Latest Oil and gas exploration and extraction News

In this photo released Friday, Jan. 15, 2021, by the Imamedia a suicide drone approaches the target during a drill. Iran's paramilitary Revolutionary Guard conducted a drill Friday that saw

Iranian Guard drones in drill mirror those in Saudi attacks

Jan. 15, 2021 11:10 AM EST

DUBAI, United Arab Emirates (AP) — Iran's paramilitary Revolutionary Guard conducted a drill Friday that saw “suicide drones” crash into targets and explode, triangle-shaped aircraft that strongly resembled those used in a 2019 attack in Saudi Arabia that temporarily cut the kingdom's oil...

FILE - In this April 9, 2014, file photo, oil rigs stand in the Loco Hills field on U.S. Highway 82 in Eddy County near Artesia, N.M., one of the most active regions of the Permian Basin. In the closing months of the Trump administration energy companies stockpiled enough drilling permits for western public lands to keep pumping oil for years. That stands to undercut President-elect Joe Biden's plans to block new drilling on public lands to address climate change. (AP Photo/Jeri Clausing, File)

Oil companies lock in drilling, challenging Biden on climate

Jan. 10, 2021 11:04 AM EST

BILLINGS, Mont. (AP) — In the closing months of the Trump administration, energy companies stockpiled enough drilling permits for western public lands to keep pumping oil for years and undercut President-elect Joe Biden's plans to curb new drilling because of climate change, according to public records and...

A man walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Thursday, Jan. 7, 2021. Shares rose in Asia on Thursday after Wall Street rallied on expectations of more stimulus for the economy, despite chaotic scenes in Washington as Trump supporters stormed the U.S. Capitol. (AP Photo/Eugene Hoshiko)

Asian shares track Wall St rally on hopes for stimulus

Jan. 6, 2021 11:00 PM EST

Shares rose in Asia on Thursday after Wall Street rallied on expectations of more stimulus for the economy, despite chaotic scenes in Washington as Trump supporters stormed the U.S. Capitol. As Congress reconvened after disruptions to the process for recognizing the outcome of the U.S. presidential election,...

FILE - In this undated file photo provided by the U.S. Fish and Wildlife Service, caribou from the Porcupine caribou herd migrate onto the coastal plain of the Arctic National Wildlife Refuge in northeast Alaska.  The U.S. government held its first-ever oil and gas lease sale Wednesday, Jan. 6, 2021 for Alaska's Arctic National Wildlife Refuge, an event critics labeled as a bust with major oil companies staying on the sidelines and a state corporation emerging as the main bidder. (U.S. Fish and Wildlife Service via AP, File)

US holds first oil lease sale for Alaska's Arctic refuge

Jan. 6, 2021 7:53 PM EST

JUNEAU, Alaska (AP) — The U.S. government held its first-ever oil and gas lease sale Wednesday for Alaska's Arctic National Wildlife Refuge, an event critics labeled as a bust with major oil companies staying on the sidelines and a state corporation emerging as the main bidder. The sale, held as scheduled...

A man walks by an electronic stock board of a securities firm in Tokyo, Wednesday, Jan. 6, 2021. Asian shares were mostly lower Wednesday as surging virus counts and China-U.S. tensions weighed on sentiment. (AP Photo/Koji Sasahara)

Asian shares mostly lower as virus, China-US tensions weigh

Jan. 5, 2021 11:21 PM EST

Asian shares were mostly lower Wednesday as surging virus counts and China-U.S. tensions weighed on sentiment. Hong Kong’s Hang Seng dropped 0.8% after authorities arrested dozens of pro-democracy figures, including lawmakers. A move by the Trump administration to further sanction Chinese companies fueled...

Judge allows oil, gas lease sales in Alaska’s Arctic refuge

Jan. 5, 2021 10:24 PM EST

JUNEAU, Alaska (AP) — A U.S. judge on Tuesday refused to halt an oil and gas lease sale for Alaska’s Arctic National Wildlife Refuge that was pushed by the Trump administration in its final days. U.S. District Court Judge Sharon Gleason's decision came after conservationists and Indigenous groups...

How major US stock indexes fared Tuesday

Jan. 5, 2021 5:02 PM EST

Energy companies led U.S. stocks broadly higher Tuesday, as the market bounced back from its worst loss in months. The majority of big stocks in the S&P 500 notched gains, with oil producers leading the way as crude prices strengthened. Stocks of smaller companies did even better than the broader market,...

Seagulls fly as a man rides his bicycle in front of the Port on the Red Sea, in Jiddah, Saudi Arabia, Sunday, Dec. 27, 2020. (AP Photo/Amr Nabil)

Saudis take on burden of oil output cut to support price

Jan. 5, 2021 2:36 PM EST

FRANKFURT, Germany (AP) — Saudi Arabia said Tuesday it will cut its oil production by 1 million barrels a day, taking on the burden of supporting prices in the energy market as a “goodwill gesture" after a meeting with other crude-producing countries. The decision came after a meeting between...

FILE - In this undated file photo provided by the U.S. Fish and Wildlife Service, an airplane flies over caribou from the Porcupine caribou herd on the coastal plain of the Arctic National Wildlife Refuge in northeast Alaska. Conservationists will try to persuade a U.S. judge to stop the Trump administration from issuing leases to oil and gas companies in the Arctic National Wildlife Refuge. The Anchorage Daily News reported that the videoconference Monday, Jan. 4, 2021, in U.S. District Court in Anchorage is expected to determine whether the Bureau of Land Management can open bids in an online lease sale scheduled for Wednesday. The agency has offered 10-year leases on 22 tracts covering about 1,563 square miles in the coastal plain, which accounts for about 5% of the refuge's area. (U.S. Fish and Wildlife Service via AP, File)

Alaska court hears challenge to Arctic refuge oil leases

Jan. 4, 2021 7:57 PM EST

JUNEAU, Alaska (AP) — Attorneys for conservation groups asked a U.S. judge Monday to halt the issuance of oil and gas leases in the Arctic National Wildlife Refuge ahead of a planned sale this week. U.S. District Court Judge Sharon Gleason said she would try to issue a decision by late Tuesday, the day...

OPEC, allies adjourn meeting over oil production levels

Jan. 4, 2021 2:39 PM EST

FRANKFURT, Germany (AP) — Members of the OPEC oil cartel and allied countries including Russia on Monday adjourned a meeting weighing whether to increase production further next month as the pandemic continues to sap demand for energy and create uncertainty about when recovery might come. The oil...