Having a robust regulatory approval system is critical for governments—and the energy sector–to ensure that energy products get to world markets safely and in environmentally friendly, socially accepted ways

U.S. Rig Count is down 34 rigs from last week to 664, with oil rigs down 20 to 516, and gas rigs down 14 to 148.

While tens of thousands of jobs have already been cut in 2015, more redundancies are expected this year as companies narrow their focus.

With no growth and no profits, the US exploration and production industry is facing a gruelling year. The gap between strong and weak companies is likely to widen. Those that have lower-cost production and healthier balance sheets should be able to stay in business. Those that have good assets but big debts may have to sell their most valuable properties. Those that have neither attractive assets nor strong finances will be heading for bankruptcy.

PRNEWSWIRE - Charles and David Koch of Kansas are the wealthiest individuals in America's oil and gas sector, with a combined net worth of US$83 billion, according to a Wealth-X Top 10 list that includes billionaires from Texas, New York and Oklahoma.