North Sea fading, industry body warns

Daniel J. GraeberLONDON, Feb. 23 (UPI) — A British industry body said the North Sea energy sector is in for a long period of decline, with less than $1.4 billion in new spending expected in 2016.

Moody’s: Gulf banks pressured by oil

Daniel J. GraeberDUBAI, United Arab Emirates, Feb. 22 (UPI) — Banks for members of the Gulf Cooperation Council, which includes Saudi Arabia, face pressure from low oil prices despite government support, Moody’s said.

EnQuest, Cairn strengthen North Sea hold

Daniel J. GraeberLONDON, Feb. 22 (UPI) — Even as pressure builds on the North Sea energy sector, British energy company EnQuest said it strengthened its hold over the Kraken oil field.

Russia open to possible oil output hike

Daniel J. GraeberMOSCOW, Feb. 18 (UPI) — A move to freeze crude oil production at January levels still leaves room for production growth from Russia this year, the deputy energy minister said.

Woodside wades into West African basins

Daniel J. GraeberPERTH, Australia, Feb. 18 (UPI) — Despite reporting weakness during the sector downturn, Australia’s Woodside Petroleum said it acquired new exploration acreage off the West African coast.

Oil soars as ministers meet in Tehran

Daniel J. GraeberNEW YORK, Feb. 17 (UPI) — Crude oil prices soared in Wednesday trading as petroleum ministers reviewed productions levels in Tehran, even as Iran maintains defense of its market share.

Statoil cancels Maersk rig contract

Daniel J. GraeberSTAVANGER, Norway, Feb. 17 (UPI) — Norwegian energy company Statoil said Wednesday it decided to cancel a rig contract with Maersk Drilling, transferring the terms to French supermajor Total.

Suit in Oklahoma ties fracking to earthquakes

Daniel J. GraeberOKLAHOMA CITY, Feb. 17 (UPI) — Environmental advocacy group Sierra Club said it filed a lawsuit against energy companies involved in Oklahoma shale in part because of the rise of earthquakes.