Oil & Gas News 79 results

New Zealand to Ban All New Offshore Oil and Gas Drilling

In a move that shocked the oil and gas sector, New Zealand Prime Minister Jacinda Ardern announced that the government would no longer issue new permits for offshore exploration of gas and oil. Prime Minister Ardern claimed that the government was moving away from fossil fuels, which she claimed cause global warming and climate change and hoped the decision would help the country reduce the ...

Smallest Oil Producer in the Gulf Announces Largest Discovery Since 1932

The Bahrain News Agency announced Sunday the discovery of an offshore oil field, the Khaleej Al Bahrain Basin, with “significant quantities of oil and gas”off the country's west coast. Although a specific estimate as to the size of the oil and gas reserves was not given, oil minister Shaikh Mohamed bin Khalifa Al Khalifa told the Bahrain News agency "Initial analysis demonstrates the find ...

Oil and Gas in 2018: Price Estimates on the Rise

Big name investment banks have started to raise their price targets on oil. Crude futures have reached levels the industry has not seen since the downturn in December of 2014. Both Bank of America Merrill Lynch and Morgan Stanley increased their forecasts on crude prices this week. Goldman Sachs said that prices will soon go over their early predictions. Meanwhile, the international benchmark ...

OPEC Meeting to Discuss Extension of Production Cap

The world continues to revolve around the oil market as some of the most powerful countries rely on this commodity in order to maintain their way of life. Major industry players such as the U.S., Saudi Arabia and Russia can have a widespread impact on this vital market and have in recent years begun to control the supply to match demand in order to help stabilize oil prices and avoid a nosedive ...

Exxon Announces Plans to Reduce Methane Emissions in the U.S.

Exxon Mobil recently announced their plans to reduce methane emissions from its natural gas drilling operations. Company officials have yet to put an exact figure on how much they will be able to reduce the greenhouse gas emissions but they are hopeful it will have a significant positive impact on the environment. This will require major investments in their current maintenance programs and ...

Oil Rig Count: Manufacturer’s Keep An Eye On The Action

In an industry where volatility is the only guarantee, manufacturers are keeping a close eye on the future of oil and gas. With news breaking about automobile manufacturers making the dramatic shift to all-electric vehicles and global inventories rising, all eyes were on the Rig Count released by Baker Hughes on July 21st. After three straight weeks of non-gains, the U.S. added two oil rigs ...

OPEC Meets To Discuss Production Cap Extension: Major Announcement Made

Some of the most prominent crude oil producing nations gathered today, Monday 7/24 in St. Petersburg, Russia to discuss the extension of the Organization of Petroleum Exporting Countries (OPEC) production cap. News broke that the production cap could extend beyond next year’s first quarter if prices continue to remain volatile. Beginning on July 1st, 2017 OPEC agreed to put a cap on produc...

OPEC Drastically Increases 2040 Electric Vehicle Forecast

Electric cars are starting to find their way into the hands of the everyday consumer and the world’s largest oil producers have started to take notice. Seeing this new technology as a huge threat, OPEC quintupled their forecasts for sales of plug in electric vehicles (EVs). According to a study from Bloomberg New Energy Finance (BNEF), Exxon Mobil Corp. and BP Plc. have also revised their ...

OPEC Production Cut Agreement Nears Its End: What Will The Future Hold?

The Organization of Petroleum Exporting Countries (OPEC) and other major oil producers have cut production for six months to help drive the price of oil back up. However, they fell short of their goal and the world sits and waits to see if the countries will extend their agreement as the price of oil still hovers below the intended target price. It has been reported that a number of the major ...

A Closer Look At The U.S. Oil Industry: What It Means For Manufacturing

The Oil industry has been on everybody's minds for the past few years. From terrifying lows to unexpected cooperation from the Organization of Petroleum Exporting Countries (OPEC), no one really know’s what the future may hold. With the commodity facing its first weekly loss in a month, many are wondering what could be the cause. Furthermore, manufacturers are curious to see if this price drop ...