The Iranian authorities announced yesterday their decision to join the Nabucco pipeline project.
The project is intended to pump 20-30 billion cubic meters of natural gas annually from Central Asia under the Caspian Sea, then through Azerbaijan, Turkey, Bulgaria, Romania, Hungary and Austria.

Anadarko Petroleum Corp. on Tuesday raised its full-year 2008 production guidance and its capital budget.

The polar bear stands in the way of US plans to start sell-off of oil and gas drilling rights in Alaska.

Chinese Academy of Sciences (CAS) and China Petroleum & Chemical Corporation (Sinopec), the 3rd largest oil refiner in the world, inked an agreement for comprehensive strategic cooperation on in Beijing, Jan. 23. Sinopec President Wang Tianpu and CAS Vice President Shi Erwei were present at the event to witness the event.

According to Transeuro Energy's recent drilling update on Armenia, which explores natural gas in Armenia, "a potential hydrocarbon gas zone was encountered between 950m and 1,150m with elevated values of methane, ethane, propane and butane identified on the mud log."

Iran has proposed that Russia's largest independent crude producer LUKoil [RTS: LKOH] expand its participation in oil and gas projects in the Islamic Republic, the LUKoil press office said on Thursday.

What do video games and seismic explorations have in common" Both require very demanding computer applications that call for the ability to process massive quantities of data rapidly. Using computer technology originally co-designed by IBM for video-game consoles, University of Houston seismic researchers are employing this extremely fast technology to more effectively target oil reserves.