Latest Oil and gas exploration and extraction News

Nearly $226M to restore open Gulf after 2010 BP oil spill

Dec. 13, 2019 1:56 PM EST

NEW ORLEANS (AP) — Federal agencies have approved nearly $226 million for 18 projects to restore open ocean and marine habitats that were decimated in the Gulf of Mexico by the 2010 BP oil spill. The projects range from $52.6 million to study deep-sea habitats to $290,000 to find ways to keep sea turtles...

Chinese-led consortium to build Cyprus' gas import terminal

Dec. 13, 2019 9:58 AM EST

NICOSIA, Cyprus (AP) — Cyprus signed a deal on Friday with a Chinese-led consortium to build the east Mediterranean island nation's first natural gas import terminal that officials said will help the country generate cleaner and cheaper energy. Energy Minister Georgios Lakkotrypis said the 289 million-euro...

Continental Resources names new CEO after founder steps down

Dec. 12, 2019 7:45 PM EST

OKLAHOMA CITY (AP) — Billionaire oil tycoon Harold Hamm is stepping down as chief executive of Continental Resources Inc. to serve as executive chairman, company officials said. Beginning Jan. 1, Continental board member William Berry will take over as CEO for the Oklahoma City-headquartered company. Jack...

EU leaders set to reject Turkey-Libya maritime border deal

Dec. 12, 2019 12:20 PM EST

BRUSSELS (AP) — European Union leaders are set to reject a maritime border agreement between Turkey and Libya as invalid and insist that the pact interferes with the rights of other Mediterranean Sea countries, according to a draft summit statement. The border deal, endorsed by the Turkish parliament last...

Turkey doesn't rule out force to halt drilling off Cyprus

Dec. 11, 2019 7:36 AM EST

ANKARA, Turkey (AP) — Turkey could use its military forces to halt any exploratory gas drilling in waters off Cyprus that it claims as its own, Turkey's foreign minister warned Wednesday. Foreign Minister Mevlut Cavusoglu told the pro-government A Haber news channel that Turkey “has the right to...

Chevron will write down assets by at least $10 billion

Dec. 10, 2019 7:04 PM EST

SAN RAMON, Calif. (AP) — Chevron Corp. said Tuesday it will book a charge of at least $10 billion because lower long-term prices for oil and natural gas will reduce the value of its assets. More than half the write-down is related to gas drilling operations in Appalachia. The huge fourth-quarter write-down...

Bloomberg tells UN climate talks: You can count on the US

Dec. 10, 2019 3:19 PM EST

MADRID (AP) — New York billionaire and presidential candidate Michael Bloomberg led a high-powered charge against President Donald Trump's climate policies Tuesday, assuring activists, scientists and politicians from around the world that Americans are committed to reducing greenhouse gas emissions...

Greece sends letters to UN over Turkey-Libya deal

Dec. 10, 2019 1:19 PM EST

ATHENS, Greece (AP) — Greece has sent two letters to the United Nations explaining its objections to a maritime boundary deal between Turkey and Libya and asking for the matter to be taken up by the U.N. Security Council, the government spokesman said Tuesday. The country’s foreign minister also...

Saudi prince's ambitions hinge on triumphant Aramco sale

Dec. 9, 2019 12:02 PM EST

RIYADH, Saudi Arabia (AP) — Saudi Arabia is expected to set a new record for the largest stock flotation in history on Wednesday with the sale of part of Aramco, the state-owned oil company valued at $1.7 trillion. The offering's success is crucial to the ambitious plan by Crown Prince Mohammed bin...

Mexico announces its biggest oil discovery in three decades

Dec. 6, 2019 11:48 PM EST

MEXICO CITY (AP) — Mexico said Friday that it has made the biggest oil discovery in the country since 1987 at the Quesqui field in the Gulf coast state of Tabasco. Octavio Romero, head of the state-owned oil company Petroleos Mexicanos, said the on-shore field has proven, probable and possible reserves of...