gas Fields May Begin in February

The much-awaited auction of 69 marginal oil and gas fields, which would usher in  the revenue-sharing model of contracts, is likely to commence in February. Confirming the contours of the  new contract are being finalised, a senior petroleum ministry official told FE, “The exact date of auction would be decided at the highest level of …

Ohio says state oil, natural gas production reaches new high

COLUMBUS, Ohio (AP) – The state Department of Natural Resources says the amounts of oil and natural gas being produced by Ohio shale wells continue to set records. Statistics released by the department on Thursday show nearly 6 million barrels of oil and 245 billion cubic feet of natural gas produced during the third quarter …

Report: Downturn will fundamentally reshape services industry

Oil field services companies slogging through the worst downturn in decades can no longer rely on their traditional oil bust playbook of cutting costs, laying off people and offering deep discounts. Instead, the industry will have to reshape the way it does business to meet the evolving needs of oil companies clamoring for cheaper and …