The level of interest in new oil and gas exploration in the Gulf of Mexico is slowing due to the low price of oil, but federal regulators said they remain optimistic about the future of offshore drilling.

Removing U.S. oil ban would create jobs beyond drilling

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 Interior Department on Friday proposed the first-ever federal regulations for oil and natural-gas drilling in the Arctic Ocean requiring companies to prepare extensive contingency plans that could swiftly respond to and contain an oil spill in the region’s frigid, isolated waters.

BHI: US rig count continues 11-week dive, loses 98 more units

BHI: US rig count continues 11-week dive, loses 98 more units

Halliburton says it will eliminate at least 5,000 jobs

The US drilling rig count plunged 87 units, a decline that was again spurred mostly by oil rigs, to settle at 1,456 rigs working during the week ended Feb. 6, Baker Hughes Inc. reported.

Obama floats offering first-ever offshore drilling lease in Atlantic

API: Exploratory oil drilling increased 75 percent in Q4