"Energy resources are plentiful. Concerns over running out of oil and gas have disappeared," Eyton said at the launch of BP's inaugural Technology Outlook.

Internal OPEC squabbles are on the rise as members argue about the need to support a fair oil price and boost revenues just as they feel more pain from low crude prices.

U.S. Rig Count is down 12 rigs from last week to 775, with oil rigs down 16 to 578, and gas rigs up 4 to 197. U.S. Rig Count is down 1,154 rigs from last year at 1,929, with oil rigs down 1,004, and gas rigs down 149. The U.S. Offshore rig count is 33, down 2 rigs from last week, and down 20 rigs year over year.

Chevron Corporation (NYSE: CVX) reported earnings of $2.0 billion ($1.09 per share – diluted) for third quarter 2015, compared with earnings of $5.6 billion ($2.95 per share – diluted) in the 2014 third quarter. Foreign currency effects increased earnings in the 2015 quarter by $394 million, compared with an increase of $366 million a year earlier.

Exxon Mobil Corporation today announced estimated third quarter 2015 earnings of $4.2 billion, or $1.01 per diluted share, compared with $8.1 billion a year earlier. Significantly lower Upstream realizations more than offset higher Downstream and Chemical earnings.

During the 3-month period ending Sept. 30, an overall total of 51 oil and gas deals took place, accounting for $91.2 billion, which was higher than the 47 deals worth $38.8 billion that occurred in the previous quarter, but still down from the 83 deals worth $125.7 billion that occurred in third-quarter 2014.

ConocoPhillips (NYSE: COP) reported a third-quarter 2015 net loss of $1.1 billion, or ($0.87) per share, compared with third-quarter 2014 earnings of $2.7 billion, or $2.17 per share. Excluding special items, third-quarter 2015 adjusted earnings were a net loss of $466 million, or ($0.38) per share, compared with third-quarter 2014 adjusted earnings of $1.6 billion, or $1.29 per share. Special items for the current quarter related primarily to the termination of a rig contract for a Gulf of Mexico deepwater drillship, non-cash impairments, restructuring costs and pension settlement expense.

Nabors Industries Ltd. ("Nabors") (NYSE:NBR) reported third-quarter operating revenues of $848 million, compared to $863 million in the second quarter of 2015, and $1.81 billion in the third quarter of last year. The comparable third quarter of last year included $612 million in revenue from Completion and Production Services, a business line that merged with C&J Energy Services on March 24, 2015. The Completion and Production Services business is no longer consolidated with Nabors, and Nabors' results reflect equity-method accounting for this investment on a quarter-lag basis.

Total CEO Patrick Pouyanne, pleased with the results, said in the company press release: “In a context where the oil price has fallen by 50% in one year, Total was able to demonstrate its resilience.” He further added how the integrated model had helped Total to record such results.

The United Arab Emirates (UAE) was the world's sixth-largest oil producer in 2014, and the second-largest producer of petroleum and other liquids in the Organization of the Petroleum Exporting Countries (OPEC), behind only Saudi Arabia. Because the prospects for further oil discoveries in the UAE are low, the UAE is relying on the application of enhanced oil recovery (EOR) techniques in mature oil fields to increase production.