2015

Investment bankers and analysts entrenched in the oil and gas industry say companies have so far staved off the major negative impacts of the current industry downturn better than previous downturns by acting more proactively and aggressively.

Russian oligarch Mikhail Fridman's battle to salvage his North Sea gas fields purchase will take weeks if not months to resolve as the British cabinet has left it for the next government to take the decision, sources said.

Europe's reliance on imports of natural gas is likely to rise from half to three quarters over the next two decades and Russia will continue to supply around 30 percent of EU needs, BP's chief economist said on Friday.

Schlumberger CEO Paal Kibsgaard said Monday he expects global exploration and production capital expenditures to drop between 10 to 15 percent in 2015.

The US drilling rig count dropped just 21 units to settle at 1,048 rigs working during the week ended Mar. 27, representing the smallest decline in 15 weeks.

Royal Dutch Shell will reportedly cut at least 250 more jobs this year at its UK North Sea operations.

The U.S. Department of Justice and the Commerce Department said Wednesday a unit of Paris-based Schlumberger Ltd. has agreed to plead guilty and pay a $232.7 million penalty for conspiracy to violate trade sanctions with Iran and Sudan.

Halliburton shareholders have overwhelmingly approved the company’s long-awaited merger with Baker Hughes. Baker Hughes also announced on Friday that its stockholders adopted the merger agreement, thereby approving the merger. Each company held their own special meetings Friday morning.

In the boom years of the US shale oil industry, profitability was something of an optional extra. Companies were focused on growth, it was easy to raise capital, and making a decent return on investment could be put off for another day.

Houston-based Linn Energy has teamed up with private equity firm Quantum Energy for a $1 billion asset purchase plan.