Latest Oil and gas exploration and extraction News

Angered at EU, Turkey threatens to release IS prisoners

Nov. 12, 2019 5:15 AM EST

ANKARA, Turkey (AP) — Turkish President Recep Tayyip Erdogan on Tuesday issued a veiled threat suggesting Turkey could release the Islamic State group prisoners it holds and send them to Europe, angered at a EU decision to impose sanctions on his country over its drilling for gas in Mediterranean waters...

After boost from Perry, backers got huge gas deal in Ukraine

Nov. 11, 2019 3:26 PM EST

KYIV, Ukraine (AP) — Two political supporters of U.S. Energy Secretary Rick Perry secured a potentially lucrative oil and gas exploration deal from the Ukrainian government soon after Perry proposed one of the men as an adviser to the country's new president. Perry's efforts to influence Ukraine's energy...

Sage grouse court order trims energy lease auction in Nevada

Nov. 11, 2019 2:51 PM EST

RENO, Nev. (AP) — U.S. land managers have withdrawn more than 500 square miles (1,295 sq. kilometers) of public land from a swath of eastern Nevada where oil and gas drilling leases are set to go to auction. The move came after a judge blocked a Trump administration attempt to curtail protection of habitat...

EU unveils sanctions plan to hit Turkey over Cyprus drilling

Nov. 11, 2019 2:28 PM EST

BRUSSELS (AP) — The European Union on Monday unveiled a system for imposing sanctions on Turkey over its unauthorized gas drilling in Mediterranean waters off Cyprus but no Turkish companies or officials have yet been targeted. EU foreign ministers adopted a mechanism making it possible "to sanction...

Iran discovers new oil field with over 50 billion barrels

Nov. 10, 2019 2:54 PM EST

TEHRAN, Iran (AP) — Iran has discovered a new oil field in the country's south with over 50 billion barrels of crude, its president said Sunday, a find that could boost the country's proven reserves by a third as it struggles to sell energy abroad over U.S. sanctions. The announcement by Hassan Rouhani...

Saudi Aramco takes another step toward 1st public offering

Nov. 10, 2019 4:51 AM EST

DUBAI, United Arab Emirates (AP) — Saudi Arabia's state-owned oil giant Aramco released a lengthy document late Saturday that lays the ground for investors to buy into the world's most profitable company, but it remains unknown how much is on offer. In its preliminary prospectus, Aramco revealed that it...

Iran's president says a new oil field in south has been discovered with estimated 50 billion barrels of crude oil.

Nov. 10, 2019 2:53 AM EST
TEHRAN, Iran (AP) — Iran's president says a new oil field in south has been discovered with estimated 50 billion barrels of crude oil.

MSC aims to be 1st major 'carbon neutral' cruise operator

Nov. 8, 2019 4:20 PM EST

BERLIN (AP) — MSC Cruises says it will become the world's first global cruise operator to go "carbon neutral" by donating money to reduce or capture the equivalent amount of greenhouse gas emissions its ships produce. The announcement Friday in Hamburg comes amid criticism from environmental campaigners...

UAE says it has world's sixth-largest crude oil reserves

Nov. 5, 2019 12:44 AM EST

DUBAI, United Arab Emirates (AP) — The United Arab Emirates now says it is home to the world's sixth-largest crude oil reserves, surpassing fellow Gulf Arab nation Kuwait. The UAE's Supreme Petroleum Council met on Monday and announced the news, saying the federation of seven sheikhdoms on the Arabian...

Dow hits record as stock market rally extends into 5th week

Nov. 4, 2019 6:43 PM EST

NEW YORK (AP) — The Dow Jones Industrial Average returned to a record on Monday, joining other market gauges at all-time highs, as the stock market's rally carried into a fifth week. Oil producers, banks and other stocks that do well when the economy is strengthening again led the way. It's a notable shift...