News on Oil and Gas Exploration and Drilling

Baker Hughes, BJ Services to reconvene meetings

2010-03-19T10:15:18Z

<div id="subtitle">Baker Hughes, BJ Services to reconvene meetings at end of month about sale</div><div><p>Shareholders of oil services company Baker Hughes Inc. and BJ Services Co. voted Friday to adjourn their meetings until the end of the month, as both sides continue to see antitrust approval for the sale of BJ Services to Baker Hughe...

Arrow shares halted; Shell/PetroChina to sweeten bid?

2010-03-19T04:15:14Z

<div><p>SYDNEY (Reuters) - Australia's Arrow Energy Ltd <AOE.AX> asked for trading in its shares to be suspended on Friday, stoking speculation that Royal Dutch Shell <RDSa.L> and Mexico's state-owned Pemex oil company said that the new oil fields it discovered two years ago in the Gulf of Mexico could yield more than two billion barrels of oil.</p><p>Pemex director Juan Jose Suarez said the Ayatzil-Tekel r...

More regulation needed for Canada oil sands: report

2010-03-17T15:15:47Z

<div><p>CALGARY, Alberta (Reuters) - Steam-driven projects to extract crude from Canada's oil sands, often held up as more environmentally friendly than mining, have major drawbacks of their own that require more stringent regulation to fix, an environmental think tank said on Wednesda...

Arrow to reject Shell, PetroChina $3 billion bid: report

2010-03-14T23:45:14Z

<div><p>PERTH (Reuters) - Australia's Arrow Energy is set to reject as too low a $3 billion joint takeover offer from Royal Dutch Shell and PetroChina, a newspaper reported, a move that could prompt the bidders to return with a ...

China oil firm takes $3.1B stake in SAmerican firm

2010-03-14T16:00:13Z

<div id="subtitle">Major Chinese oil firm CNOOC paying $3.1 billion to form joint-venture in South America</div><div><p>Leading offshore producer China National Offshore Oil Corp. said Sunday it has agreed to pay $3.1 billion to form a joint-venture with a major...

BP to pay $7 billion for Devon exploration rights

2010-03-11T15:45:09Z

<div id="subtitle">BP to buy exploration rights in Gulf of Mexico and Brazil from Devon Energy for $7 billion</div><div><p>BP is expanding its dominant oil and gas operations in the Gulf of Mexico and dropping anchor off Brazil with a $7 billion deal to buy exploration rights from Devon Ener...

BP to pay $7 bln for Devon Energy assets

2010-03-11T03:15:48Z

<div><p>British oil giant BP said Thursday it would pay US firm Devon Energy 7.0 billion dollars (5.1 billion euros) for assets in Brazil, Azerbaijan and the Gulf of Mexico.</p><p>"BP today announced a transaction that will deliver a material exploration positio...

BP to pay £4.7 bln for Devon Energy assets

2010-03-11T02:16:16Z

<div><p>Oil giant BP said Thursday it will pay US firm Devon Energy $7 billion (£4.7 billion) for assets in Brazil, Azerbaijan and the Gulf of Mexico.</p><p>"BP today announced a tra...

BP to pay 7 bln dlrs for Devon Energy assets

2010-03-11T01:17:33Z

<div><p>British oil giant BP said Thursday it will pay US firm Devon Energy 7.0 billion dollars (5.1 billion euros) for assets in Brazil, Azerbaijan and the Gulf of Mexico.</p><p>"BP today announced a transaction that will deliver a material exploration position...

Report: BP is pursuing Devon Energy assets

2010-03-10T15:00:56Z

<div id="subtitle">Report: BP PLC emerges as leading candidate for Devon Energy's Gulf, international assets</div><div><p>BP PLC, Europe's second-largest oil company, is the leading candidate to purchase assets worth more than $5 billion from independent oil and gas producer Devon Energy, the East Africa has become a promising new frontier for oil exploration and major multinationals are jostling for the rights to search for black gold, industry experts said.</p><p>"There are still large areas which are essentially unexploited and major efforts are needed in East Africa," Tiziana Luzzi-Arbouille, an African specialist with IHS Global ...

Total Gabon's profit plunges 63% in 2009

2010-03-08T09:16:34Z

<div><p>Total Gabon, which is majority-owned by French oil giant Total, said Monday its profit plunged 63 percent in 2009 to 141 million dollars (103.5 million euros).</p><p>The country's leading producer of crude said the drop was mostly due to the fall in world oil prices from 2008.</p><p>However, it added crude production slid by six percent to an average of 56,500 barrels per day due to natural decline in some of i...

Shell, PetroChina bid $3 billion for Australia's Arrow

2010-03-07T23:45:11Z

<div><p>PERTH (Reuters) - Royal Dutch Shell <RDSa.L> and PetroChina <0857.HK> jointly bid more than $3 billion for Australia's Arrow Energy <AOE.AX>, marking a Chinese firm's first foray...

South Korean gas company to develop in Canada

2010-03-01T16:15:20Z

<div id="subtitle">South Korean gas company to help develop EnCana-owned gas fields in British Columbia</div><div><p>South Korea's state-run gas company is making a $565 million Canadian ($543 million) investment in two northeastern British Columbia natural gas plays.</p><p>

Petrohawk Energy sells properties for $175 million

2010-03-01T13:30:26Z

<div id="subtitle">Petrohawk Energy to sell gas field and other properties for $175 million</div><div><p>Oil and natural gas company Petrohawk Energy Corp. said Monday that it reached an agreement to sell an Oklahoma natural gas field and other properties for $175 million.</p><p>The company did not disclose buyers for the West...

Korea Gas signs major deal in Canada: report

2010-02-28T00:15:42Z

<div><p>South Korea's state-run Korea Gas has won a 1.1-billion-dollar deal to jointly develop natural gas fields in Canada with Canadian gas firm Encana, a news report said Sunday.</p><p>Korea Gas has acquired a combined 50-percent stake in three Encana oil fields in northeast Australia's Origin Energy Thursday booked a 28 percent increase in half-year underlying profit to 355 million dollars (317 million US) on retail earnings and expanded electricity generation capacity.</p><p>Despite overall profit plunging 94 percent to 371 million dollars on-year, Origin said...

Sector Wrap: Shares of oil, gas companies climb

2010-02-24T13:45:10Z

<div id="subtitle">Shares of oil and gas exploration companies higher after Goldman Sachs report</div><div><p>Shares of oil and gas exploration companies EXCO Resources, Bucyrus International Inc. and JAKARTA (Reuters) - Indonesia's oil production, which has slumped in recent years, could be hit by new environment laws in Southeast Asia's biggest economy, a senior official in the energy ministry said on Wednesday.</p><p>Indonesia has said it w...