A South Korean energy development consortium said on Thursday, May 31st, that it has found a potentially huge offshore oil deposit in Russia's Kamchatka region.

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.

BP's single biggest exploration commitment," says BP group chief executive.

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

Iraq's new oil law should be passed in the next two months, the country's oil minister said on Friday, pushing back the timetable for passing the key legislation from a hoped-for end-May.

Japanese oil firm Nippon Oil Corp. said on Thursday, May 24th that it has begun development of an oil field offshore Vietnam.

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.

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.

Gulf Finance House & Kuwait Investment Company launch US$395 million private placement for Energy City project in India

On May 18th, CNOOC Limited (the Company) announced that it had successfully brought on stream Wei Zhou (WZ) 11-1, an independent oilfield in the Western South China Sea. Currently the new field has one well producing over 2,100 barrels of oil per day.

Indonesia, Southeast Asia's biggest oil producer, will change the formula it uses to price the country's crude exports starting July to help boost revenue.