As oil becomes scarce, the world needs new transportation fuels. As new fuel options develop we need means of assessing which are most effective at replacing petroleum. So far many scientists have used a measure called ‘net energy’.

A Moscow court has refused to order the seizure of securities held by private oil group RussNeft, the head of the court's press service said Monday, August 6, RIA Novosti reported.

SPC enhances exploration with acreage in China

The Board of Directors of Singapore Petroleum Company Limited ("SPC" and the "Company") is pleased to announce that the Company has through its wholly-owned subsidiary, SPC E&P (China) Pte. Ltd. ("SPC E&P China") entered into a Production Sharing Contract ("PSC") with China National Offshore Oil Corporation ("CNOOC") for Block 26/18 (the "Block"), subject to final governmental approvals. SPC will operate the Block with a 100% participating interest.

Oil prices retreated in early Singapore trade Monday (August 6) as investors took profits after the market's record run last week, dealers said.

Global economic growth and political turbulence were the reasons for rising oil prices, while OPEC continues to work for a balanced market, a Kuwait oil ministry official said in remarks published yesterday, Kuwait Times reported.

Lithuania said it was not afraid that Russia's reduction of gas supplies to Belarus would affect Lithuania.

Marathon Oil Corporation (NYSE: MRO) today (July 31) announced it has reached agreement to purchase Western Oil Sands, Inc. (TSX: WTO) in a transaction valued at CDN$6.5 billion (USD$6.2 billion, based on July 27 noon exchange rate).

Venezuela is planning to sign an agreement with Russia’s private oil giant Lukoil on joint oil recovery by the end of the current year. President Chavez held a conversation with Lukoil representative in Venezuela Sergei Sipunov in a live television broadcast.

Norway's state oil company Statoil ASA posted second quarter pretax profits at the top end of analyst expectations, boosted by slightly higher-than-expected oil and gas production during the quarter.

Royal Dutch Shell is to continue preparatory work on a $10 billion natural gas project in Iran, despite calls from leading U.S. pension funds to withdraw, SHARECAST reported from London on Thursday, July 26.

The Philippine National Oil Co. (PNOC) sold a majority stake in its geothermal subsidiary and now starts the full privatization of its oil and gas exploration arm, PNOC-Exploration Corp.

U.S. average retail gasoline prices fell 17 cents per gallon as Midwest refiners recovered from recent difficulties and produced more gas, according to an industry analyst.