US Rig Count Falls To 950

U.S. rigs targeted oil and gas each fell by one, bringing the total U.S. rig count down to 950.

Schlumberger Posts Smaller Quarterly Net Loss

Schlumberger is benefiting from strong North American shale drilling that has helped offset weak international markets.

Net loss attributable to the company narrowed to $74 million, or 5 cents per share, in the second quarter ended June 30 from $2.16 billion, or $1.56 per share, a year earlier.

ExxonMobil Sues US Over Fine Levied For Russia Deal Under Tillerson

ExxonMobil sued the U.S. government on July 20, blasting as "unlawful" and "capricious" a $2 million fine levied against it for a three-year-old oil joint venture with Russia's Rosneft.

Oil Prices Fall On Forecast Of Rising OPEC Production For July

Oil traders are looking ahead to the July 24 meeting of several ministers from OPEC and non-OPEC members in Russia, though some analysts doubt it will lead to any new intervention.

Encana Smashes Profit Estimates As Oil, Gas Production Falls

Encana has benefited from downsizing its operations to focus on four core North American assets: the Montney and Duvernay in Canada, and the Eagle Ford and Permian in the U.S.

Schlumberger Agrees To Buy Stake In Russian Drilling Firm Eurasia

Schlumberger NV, the world’s largest oilfield services company, has agreed to buy a 51% stake in Russia’s biggest oilfield services firm Eurasia Drilling Co. (EDC), the Russian company said late on July 20.

US Fines ExxonMobil Over Russia Sanctions Violations

The U.S. Treasury Department on July 20 said it was fining global oil company ExxonMobil $2 million for violating sanctions on Russia in May 2014.

Turkey PM Warns Cyprus On 'Untimely And Dangerous' Energy Moves

Turkish Prime Minister Binali Yildirim on July 20 warned Cyprus its moves to explore for energy around the eastern Mediterranean were "untimely and dangerous," adding that Ankara would continue to protect the rights and interests of Turkish Cypriots.

Woodside Petroleum Posts 6.8% Drop In Q2 Output

Australia’s biggest independent oil and gas producer said production fell to 20.7 million barrels of oil equivalent (MMboe) in the second quarter from 22.2 MMboe in the same quarter last year.

Brazil Publishes Contract Model For 14th Round Oil-rights Auction

Among the changes, the 14th round eliminates local content as criteria in the bidding process, heeding a long-standing demand of oil majors, and introduces lowers royalties for less explored areas and mature basins which pose greater risks.

African Petroleum Lets Blocks Sale Exclusivity Clause Lapse

The blocks, which could contain more than 3 billion barrels of oil, are adjacent to ones in Senegal where large discoveries have been made.

Brent Crude Climbs Above $50 For First Time Since Early June

Both benchmarks were trading at their highest since June 7 after rising more than 1.5% in the previous session on a report showing U.S. crude and fuel inventories fell last week.

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