Latest Oil and gas exploration and extraction News

Indonesia imposes moratorium on new palm oil plantations

Sep. 20, 2018 8:28 AM EDT

JAKARTA, Indonesia (AP) — Indonesia's president has signed a moratorium on new palm oil development and ordered a review of existing plantations, an official said Thursday, in a blow to an industry blamed for environmental destruction and worker exploitation. Prabianto Mukti Wibowo, a deputy minister at...

Massive 2013 oil spill in North Dakota finally cleaned up

Sep. 19, 2018 5:10 PM EDT

BISMARCK, N.D. (AP) — Five years and almost $100 million later, cleanup is complete on a massive oil pipeline leak in North Dakota that has been called one of the biggest onshore spills in U.S. history, industry and state officials said Wednesday. The spill by Tesoro, now known as Andeavor, was found by a...

Greenpeace links forest destruction for palm oil to brands

Sep. 18, 2018 10:36 PM EDT

JAKARTA, Indonesia (AP) — Greenpeace says global consumer brands continue to buy palm oil from companies that are cutting down Indonesia's rainforests despite repeated pledges to clean up their supply chains. The environmental group said in a report released Wednesday that 25 palm oil producing groups it...

Venezuela doubles down on Chinese money to reverse crisis

Sep. 18, 2018 6:03 PM EDT

CARACAS, Venezuela (AP) — Venezuelan President Nicolas Maduro said Tuesday that new investments from China will help his country dramatically boost its oil production, doubling down on financing from the Asian nation to turn around its crashing economy. Already a major economic partner, China has agreed to...

Cyprus, Egypt set to sign deal for offshore gas pipeline

Sep. 18, 2018 2:51 PM EDT

NICOSIA, Cyprus (AP) — Europe stands to gain from an agreement Egypt is set to sign with the Mediterranean island nation of Cyprus to pipe offshore natural gas to processing plants in the north African country where it will be liquefied for export, Egypt's oil minister said Tuesday. Tarek el-Molla said...

US industrial production rose a solid 0.4 percent in August

Sep. 14, 2018 10:33 AM EDT

WASHINGTON (AP) — U.S. industrial production rose by a healthy 0.4 percent in August, boosted by gains in the production of autos, oil and natural gas. The Federal Reserve said Friday that industrial production, which includes output at factories, mines and utilities, has climbed 4.9 percent over the past...

Trump panel wants changes in royalties from public oil, gas

Sep. 13, 2018 9:00 PM EDT

LAKEWOOD, Colo. (AP) — A Trump administration advisory committee on Thursday recommended a change in the way energy companies calculate how much money they owe taxpayers for pumping natural gas from public lands. But the U.S. Interior Department's Royalty Policy Committee first had to clear up an apparent...

The Latest: Panel wants to change public lands energy policy

Sep. 13, 2018 7:42 PM EDT

LAKEWOOD, Colo. (AP) — The Latest on royalties paid by U.S. energy firms for extracting gas from public land (all times local): 5:30 p.m. A Trump administration panel is recommending a change in the way energy companies calculate how much money they owe taxpayers for pumping natural gas from public lands....

Global oil production hits a new record, led by US and OPEC

Sep. 13, 2018 3:31 PM EDT

The world's supply of oil hit a record last month, yet another sign of oil's dominance over the energy landscape. The International Energy Agency said Thursday that the global oil supply reached 100 million barrels a day for the first time ever, boosted by rising production in the U.S. and several OPEC nations....

US 'likely' has taken over as the world's top oil producer

Sep. 12, 2018 8:42 PM EDT

The United States may have reclaimed the title of the world's biggest oil producer sooner than expected. The U.S. Energy Information Administration said Wednesday that, based on preliminary estimates, America "likely surpassed" Russia in June and August after jumping over Saudi Arabia earlier this year. If those...