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UK’s Horse Hill-1 hits oil

Venture partner Solo Oil announced an oil accumulation had been discovered in the Upper Jurassic Portland sandstone. Solo previously reported the Portland sandstone had been found to have oil shows in cuttings and elevated gas readings during drilling. These were confirmed by an independent petrophysical analysis of electrical logs acquired in the well. A preliminary […]

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Occidental CEO Expects Drillers to Slash Fees on Oil Drop

Occidental is waiting until the first quarter to finalize and announce capital spending plans for 2015, in part to assess how long and deep the current crude-oil bear market will be, Chazen said during a conference call with analysts today. Oil production margins won’t be as severely squeezed as some observers are predicting because the […]

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Shale Boom’s Allure to Wall Street Tested by Bear Market

Falling oil prices are testing investors’ commitment to the Wall Street-funded shale boom. Energy stocks led the plunge earlier this month in U.S. equities and the cost of borrowing rose. The Energy Select Sector Index is down 14 percent since the end of August, compared with 3.8 percent for the Standard & Poor’s 500 Index. […]

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Saudi Arabia’s Risky Oil-Price Play

With the U.S. on track to become the world’s largest oil producer by next year, it’s become popular in Washington and on Wall Street to call America the new Saudi Arabia. Yet the real Saudi Arabia hasn’t relinquished its role as the producer with the most influence over oil prices. Its reserves of 266 billion […]

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Major oil discovery announced by GDF Suez and BP in central North Sea

Two leading energy firms have announced a major new North Sea oil discovery. GDF Suez and BP say the Marconi/Vorlich field could produce up to 5350 barrels of oil equivalent per day – worth around $160m each year at current Brent prices. The central North Sea find, which is around 150 miles east of Aberdeen, […]

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Libya’s oil to flow despite struggle between rival governments

* Libya locked in conflict between two governments * Both sides want to see oil revenues flow * OPEC producer sitting on Africa’s biggest oil reserves * Libya’s oil sector now mainly run by technocrats By Ulf Laessing CAIRO, Oct 23 (Reuters) – A struggle has broken out for control of Libya’s state-run energy sector […]

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Oil will tumble to $70 says new ‘bond king’

NEWPORT BEACH, CALIFORNIA (CNNMoney) The meltdown in the oil market is not over yet. That’s the message from Jeffrey Gundlach, the star bond investor who predicts oil will plunge another $10 (it’s $80 a barrel now). While another decline in oil prices would bring smiles to American consumers — think around $2.70 a gallon at […]

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The great American oil debate: Is cheap fuel good for the US?

There’s one economic statistic that’s never far from the minds of most Americans, and that’s the price of oil. Sure, your average Joe might not be able to quote the price per barrel of Brent Crude, but he sure knows the price of a gallon of gas at the pump. And in recent weeks, the […]

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Islamic State Earns $800 Million a Year From Oil Sales

The Islamic State is earning about $2 million a day, or $800 million a year, selling oil on the black market, according to one estimate. The Islamic State has been targeted by U.S.-led airstrikes after posting videos showing the beheadings of journalists and aid workers. Extremist groups typically rely on foreign donations that can be […]

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U.S. Oil Exports Would Worsen Global Warming, Government Auditors Say

Allowing United States oil producers to export crude would not only sway markets at home and abroad, it would also worsen global warming and present other environmental risks, the Government Accountability Office said in a new survey of experts. “Additional crude oil production may pose risks to the quality and quantity of surface groundwater sources; […]