A merger between world’s largest oilfield services company Schlumberger and Russian drilling contractor Eurasia Drilling will have to wait some more.

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 that remains severely bruised by the oil price slump.

President of Venezuela Nicolas Maduro says his country has reached an agreement with Russia, which will see investment of $14 billion in the oil and gas sector over the next few years.

Seadrill, one of the world’s largest drilling contractors, today said that the drillers’ market outlook remains bleak for the remainder of 2015, possibly extending throughout 2016 as well.

Ithaca Energy Inc.

A new report released today has revealed that North Sea oil and gas workers believe that they have little or no protection from losing their jobs following the collapse in wages and working conditions blamed on the current downturn.

Saudi Arabia's demand for oil products could increase by up to 20 percent this summer from last year as soaring temperatures stoke demand for power generation, but new refineries will limit the need for imports, traders and analysts said.

Businessman Sir Ian Wood is to donate £4.

Premier Oil has announced an oil discovery at the Isobel Deep exploration well 14/20-1 in the North Falkland Basin, offshore the Falkland Islands, approximately 30km south of the Sea Lion field.

Singapore’s COSCO Corporation has delayed the delivery of two platform supply vessels (PSVs) originally scheduled for delivery in early 2014 until June 30, 2016.