Total, France’s largest company, kick-started the sector’s first-quarter earnings reporting with an upbeat tone, as its adjusted net profit surged 56% to $2.6 billion compared with the same period of 2016.

Venezuela, oil, economic, crisis, Maduro, election, PDVSA

As Venezuela’s crisis goes deeper, government and opposition leaders refuse to talk about real changes in the country’s oil legal framework, a Venezuelan analyst says.

The Calgary, Alberta-based company has lost nearly one-fifth of its value since the deal with ConocoPhillips was announced in late March, Reuters reported.

The field, oil lot 192 near the Ecuadorean border, has been idle since last year due to pipeline ruptures. Pacific Exploration & Production said a group of 30 indigenous people began the protest on April 22.

Venezuela, South America’s largest oil exporter, has been pummeled by a brutal economic crisis that has millions skipping meals, unable to afford soaring prices for basic goods and facing long lines for scarce products.

Hess had earlier this year set a higher spending target for 2017 and said it would expand in the U.S. Gulf of Mexico, Thailand and Guyana and ramp up drilling in North Dakota's Bakken Shale.

Reuters reported that Halfaya, operated by PetroChina, is Maysan Oil's largest field, producing 200 Mbbl of the company's total output of 380 Mbbl/d, according to Maysan Oil's Adnan Noshi.

Quarterly revenue fell to $2.26 billion in the first quarter ended March 31 from $2.67 billion. Analysts’ on average had expected revenue of $2.27 billion, according to Thomson Reuters I/B/E/S.

The company's loss before tax widened to 542 million British pounds (US$693.8 million), compared with a pretax loss of 235 million pounds a year earlier, Reuters reported.

Schlumberger, oil, reserves, exploration, spending, Paal Kibsgaard

The head of the world’s largest oilfield service company says the world could face a medium-term supply deficit given today’s reserves depletion rate and falling exploration spending.

Net loss attributable to Halliburton narrowed to $32 million, or 4 cents per share, in the first quarter ended March 31, from $2.41 billion, or $2.81 per share, a year earlier.

Schlumberger, drilling, oilfield services, U.S., North America, Kibsgaard, technology, costs, Gulf of Mexico, Latin America

North America revenue grew by 6% to $1.9 billion, while international revenue dropped by 7% to about $4.9 billion compared with the previous quarter.