Tuesday 29 July 2014
oil drilling

Norway eyes oil drilling around Arctic islands

Norway took a major step towards opening up an environmentally sensitive Arctic area to oil and gas exploration when the ruling Labour Party gave the go-ahead on Sunday for an impact study. Exploration in the waters around the Lof


Egyptian oil group wins $20m investment

EuroMena II, an active private equity fund in the Middle East, said it has invested $20 million in Egypt-based Sakson Petroleum Services, a leading oil and gas drilling service provider in the region, to boost its capital and help fund its expan


Baker Hughes gets $640m Iraqi drilling deal

Iraq awarded a $640 million deal to US oil service company Baker Hughes to drill 60 wells in the southern Zubair oilfield, a government spokesman said on Tuesday. The Iraqi cabinet approved the Oil Ministry's request to award the three-yea


Obama unveils oil drilling plan

US President Barack Obama has committed to annual oil and gas lease sales in Alaska's National Petroleum Reserve and to speeding up production in other areas. In his weekly radio and Internet address, the US leader admitted that one of the


Schlumberger sees new gas drilling regulation

Schlumberger, the world's largest oilfield services company, expects new US regulations for a key natural gas drilling process because of public fears about water pollution, its CEO said. Asked by an analyst why Schlumberger supported disc


Saudi oil drilling slows as demand ebbs

Top oil exporter Saudi Arabia plans to release 15 oil rigs by the end of the year as it reduces drilling activity with slowing global demand, oil industry sources in the kingdom said on Monday. "We feel we have huge extra capacity," said o

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