Halliburton cuts staff on market weakness

Daniel J. GraeberHOUSTON, Feb. 26 (UPI) — An 8 percent cut in headcounts at Halliburton is a result of a weak energy sector and not an adjustment ahead of the Baker Hughes merger, a spokeswoman said.

Oil hopes fade offshore Congo

Daniel J. GraeberLONDON, Feb. 26 (UPI) — Central African oil player SOCO International said it came up empty-handed while drilling in the waters off the cost of the Republic of Congo.

Italy’s Eni lowers oil forecast

Daniel J. GraeberMILAN, Italy, Feb. 26 (UPI) — Italian energy company Eni said it recorded a loss in the fourth quarter and was lowering its outlook for crude oil prices in its plans for the year.

BP laying groundwork offshore Egypt

Daniel J. GraeberLONDON, Feb. 26 (UPI) — Danish engineering company Subsea 7 said it was awarded a contract to help BP develop three gas fields, including laying export lines, off the coast of Egypt.