Exxon Mobil and ConocoPhillips have decided to abandon their heavy crude oil projects in eastern Venezuela rather than cede majority ownership and operating control to the government. Yesterday was the deadline set by President Hugo Chavez for the six foreign...
The Americans move out and the Chinese move in. The day after Exxon and ConcoPhillips pulled out of heavy oil projects in Venezuela, the China Petrochemical Corp, known as Sinopec, the nation's second-largest oil producer, is in talks to drill...
Nigeria's new vice president visited hotspots in the Niger Delta yesterday in a bid to build confidence ahead of expected talks with local militants who have disrupted oil output and abducted foreign workers. Goodluck Jonathan was likely to visit impoverished...
McDonald's has long faced criticism over its environmental record: from excess packaging to allegations that its beef is grown on ex-rainforest land in Latin America. But now, the company is hitting back. In the UK, McDonald's has announced that the...
Can nothing go right for BP? Yesterday the company said it will shut down production of 100,000 barrels of Alaskan oil for a few days, after discovering yet another leaky pipe at a processing facility. Some 400,000 barrels of oil...
The already jittery oil price has risen even further after Nigeria's powerful oil unions began a strike yesterday at the state-owned oil company, the Nigerian National Petroleum Company as well as the Petroleum Ministry. They are also threatening to target...
US House of Representatives Speaker Nancy Pelosi has urged President George Bush to compromise with other G8 countries to fight climate change at the G8 summit next week. Pelosi and a bipartisan delegation of congressional leaders have just visited Greenland...
BP has secured a $900m (£455m) gas exploration deal with Libya, in a sign of Tripoli’s transformation from pariah to attractive investment destination for UK and US companies. Tony Hayward, BP’s new chief executive, described the agreement as the group’s...
Exxon's CEO, Rex Tillerson, has said that rising costs to build pipelines to exploit Arctic natural gas from Alaska and Canada could soon be uneconomic. Tillerson said that the cost estimate to build a gas line from Canada's Mackenzie Delta...
Democratic presidential hopeful John Edwards has called for a federal investigation into possible antitrust violations by the oil industry and criticized oil companies for raising gas prices. "There's absolutely no justification for the gas companies to be as profitable as...
