After 20 years of isolation, Libya has become the new “destination of choice” for oil companies trying to find new reserves. "It's a race for our black gold," president of the National Oil Company Shukri Ghanem said. "We are organising...
China Petroleum & Chemical Corp - better known as Sinopec – has signed a $3.5 billion contract with Saudi Aramco and Exxon Mobil for a refinery in southern China's Fujian province. The refinery in Quanzhou will have a crude refining...
A Saudi Arabian terrorist group affiliated with Al Qaeda has urged Muslim militants to attack oil facilities worldwide, including in Canada, Mexico and Venezuela, to stop the flow of oil to the United States. Al Qaeda in the Arabian Peninsula...
Just as Exxon Mobil posted the largest annual profits by an American company of just under $40 billion, the dark side of oil was exposed again. Eighteen years on, a new study by US government scientists has found that crude...
German Chancellor Angela Merkel called upon all countries to join a binding post-Kyoto settlement on cutting greenhouse gases when she opened the World Economic Forum in Davos yesterday. She said that the two greatest challenges facing the world were climate...
On Wednesday the EU Commission will vote on whether to impose tough new CO2 emission limits for new motor vehicles. In a predictable response, European carmakers are warning that jobs will be lost and their brands will “suffer†if strict...
Here's one that few saw coming: According the International Energy Agency as reported by the Wall St. Journal (subscription), developed country consumption of oil dropped .6% in 2006. According to the Journal: "Though the decline appears small, it marks the...
BP is coming under fresh pressure to relinquish control of one of its most valuable assets in Russia after Kremlin officials confirmed they would conduct an aggressive audit of its giant Kovykta natural gas field, run by TNK-BP. Inspectors allege...
The Persian Gulf states need to pump $523 billion over the next 25 years in exploration and production to meet a steady growth in global demand, according to the Abu Dhabi-based Emirates Centre for Strategic Studies and Research in a...
Saudi Arabia's growing fear of Iranian influence in the Middle East may driving the world's largest crude oil exporter to prepare a more aggressive long-term political oil strategy that would counter the Iranian ascendancy. According to Dow Jones, “under a...
