Petroleo Brasileiro or Petrobras, the state oil company, said it is discussing "strategic cooperation" with Chinese petrochemical giant Petrochina.

Oil Refineries Ltd. (TASE: ORL.TA) (the "Company"), Israel's largest oil refiner, has announced that as a Quorum was not present at the Company's Extraordinary General Meeting due to be held on May 28, 2007, the Extraordinary General Meeting ("EGM") has been deferred to June 4, 2007, 09:00 am, at the Company's offices at 7 Aba Hillel Silver Street, Ramat Gan, Israel.

Vangold Resources Enters Into Exclusive Petroleum Exploration Production Sharing Agreement in Armenia.

British Petroleum said on May 23rd it will shut down 100,000 barrels of Alaskan oil production for a "few days" after discovering a leaky pipe at a processing facility.

Xinao Group, the parent of Hong Kong-listed Xinao Gas Holdings Ltd, is in talks with firms in Australia, the Philippines and Saudi Arabia to import natural gas, a company official said.

There is continuous coordination between Iran and Iraq in OPEC to control the price of oil, Iraqi Oil Minister Hussein Shahristani said in an interview with the Mehr News Agency on Tuesday, May 22nd.

In oil-rich outheastern Nigeria there is a panic in the management bodies of multinational oil companies amid the increasing abduction and pipeline destruction cases this month.

Iran granted Belarus greater access to oil reserves as the presidents of the countries, both at odds with the United States, met Monday.

Russia's government approved on May 22nd a plan to build a new pipeline to transport oil from the main pipeline that supplies oil via Belarus to the European countries.

Chevron Corp. will sell its 11.5 percent stake in Houston power plant operator Dynegy, citing the changing relationship between the two companies and Chevron's need to focus on its main businesses.

Australia's largest oil producer BHP Billiton Ltd need time to evaluate the future of its proposed California natural gas-import facility after Governor Arnold Schwarzenegger rejected the project.

Asia's top oil and gas firm, PetroChina Co. Ltd., said it had appointed Jiang Jiemin as the chairman of its board of directors.