Schlumberger Ltd announced that its shares jumped Friday after the oilfield services provider said its second-quarter profit rose 13 percent and issued a bullish outlook. Analysts praised the results. The stock rose $4.72, or 4.9 percent, to $101.50 in late-morning trading.
The Houston-based company said high oil and natural gas prices led to heavier spending [...]

Natco Group Inc, An oil services company, said Wednesday is has received a $24.9 million contract to provide membrane technology for an oil field off the Libyan coast. As part of the deal awarded in May, the company will supply a Cynara membrane system to capture carbon dioxide for re-injection into Bouri, Libya’s largest offshore [...]

Oil prices dropped sharply after China said it will raise fuel prices, a move that could dampen its booming oil consumption.
Crude-oil prices also were given a downward push by the Iraqi Oil Ministry’s announcement that it is close to signing oil service deals with several major Western oil companies in an effort to boost crude [...]

A Lehman Brothers analyst raised his price targets on 37 companies in the oil services and drilling sector, seeing a strong recovery in 2008 and 2009 for North American natural gas drilling along with significant international growth over the next few years.
Analyst James Crandell’s top picks in the sector are Weatherford International Ltd., Halliburton Co., [...]

Shares in UK natural gas producer BG Group Plc jumped nearly 6 percent as investors started betting on the potential size of the Carioca oil discovery in Brazil after the chief of the country’s petroleum agency revealed the site could be holding around 33 billion barrels of oil equivalent, making it one of the world’s [...]

Australian oil firm AED Oil Ltd AED.AX, whose shares were hit earlier this year on claims it had overdue debt, said it was considering offers from a number of unnamed parties over the sale of some of its assets.
Trading in its shares will be halted for two days, during which it said it expects [...]

Venezuela, which this week announced plans to nationalize 18 oil rigs operated by international companies, wants to establish a Latin American oil and gas drilling corporation.
Such a company would give Petroleos de Venezuela and other Central and South American oil companies an alternative to North American rig operators, seismic providers and service firms, Bernardo [...]

Wavefront Energy and Environmental Services Inc. (”Wavefront”), a leader in technology development and implementation for improved oil recovery and optimized groundwater remediation is pleased to announce that it has reached a licensing agreement with Gas and Oil Enhancement Tools, LLC a Phoenix, Arizona company (”GOET”) for a secondary oil recovery method based on seismic wave [...]

Petroleum Geo-Services ASA , announced that Mr. Anthony Tripodo has resigned from the Board of Directors effective from February 1, 2007, due to his recent appointment as Executive Vice President and Chief Financial Officer of the oil services company Tesco Corporation. Tesco is a global leader in the design, manufacture and service of technology based [...]

General Electric agreed Monday to buy a drilling equipment maker, Vetco Gray, for $1.9 billion as dwindling oil and gas reserves prompt energy companies to increase their investment in opening new fields.
GE will gain 5,000 employees in more than 30 countries by acquiring Vetco from 3i Group, JPMorgan Partners and Candover Investments. The acquisition will [...]