Tullow Oil shares fell further after it hit a dud oil find, this time in Peru, extending a losing streak that has seen its shares collapse by more than 80% in the last three months.

The bosses of some of the world’s biggest oil companies have discussed adopting much more ambitious carbon targets at a closed-door meeting in Davos, a sign of how much pressure they’re under from activists and investors to address climate change.

The Norwegian government has awarded 28 oil and gas companies a total of 69 offshore blocks to explore for petroleum in mature areas of its continental shelf, the Norwegian Petroleum Directorate said.

Geoff Percival PetroNeft Resources, the Irish oil and gas exploration company, is looking to significantly boost the value of its chief assets this year, ahead of a probable sale of the company at some point.

Crude oil jumped for a second day, the price of gold rose to almost a seven-year high, and European stock markets fell amid the flare-up in tensions between the US and Iran.

Iran has said it has discovered an oil field containing the equivalent of 53 billion barrels, potentially boosting its reserves as the OPEC member struggles to overcome the effects of sanctions on its energy industry.

The Government has said licence applications that have already been approved will be allowed to proceed and will not be included in its planned phased ban on oil exploration in Irish waters.

BP’s profits fell sharply in the third quarter, hurt by lower oil prices, but strong refining operations helped the firm beat expectations even after taking a one-off $2.6bn (€2.3bn) charge linked to asset sales.

The majority of Irish-focused oil and gas companies are still planning to invest in their operations here despite the Government’s intention to phase out oil exploration, more details of which are expected to be released in the near future.

Bernard Looney has been lined up by oil major BP as its next boss, marking the second time this week that an Irish executive has been named as the next head of a British multinational.

One of the country's biggest fuel companies has said motorists can expect petrol prices to rise, starting this weekend.

Oil prices dropped nearly 5% after a top Saudi Arabian source said that production could be fully back on line within weeks, quicker than initially thought following weekend attacks that halved the kingdom’s output.

Under-pressure exploration company Providence Resources has no plans to further develop its newly-created 'green' energy subsidiary for the foreseeable future.

Long-awaited drilling at the Barryroe oil and gas field, off the Cork coast, is unlikely to start until "well into 2020" - more than a year later than initially planned - Providence Resources chief executive Tony O'Reilly Jr has said.

Science shows that while the world is required to find oil into the future, we also need to find ways to reduce our reliance on it, writes Paul Deane.

Providence Resources has said it has received "further assurances" that a $9m (€8m) development loan to fund work at its flagship Barryroe field, off the Cork coast, is "in the process of being paid".

Two Irish exploration companies are at the centre of significant oil finds in South America and Africa.

Irish exploration company Providence Resources has said it will seek financial compensation from the Government should the Dáil pass into law proposed legislation targeting a ban on oil and gas drilling in Irish waters.

Shares in Tullow Oil jumped by a further 4% on the back of the company forecasting slightly higher production levels at a key asset in western Africa.

Oil soared more than 5% higher yesterday after Iran shot down a US military drone, raising fears of a military confrontation between Tehran and Washington.

In a midsummer week that may culminate when — if — the sinister buffoon Boris Johnson becomes the 14th British prime minister of Queen Elizabeth’s near seven-decade reign, it is not hard to argue that politics have failed.

The Green Party and People Before Profit are seeking legal advice over measures the Government has taken to effectively block legislation targeting a ban on oil and gas drilling in Irish waters.

Former Minister for Communications, Climate Action and Environment Denis Naughten is calling on the Government to “pause” the approval of gas and oil exploration licences.

The industry group for offshore drilling firms is warning against moves to ban oil and gas exploration, as an exploratory drilling rig prepares to move into position in the Porcupine Basin off Kerry within days.

Western Europe’s biggest oil producer is, seemingly, falling out of love with oil.

The Government has been urged, by a gas exploration company active in Irish waters, to clarify its long-term position on offshore drilling or risk losing inward investment.

Despite being passed - as a private members' motion - to committee stage last year, the bill has ended up in procedural limbo with the environment committee repeatedly failing to vote on progressing it to the Dáil.

Providence Resources is hoping to start drilling at its highly-rated Avalon prospect, off the west coast, in 2021.

The FTSE 100 rallied on Tuesday led by oil giant BP as the pound weakened and investors shrugged off concerns about eurozone economic growth.

The oil and gas exploration industry could deliver tax revenues of around €11bn to the State and create more than 1,500 jobs per year, the representative body for the sector has claimed.

The price of crude oil tumbled on world markets on a report that US production surged and fuel inventories climbed, but signs that Opec’s plan to drain a global glut is taking hold eased the losses.

Tullow Oil has said its total net production levels could break the 100,000 barrels of oil per day (bopd) mark this year.

British exploration company Europa Oil and Gas has tentatively agreed terms with an unnamed major international oil and gas company to develop a significant portion of its Irish offshore licences.

Noah Browning Oil prices extended gains, supported by hopes that talks in Beijing between US and Chinese officials might defuse a trade dispute between the world’s two biggest economies, while Opec-led supply cuts also tightened markets.

Oil prices fell about 3% yesterday, hitting their lowest in more than a year on worries about oversupply and the outlook for energy demand as a US interest rate rise knocked stock markets.

Irish exploration company United Oil and Gas is “aggressively” looking at new investment opportunities and is targeting a “game-changing” acquisition during 2019.

International exploration company Predator Oil and Gas will, next month, accelerate efforts to land partners to help develop gas assets it holds in Irish waters.

Prospects of a resumption of dividend payments by Tullow Oil have increased with the Irish-founded exploration company forecasting free cash flow, for this year, at a better-than-expected rate of approximately $700m (€618m).

Crude oil notched its longest losing streak in four years as expanding US stockpiles overshadowed supply concerns from the Persian Gulf to Latin America.

On one Kremlin trip, we spotted two Orthodox nuns praying over the tomb of Soviet dictator Stalin. Most Russians suffered under the Vozhd but still utter his name with reverence.

If oil prices head above $100 a barrel, it could shave 0.2 percentage points from global economic growth next year -- but this hinges crucially on the dollar, according to Bank of America Merrill Lynch.

Saudi Arabia’s decision to shelve what was billed as the biggest share sale ever is a major blow to the credibility of Crown Prince Mohammed bin Salman but there are other ways to finance reforms to strengthen the economy, bankers and investors say.

Canadian company Irving Oil have confirmed that it has signed agreements to acquire the Tedcastle group of companies which operates under the brand name Top Oil.

Householders who use central heating oil are exposed to spiralling costs due to Brexit, an industry leader warns.

Oil giant BP is snapping up BHP Billiton US shale gas assets in a $10.5bn (€9bn) deal.

Shares in Tullow rose 3% as its new boss said he was confident legal issues and other factors “suppressing the share price are now all behind us”.