Latest Oil and gas exploration and extraction News

African wildlife parks face climate, infrastructure threats

Aug. 11, 2022 09:43 AM EDT

MOMBASA, Kenya (AP) — Africa's national parks, home to thousands of wildlife species such as lions, elephants and buffaloes, are increasingly threatened by below-average rainfall and new infrastructure projects. A prolonged drought in much of the continent's east, exacerbated by...

Gas prices dip just below $4 for the first time in 5 months

Aug. 11, 2022 05:23 AM EDT

Gasoline prices dipped to just under the $4 mark for the first time in more than five months — good news for consumers who are struggling with high prices for many other essentials. AAA said the national average for a gallon of regular was $3.99 on Thursday. Prices...

Landowners seek $275K after ND law found not constitutional

Aug. 09, 2022 15:23 PM EDT

BISMARCK, N.D. (AP) — A landowners group will seek more than $275,000 in lawyers’ fees and other costs after North Dakota’s Supreme Court found a state law pushed by the energy industry amounted to the unconstitutional taking of private property rights. In a ruling last week,...

Warren Buffett's company has bet $47B on the oil sector

Aug. 09, 2022 12:05 PM EDT

OMAHA, Neb. (AP) — Warren Buffett's company has bought up more than $11 billion worth of Occidental Petroleum stock this year, giving Berkshire Hathaway control of more than 20% of the oil producer. Occidental's stock rose more than 3.5% on Tuesday to $62.18 after Buffett revealed...

Turkey sends off new drill ship into eastern Mediterranean

Aug. 09, 2022 09:48 AM EDT

ISTANBUL (AP) — Turkey’s president inaugurated the country's newest and largest undersea hydrocarbon drill ship Tuesday that he said would head for a spot northwest of Cyprus in the eastern Mediterranean, which is not claimed by any other country. “Our exploration and drilling...

State Supreme Court strikes key portions of 'pore-space' law

Aug. 04, 2022 19:00 PM EDT

BISMARCK, N.D. (AP) — North Dakota’s Supreme Court on Thursday struck down key portions of a state law that a landowners group argued amounts to the unconstitutional taking of private property rights. The so-called pore space law passed the 2019 Legislature after supporters...

White House: Falling gas prices mean more than OPEC numbers

Aug. 03, 2022 17:36 PM EDT

WASHINGTON (AP) — President Joe Biden traveled to Saudi Arabia last month on the possibility that he could get some additional oil production out of OPEC+ in coming weeks, but the cartel and other nations announced a scant increase Wednesday. The White House responded by stressing...

North Dakota infrastructure fund on track due to oil rebound

Aug. 03, 2022 14:59 PM EDT

BISMARCK, N.D. (AP) — A major spending initiative aimed at infrastructure projects outside western North Dakota’s oil patch is on pace to be fully funded for the first time since the Legislature approved it three years ago, due to strong oil prices and steady production, officials said...

OPEC+ boosts oil output by slower pace than previous months

Aug. 03, 2022 11:11 AM EDT

The OPEC oil cartel and its allies decided Wednesday to boost production in September by a much slower pace than in previous months at a time of high gasoline prices and unstable energy supplies exacerbated by Russia's war in Ukraine. OPEC, led by Saudi Arabia, and its allies, led...

OPEC+ to boost oil production by much slower pace in September than in previous months, at 100,000 barrels a day

Aug. 03, 2022 09:23 AM EDT
VIENNA (AP) — OPEC+ to boost oil production by much slower pace in September than in previous months, at 100,000 barrels a day.