As most drilling companies that have rigs without a contract, today, are idling or cold-stacking these rigs, it is estimated that around 140 rigs are heading toward retirement over the next few years as the industry makes way for the newbuilds scheduled for delivery by the end of the decade. Around 360 rigs that are in the current market fleet are more than 30 years old and must be retired at some point.

Unconventional natural gas production is proving to be more durable than many people expected, officials said as the Potential Gas Committee released its 2014 yearend report indicating that the US has a record 2,515 tcf technically recoverable gas resource base.

After noticeably slowed declines over the previous 2 weeks, the US drilling rig count fell 40 units to 988 rigs working during the week ended Apr. 10, settling under 1,000 for the first time since Sept. 11, 2009, according to data from Baker Hughes Inc.

ConocoPhillips is preparing the sale of noncore oil and gas producing acreage in the United States, in the latest sign that oil majors are becoming more accepting of lower oil prices, according to people familiar with the matter.

UK Oil and Gas Investments (UK) boosted its oil in place estimate Thursday for the onshore UK Horse Hill field up to 100 billion barrels.

Russia is the main supplier of crude oil and natural gas to the EU, and although diversifying away from Russian gas is not unrealistic in the medium term, several technical and political obstacles must be overcome.

Athens expects to agree to take part in a pipeline that would bring Russian gas to Europe via its territory, Greece's energy minister said on Friday, estimating the project would cost 2 billion euros ($2.1 billion).

Relations between Greece and Russia appear to be strengthening after Tsipras confirmed his opposition to Western sanctions on Russia. He claimed that the Greek government helped block European proposals to increase the scope of the sanctions.

Глава Газпрома А.Миллер, выступая на конференции Валдайского клуба 13 апреля 2015 г, пообещал прекратить поставки газа в те страны, которые выступают против проекта строительства магистрального газопровода (МГП) Турецкий поток.

A corruption investigation that has already engulfed Brazil’s state-run oil giant Petroleo Brasileiro SA has spread to the health ministry and state-owned bank Caixa Econômica Federal, authorities said Friday.