Oil tycoon T. Boone Pickens, chairman of BP Capital Fund Advisors, announced that he's closing his commodity and energy stock hedge funds to focus on his declining health. Pickens, 89, who rose to prominence during his four-decade tenure at Mesa Petroleum, said he no longer finds oil trading as "intriguing" as it used to be.
The number of US oil and natural gas rigs jumped by 10 and five, respectively, to a combined total of 939 last week, marking the biggest increase in the rig count since May, according to Baker Hughes. New Mexico, Louisiana, Oklahoma and Colorado led the gains, while Texas lost two rigs.
Technological advances, cooperation and decades of experience have made offshore energy development safer than ever, writes American Petroleum Institute Director of Upstream and Industry Operations Erik Milito. The Bureau of Safety and Environmental Enforcement's recently proposed changes to some offshore drilling safety rules have been misjudged as regulatory rollbacks but are really technical adjustments designed to ensure compliance with industry standards, Milito writes.
The Federal Energy Regulatory Commission on Thursday dismissed a request from Williams Cos. to overrule the state of New York's denial of a water permit for the Constitution natural gas pipeline. Williams said it would seek a rehearing and even file an appeal if necessary.
TransCanada's Keystone XL pipeline is facing renewed setbacks as Nebraska landowners challenge in state appeals court the Nebraska Public Service Commission's decision to approve an alternative route for the project through the state.
Scientists used statistical techniques and computer algorithms to predict the amount of heat rising from the Earth's interior under Greenland's ice sheet. The machine-learning approach predicted geothermal heat-flux values based on geologic variables, researchers say.
A magnitude 7.1 earthquake centered off the coast of Peru on Sunday caused one death in the town of Yauca and injured at least 20 people, authorities said. The earthquake, which occurred at a depth of 39.3 kilometers in the Pacific Ocean and also was felt in Chile, prompted the US Pacific Tsunami Warning Center to temporarily warn of possible tsunamis for both countries.
The quiet eruption of the Mount Mayon volcano in the Philippines' Albay province has forced the evacuation of almost 15,000 people. Lava is flowing down the crater and ash clouds have formed, leading forecasters to warn of a potentially violent eruption within weeks or days.
Premier Oil is working with Talos Energy and Sierra Oil & Gas to appraise an oil discovery in the Sureste Basin off the coast of Tabasco, Mexico. Premier says the appraisal for Zama -- which may contain 1.4 billion to 2 billion barrels of light oil -- will begin this year or early next year.
BHP Billiton has decided against a second phase of hydrocarbon exploration in two deepwater blocks off the coast of Trinidad and Tobago. While ending the exploration of Blocks 7 and 23b, the Australian company will continue to drill exploration wells in other blocks in the region.
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