Russia's state oil giant Rosneft, offered to buy Yukos's assets in southern Russia for 4.9 billion rubles ($190 million) after regulators blocked the company of a May auction from acquiring them.

The world still has enough proven oil reserves to provide 40 years of consumption at current rates, in spite of a small fall last year, according to the BP Statistical Review of World Energy.

Shell Petroleum Development Company denied on June 12th an alleged plan to stop oil exploration in the Niger Delta.

Kodiak Energy, Inc. (OTCBB:KDKN), is pleased to announce that initial work has started on the planned seismic program for the New Mexico properties.

Norwegian state oil and gas company Statoil, in partnership with the Norwegian Ministry of Fisheries and Coastal Affairs, has supplied Russia with three oil spill response systems.

Leading oil and gas industry professionals all across the world brainstormed on the challenges facing the industry in the nearest future on 21st -22nd May 2007 at Global Oil & Gas Expansion Congress, which took place at the Le Medirien in Dubai.

The 10 members of the Organization of Petroleum Exporting Countries (OPEC) bound by the group's output agreements produced an average 26.64 million barrels per day (b/d) in May, a Platts survey showed June 8. This is an increase of 70,000 b/d from April's 26.57 million b/d and is above the group's production targets.

Hong Kong stocks erased early gains on Tuesday, June 5th, as a further sell-off in mainland equities hit China plays, but oil producers marched higher amid advancing crude prices and recent broker upgrades.

BP Russian venture TNK-BP is likely to lose its license for the giant Kovykta gas project, although the Russian government could postpone the tough action until after the G8 Summit and its landmark economic forum.

Chinese and Egyptian officials on Wednesday laid foundation stone for a joint project to manufacture oil drills, which is the first land oil rigs plant in the Middle East region.

Norway's state oil giant Statoil ASA had a net income of NOK 7.8 billion in the first quarter of 2007, compared to NOK 10.8 billion in the first quarter of 2006.

On May 29th Sociedade Nacional de Combustíveis de Angola (Sonangol) and BP Exploration (Angola) Limited announced that the 'Cordelia' oil discovery in ultra-deepwater Block 31, offshore Angola.