The country’s oil industry has undergone major shifts and two waves of nationalization since its first well started pumping in 1914.
Category: Drilling and Boring
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Chevron’s Boss Says the World Will Need Oil for a ‘Long, Long Time’
Mike Wirth, who has seen many booms and busts over the more than 40 years he has been with the energy giant, said that “when the world stops using oil and gas, we’ll stop looking for it.”
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U.S. Oil Companies Are ‘Battening Down the Hatches’
The industry is bracing for the OPEC Plus oil cartel’s meeting on Saturday, which is widely expected to further increase oil production despite weak demand.
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Doug Burgum Is Confirmed by Senate as Interior Secretary
The former governor of North Dakota is promoting President Trump’s “energy dominance” agenda and wants more oil, gas and mining on public lands.
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Trump’s Energy Policies May Be a Mixed Bag for Oil Companies
The president-elect has promised to make it easier to build energy infrastructure and secure drilling leases. But higher production could hurt prices and profits.
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Saudi Aramco Abruptly Drops Plans to Expand Oil Production
The pullback, at the behest of the Saudi government and made with little comment, probably reflects a more subdued outlook for demand of Saudi Arabia’s oil.
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Occidental Is Latest Oil Company to Buy a Smaller Producer
The oil company said it would buy CrownRock, a smaller producer, for $12 billion just weeks after Exxon Mobil and Chevron announced acquisitions.
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Surging U.S. Oil Production Brings Down Prices and Raises Climate Fears
American oil production is hitting record levels, delivering economic and foreign policy benefits but putting environmental goals further out of reach.