BP ($BP) cuts in oil exploration could hurt struggling offshore exploration companies like Transocean ($RIG). UK oil major BP has drastically scaled back the team that looks for more oil...

by Mikael Holter (Bloomberg) Explorers in 2015 discovered only about a tenth as much oil as they have annually on average since 1960. This year, they’ll probably find even less, spurring new fears...

(Reuters) Exploration firms have made a rare run of oil and gas discoveries in recent weeks as more targeted search strategies bear fruit, but they offer little respite to a sector...

Italy and Malta’s prime ministers reached an agreement today for joint oil and gas exploration in the Mediterranean Sea between the islands of Sicily and Malta.

(Bloomberg) Myanmar’s opening to foreign investment has been compared to the fall of the Berlin Wall and the start of an economic growth story to emulate Vietnam. How those views pan out...

For the first time in five years, more than 60 oil companies are set to bid on exploration permits offshore Brazil, taking on risks of drilling in virgin waters.

By Saabira Chaudhuri Chevron Corp. (CVX) has signed petroleum agreements related to three offshore areas in Morocco, a push to expand its footprint in frontier basins. The oil and gas...

The Canada-Nova Scotia Offshore Petroleum Board (CNSOPB) announced late last week that BP and Shell were the successful bidders for exploration licenses offshore Nova Scotia.  These blocks are located approximately...

China and Japan sat down for talks and agreed to jointly develop a natural gas field under the East China Sea, defusing a dispute between Asia’s biggest economies over who owns the reserves. That...

BUENOS AIRES–Uruguay’s government on Friday signed offshore exploration deals with four oil and gas companies that have committed to invest $1.65 billion over the next three years. The companies include...

TRONDHEIM, Norway–Norway Tuesday pushed ahead with plans to award oil and gas drilling licenses mainly in the vital Arctic area, in a bid to open up new sea acreage for...

Chevron Corp. (CVX) said it would join with Kosmos Energy Ltd. (KOS) to explore for oil off the coast of Suriname, as the oil giant seeks an entry into what...

Babcock has successfully completed the first phase of a contract awarded by Shell, to integrate a novel self-stabilizing gangway system onboard the subsea construction vessel MV Island Enforcer, providing pedestrian access...

SYDNEY (Dow Jones)–Australia’s government on Sunday said it has awarded 12 new petroleum exploration permits for off the coast of Western Australia and Victoria state. Among the eight companies to...

The United Kingdom has stated they will share in a large discovery of oil off the coast of the once disputed Falkland Islands.  With royalties from the offshore well discovered by...

LONDON (Dow Jones)–The U.K. has awarded 46 new licenses to explore for oil and gas in the North Sea, the Department of Energy and Climate Change announced on its website...

Oil-drilling activity in the U.S. has accelerated to a pace not seen in a generation as energy companies, oilfield contractors and landowners rush to exploit newly profitable sources of crude....

HOUSTON, Feb. 2, 2011 – Marathon Oil Corporation (NYSE: MRO) announced today a $5.267 billion capital, investment and exploration budget for 2011, consistent with prior guidance and a 9 percent...

For Statoil and Transocean’s crew assigned to the Discoverer Americas, heading to Egypt had always been part of the long term plan, however in this case, the schedule got moved...

Aker Solutions’ new deepwater intervention vessel, Skandi Aker, has today been announced winner of the coveted international “Ship of the Year 2010” award. The award was presented today to Stig...