Petrofac, the oil and gas services company, played down a lull in its backlog of orders by insisting it was on track to win more business and meet its ambition to double earnings in the five years to 2015.
Private resources companies will soon be allowed access to Russia's vast Arctic oil and gasfields, and the country's tax system will be changed to promote growth in the sector, according to the chief executive of Lukoil.
Oil production in the North Sea experienced a stark decline in 2011, according to industry body Oil & Gas UK (OGUK). OGUK estimated an 18% fall in North Sea production in 2011 compared with an average 6% decrease over the last five years.
One of the main conclusions of the US government report into BP's devastating spill in the Gulf of Mexico was that other countries with strong offshore oil industries such as Britain had better regulatory systems.
Lawyers representing 11,000 Nigerians will on Friday serve the details of a claim against Royal Dutch Shell at the High Court after negotiations about compensation for two oil spills in the Niger delta fell apart last week.
Bowleven, the Cameroon-focused oil explorer that was subject to an abandoned approach by Dragon Oil, insisted it can go it alone in funding an oil and gas project costing more than $900m after its interim losses narrowed.
Weir Group sank 4.7 per cent to �19.39 after Citigroup turned negative on the pump-maker. Citi was concerned about limited growth from Weir's oil and gas business for the next two years and that profit margins would fall back in line with Weir's peer ...