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.

After noticeably slowed declines over the previous 2 weeks, the US drilling rig count fell 40 units to 988 rigs working during the week ended Apr. 10, settling under 1,000 for the first time since Sept. 11, 2009, according to data from Baker Hughes Inc.

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.

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).

Relations between Greece and Russia appear to be strengthening after Tsipras confirmed his opposition to Western sanctions on Russia. He claimed that the Greek government helped block European proposals to increase the scope of the sanctions.

A corruption investigation that has already engulfed Brazil’s state-run oil giant Petroleo Brasileiro SA has spread to the health ministry and state-owned bank Caixa Econômica Federal, authorities said Friday.

Iranian #oil officials are in Beijing this week to discuss oil sales and Chinese investments in #Iran, just days after Tehran and world powers reached a framework nuclear deal, and with the #OPEC nation's oil minister due to arrive on Thursday.

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.

Gazprom approved the deal to contribute additional capital in the amount of 75 million euro into the company South Stream Transport B.V.

Russia’s JSC Gazprom Neft has entered an agreement with Vietnam National Oil & Gas Group (PetroVietnam) to purchase a 49% interest in the 6.5 million-tonne/year Dung Quat refinery.

China will build a pipeline to bring natural gas from Iran to Pakistan to help address Pakistan’s acute energy shortage, under a deal to be signed during the Chinese president’s visit to Islamabad this month, Pakistani officials said.

Shares in BG Group rose as much as 42 percent in early trade after Royal Dutch Shell agreed to pay that amount (47 billion pounds) for its smaller rival, making it the biggest deal in the sector in more than a decade.