The US drilling rig count plunged 75 units—all on land—to settle at 1,192 rigs working during the week ended Mar. 6, according to data from Baker Hughes Inc. That total is the lowest since Dec. 11, 2009, and 600 fewer units compared with this week a year ago. The count has now fallen in 14 consecutive weeks, losing 728 units during that time

The oil and gas industry may cancel about $1 trillion of planned projects globally in the next two years due to the fall of the oil price.

Ex-BP boss aims to build major energy industry player from scratch Lord Browne heads new oligarch-backed $10bn fund L1 which is buying up energy industry assets while price of oil is low

CNOOC announces production start at offshore exploration project

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.

The world may run on oil, but the oil industry runs on money. The US shale boom would not have been possible without a huge inflow of capital: the small to midsized companies that led the revolution raised $875bn from syndicated loans, bonds and equities in 2007-14, 83 per cent of it in debt, according to Dealogic.

Whiting Petroleum, the largest oil producer in the Bakken shale of North Dakota, has hired bankers to seek potential buyers after coming under financial pressure due to plummeting crude prices, according to people familiar with the matter.

The U.S. oil and gas sector bled away more jobs last month as sustained low oil prices forced energy producers to reduce spending, suggesting that further pain may be ahead for the struggling industry.

At the very beginning of developing the region’s life in the early 1970s, the Government turned to the British National Oil Corporation (BNOC) and the partly state-owned British Petroleum to kick start oil production offshore of Aberdeen.

The United Steelworkers union (USW) and Royal Dutch Shell PLC, which serves as lead company for National Oil Bargaining negotiations, have agreed to return to the bargaining table in an attempt to resolve USW’s more than 5-week-long unfair labor practice strike in effect at US refineries and associated installations