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Shell to cut 6,500 jobs as part of a cost cutting exercise to cope with lower oil prices

Shell to cut 6,500 jobs as part of a cost cutting exercise to cope with lower oil prices

Petroleum company Royal Dutch Shell will cut 6,500 jobs and slash its capital spending this year as it seeks to cope with low oil prices which contributed to a 37% decline in the oil and gas group’s second-quarter profits. The Dutch giant announced a steep decline in profits for the second quarter, which sharply fell […]

Residing near U.S. fracking wells linked to higher hospitalization rates, study finds

Residing near U.S. fracking wells linked to higher hospitalization rates, study finds

Apparently shale oil production in the US has a negative impact on the health of the Americans. People living in areas near hydraulic fracturing and oil drilling sites are more likely to be hospitalized for heart complications, neurological illnesses, cancer and various other conditions, according to researchers from the University of Pennsylvania and Columbia University. […]

BP Plc

BP Plc to Settle Gulf of Mexico Oil Spill at $18.7 Billion

BP Plc will pay up to $18.7 billion as penalty amount to the US government and five states to reimburse almost all claims from its deadly Gulf of Mexico oil spill five years ago in the major corporate settlement in US history. The claim adds $43.8 billion, which BP had already put aside for criminal […]

US Crude Oil Prices

US Crude Oil Prices decline to $60 per barrel

U.S. crude oil prices decline to $60 per barrel Thursday, extended huge losses after a two consecutive sessions. The US government data showed an incredible increase in inventories of refined fuels like gasoline. The benchmark US oil contract – for August delivery, ended at $59.70 per barrel on the New York Mercantile Exchange. The global […]

Williams

Williams disclaims $48 billion unsolicited offer from Energy Transfer

On Sunday, Natural-gas pipeline giant – Williams Cos. disclaimed an unsolicited buyout offer from Energy Transfer Equity L.P. worth of $48 billion, but is open to other offers. The company said that it approached about an all-stock deal worth of $64 per share that is – 33 per cent premium to where its shares closed on Friday. Energy […]

Renewable Energy Source

Growth of Renewables Surpassed Fossil Fuels in the Power Sector

A new study shows that the growth of renewable energy has surpassed fossil fuels in the power sector a year ago, with a record 135GW of capacity, added from solar, hydropower, wind, and other renewable sources. That is more than the generating capacity of over all nuclear reactors in the US and marginally not exactly […]

Portland City

Portland City Adopts a New Way to Compensate For Green Project

Cleaning up pollution and cutting down greenhouse gases don’t come cheaper. To make it simpler and cost-friendly, the city of Portland is ready to adopt another approach to back environment-friendly projects, called – Green Bonds. On June 24, the City Council asked for permission from city staff to develop proper guidelines to sell Green Bonds. […]

The U.S. Oil and Natural Gas Rig

The U.S. Oil and Natural Gas Rig Count Slumped By Seven

According to Houston-based – oilfield service company – Baker Hughes Inc. said that the number of rigs exploring for the U.S. oil and natural gas has declined by seven this week to 868, scoring 26th straight week of declines. On Friday, the company said that about 222 explored for natural gas, 642 rigs were seeking […]

carbon emissions

Oil and Gas Companies back global agreement to curb carbon emissions

As a global agreement to back climate-warming, carbon emissions draw closer and oil and gas companies are talking about coal as a crucial part of the solution, altogether with renewable energy source like, solar power and wind. In December, Six European oil and gas companies including BP and Royal Dutch Shell wrote a letter to […]

Energy News

European energy groups approached UN government for backing carbon pricing system

For the first time six leading oil and gas companies have been banded together to ask –The UN to agree and help device, and plan to stop global warming at the end of the year. Chief Executive Officer of the six energy group wrote an official letter to the top UN official- in charge of […]

IEA and World Bank to Invest Money at Renewables

IEA and World Bank to Invest Money at Renewables

Recently, World Bank and IEA announced plans to spend more on renewables, as they think that enough money is not invested in such renewable source due to which industries often point out of having lower gains in their profit margins. So, IEA and World Bank came up with an alternative to spend more money in […]

Crude oil pipes at SPR Bryan Mound site near Freeport, TX

Schlumberger to cut 9,000 jobs due to crude oil collapse

World’s No.1 oilfield services provider, Schlumberger Ltd said it will cut 9,000 jobs because the collapse in oil prices have forced petroleum companies to cut drilling budgets. “In response to lower commodity pricing and anticipated lower exploration and production spending in 2015, Schlumberger decided to reduce its overall headcount to better align with anticipated activity […]

The measures taken are clear signs that the administration is willing to let more of the booming U.S. shale oil production

US lifts 40-year ban on oil exports, agrees to light oil exports

For the first time in 40 years, the U.S. government has officially allowed the shipment of as much as a million barrels per day of ultra-light crude, also known as condensate essentially clearing the way for crude exports to a global market. According to the guidelines published by the Bureau of Industry and Security (BIS), […]

Oil and Gas

Gas prices dip again, lowest since 2009

As gas prices in many places in the middle of the U.S. are below the national average, drivers all across the bi-state will get some much needed relief this week as they hit the road for the holidays. According to Lundberg Survey Inc released Sunday, the average price of regular grade gasoline at U.S. pumps […]

Oselvar Module

New York plans to prohibit fracking, citing health and environmental concerns

On Wednesday, New York’s health and environmental commissioners moved forward with an effort to ban fracking across the state citing unresolved health issues, grave environmental concerns and uncertainties surrounding the controversial natural gas drilling practice. New York, which overlies part of the Marcellus shale, one of the largest natural gas deposits in the United States […]

(Image: Statoil headquarters in Norway)

Statoil sells stake in Shah Deniz to Petronas for USD 2.25 billion

Norway’s biggest energy company, Statoil has sold its remaining 15.5 percent stake in the Shah Deniz field in Azerbaijan for $2.25 billion to Malaysia’s Petroliam Nasional Berhad (Petronas). The transaction incorporates sales of the interest in the Shah Deniz production-sharing agreement, the share in the South Caucasus Pipeline Co. as well as its holding organization, […]

The Proverbial Glass Ceiling that Limits Stilettos in the Male Dominated Oil and Gas Industry

The Proverbial Glass Ceiling that Limits Stilettos in the Male Dominated Oil and Gas Industry

The oil and gas industry has been traditionally tinted as an exclusive “boys’ club”. Statistics show that as much as 72 percent of oil and gas professionals are males, leaving an unbridgeable gap to the existing gender imbalance that needs a rapid and pragmatic solution. In a recent survey by BP and Rigzone, it was […]

Kinder Morgan - Philadelphia Terminal

Kinder Morgan Slapped with a Class Action Lawsuit over Consolidation Plan

A Kinder Morgan Energy Partners LP shareholder has filed a class action lawsuit in Delaware Chancery Court on Friday to put the imminent $70 billion merger between Kinder Morgan Inc.’s limited partnership units to a halt. Lead petitioner Irwin Berlin said that under the tax structure of the KMI buy out of equity shares of […]

Siemens Headquarters in Munich, Germany

Siemens Inks $7.6bn Deal with Dresser-Rand

Europe’s largest engineering conglomerate, Siemens has agreed to acquire Houston-based Dresser-Rand in a $7.6bn (£4.6bn) transaction which will help the German electronics giant to fire-up its oil and gas business in North America. The American firm manufactures oilfield supplies and equipments, and under the arrangement, it will turn into “the platform for oil and gas […]