US President George W Bush is renewing his push to overturn a ban on drilling for oil off America's coastlines.

China is maintaining its position that it does not support actions against Iran that "undermine normal trade and economic cooperation." Even as the United Nations maneuvers toward a vote on expanded sanctions against Iran - which Beijing has reportedly approved - China's main offshore oil and gas company is reported to have signed a $16 billion deal to develop an Iranian gas field. VOA's Stephanie Ho reports from Beijing.

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."

A top adviser on foreign economic policy to U.S. Secretary of State Condoleezza Rice encouraged Russia on Wednesday to give foreign companies a bigger role in developing its vast but remote oil and gas reserves in the Arctic and Eastern Siberia.