Advances in technology, standards and practices in the last five years have made America’s offshore #oil and natural #gas industry safer than ever, #API President and CEO Jack Gerard told reporters on a press conference call today.

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.

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).

The next decade will be critical for the Russian natural gas industry with the outcome largely depending on the nation’s pricing and institutional policies

Representatives of five countries - Hungary, Serbia, Macedonia, Greece and Turkey - met in Budapest on Tuesday, announcing the formation of a working group to facilitate natural gas deliveries - specifically infrastructure development - to their markets from gas emanating from Turkey including possible participation in the Turkish Stream pipeline.

The Turkish Stream pipeline project is Russia's replacement for the South Stream project, which the EU effectively put on hold due to legal issues involving the same company supplying gas and constructing and owning the pipeline transporting the gas.