Schlumberger Ltd., the world’s largest oilfield services provider, will eliminate an additional 11,000 positions in a sign the industry will undergo another round of job cuts as a result of tumbling crude prices.

Nigeria’s incoming government should consider selling down its majority stakes in joint ventures with multinational oil companies to shore up state finances and raise funding for infrastructure development, according to the central bank governor.

France’s Total completed the sale of its non-operated stake in onshore Nigeria oil mining lease (OML) 29 to Nigeria’s Aiteo Eastern E&P on Monday for $569 million.

Schlumberger CEO Paal Kibsgaard said Monday he expects global exploration and production capital expenditures to drop between 10 to 15 percent in 2015.

The U.S. Department of Justice and the Commerce Department said Wednesday a unit of Paris-based Schlumberger Ltd. has agreed to plead guilty and pay a $232.7 million penalty for conspiracy to violate trade sanctions with Iran and Sudan.

Halliburton shareholders have overwhelmingly approved the company’s long-awaited merger with Baker Hughes. Baker Hughes also announced on Friday that its stockholders adopted the merger agreement, thereby approving the merger. Each company held their own special meetings Friday morning.

But now, with prices low, the risk of getting busted by Nigeria’s navy now outweighs the get-rich rewards of sabotaging pipelines, stealing oil and smuggling vast quantities of it onto international markets. Indeed, some of these thieves have reverted to plunking fish traps in the waters they helped pollute.

Deepening political divisions between Nigeria’s regions over the presidential poll and the absence of a clear front-runner increase the risk of a contested outcome and a turbulent aftermath

Not long ago, oil looked like a black gold mine for General Electric. The company known for toaster ovens and lightbulbs wrapped up a three-year, $10 billion buying spree in 2013 to bolster the growing oil and gas equipment unit that helped GE recover from the financial crisis. The company bulked up with the expectation that crude prices would remain at about $100 a barrel for years.

GE announced on March 6 its new oil and natural gas facility in Broome, Western Australia, is finished and operational. The location includes a custom-build workshop, a warehouse, office space and an equipment hardstand area.