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 …
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 …
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 …
CB&I said its joint venture with Taiwan-based CTCI Corp. was awarded a $2.8 billion engineering and construction contract to build a massive petrochemical and plastics complex in Oman. The Woodlands-based CB&I will build the Liwa Plastics Industrial Complex Project for the Oman Oil Refineries and Petroleum Industries Company, called Orpic. CB&I was previously selected last year to perform …
HOUSTON – U.S. crude fell below $40 a barrel on Friday as the Organization of Petroleum Exporting Countries said it wouldn’t give up a drop of oil to support prices, setting up another tough year for a petroleum industry that has already shed thousands of jobs and cut billions in oil projects. Without dramatic production …