World oil prices eased on Monday (August 13)on concerns about U.S demand in the face of sub-prime mortgage risks.

Shell had made material finds in Australia and Malaysia in the first half of the year, the company said on Thursday, July 26.

British-Russian venture TNK-BP is pressing ahead with a gas utilisation programme as the russian government threatens to punish oil firms for gas flaring, the firm's top executive said on Thursday, July 26.

ConocoPhillips reported a strong second quarter operationally with refining and marketing results benefiting from strong margins, while the upstream segment's results were inline.

BP Plc posted a 1 % drop in quarterly post-tax profit to $6.087 billion as production fell and refinery outages prevented the oil giant from taking full advantage of near-record refining margins.

A major pipeline has broken near a busy port in Canada, spewing thousands of litres of crude oil and causing homes to be evacuated amid safety fears.

ConocoPhillips Co. is prepared to spend billions of dollars on pipelines and refinery upgrades to allow it to process oil sands crude throughout its refinery network stretching to the U.S. Gulf Coast, company chairman Jim Mulva said Thursday.

US oil giant Chevron is likely to to partner with Lagos in the areas of environmental protection, education and infrastructure development.

Norwegian petroleum group Statoil said on Wednesday, July 18, that an appraisal well at the Rosebank prospect northwest of the Shetland Islands struck oil and said it aimed to develop the discovery.

U.S. crude futures gained higher on Monday, extending the more than 2 percent gains in the previous session that were spurred by a surge in Brent crude.

PetroVietnam’s oversea arm, the PetroVietnam Exploration and Production Corp, obtained the deal to drill Block Z-47 in the Trujillo Basin at a tender held last week by Peru’s state hydrocarbons promotion agency Perupetro.

China National Petroleum Corp, will sign a deal to develop a gas field in Turkmenistan during an upcoming visit to Beijing by the Turkmen president, a news report said Friday, July 13.