U.S. unemployment continues to drop while oil and gas industry sheds jobs The U.S. economy added 151,000 jobs in January, according to the latest release from the Bureau of Labor Statistics. The additional jobs pushed unemployment below the 5% mark for the first time since February 2008, just before the collapse of Bear Stearns and the financial crisis. The job
In spite of reaching only 0.7% in fourth quarter of 2015 The U.S. Bureau of Economic Analysis released the growth numbers for the U.S. economy for fourth quarter, and full-year, 2015. According to the BEA, economic growth was just 0.7% in the fourth quarter of the year, as business investment slowed down. Better employment numbers have helped improve the housing
Rig count sheds 3% of total The U.S. rig count continued its trend downward in the week ended January 29, according to information from Baker Hughes (ticker: BHI, BakerHughes.com). The U.S. total rig count landed at 619, down 18 from last week, and 45 from the first Baker Hughes report of the year. Both oil and gas focused rigs saw
*This story was corrected from an earlier version to reflect Energy & Exploration Partners’ debt level Low oil prices push 41 energy companies into bankruptcy Saying that 2015 has been a difficult year for the oil and gas sector would be an understatement. U.S. crude oil benchmark WTI averaged $91.23 per barrel in 2014, while in 2015 it has, to date,
Exploration is a Major Part of Our Future During his time in office, both as the Russian president and prime minister, President Vladimir Putin has held a conference every year. The conference is held with members of the press, both Russian and international, and typically involves reporters asking questions of Putin who then responds off the cuff, though it is
Revises Price Assumptions Down in the Interim A Moody’s Investors Service report out today has lowered pricing assumptions for Brent and WTI and examines how a sustained period of lower oil prices would affect certain industries in producing and non-producing countries. Moody’s revised its crude oil spot pricing assumptions as follows: The report sums up the situation as follows: “Ongoing
Alberta falls to 38th from 16th in just one year Alberta is becoming a less attractive target for oil and gas investment, according to an annual study conducted by the Fraser Institute. The survey of petroleum executives, which ranks jurisdictions around the world based on how much government policy deters investment in oil and gas, listed Alberta as the 38th
A shot heard round the world Last November 27, OPEC sparked the decline in crude oil prices that would see both international benchmark Brent crude, and U.S. benchmark WTI crude, lose more than 50% of their value. The group decided to move away from its traditional role of maintaining a reasonable crude oil price in order to protect its market
Italy’s Eni expects to invest $6-$10 billion in Zohr Egypt’s Oil Minister Tarek El Molla said this week that the country hopes to have production from the newly discovered Zohr gas field starting in 2017, a year ahead of its original plan. The field, discovered by Italy’s Eni (ticker: E) earlier this year, will be the biggest in the Mediterranean,
Oil and gas rig counts hold total in balance The total rig count for active U.S. rigs held steady at 787 after 8 consecutive weeks of falling. The last time the U.S. rig count remained the same week-over-week was the week ended August 14, 2015, when it was at 884, before climbing by one rig, and then declining by 98
The U.S. continues to lay down rigs drilling for oil The number of rigs active in the U.S. continued to drop this week as markets continue to balance the oversupply in global oil output. The total number of rigs drilling in the U.S. declined for an eighth straight week as rigs targeting oil continued to come offline, according to the
Russia Experts Discuss How Today’s Commodities Prices and Shifting Market Dynamics are affecting the Russian Oil & Gas Industry in this Exclusive Oil & Gas 360® Analysis Around the world, in places where oil and gas is a dominant resource, countries, kingdoms, companies and individual billionaires have been created by the extraction and sale of these fuels. The continuing importance
