One of the largest onshore oilfields in Australia is believed to have been discovered in South Australia's far north. It is located in the Cooper Basin near the border with Queensland.

Belarusian President Alexander Lukashenko says he has signed a deal with Iran to jointly develop an oil field in the Islamic Republic. Mr. Lukashenko announced the deal Monday in Minsk, following talks with visiting Iranian President Mahmoud Ahmadinejad. The leaders gave no details of the project at the Jofeir oil field.

Boosting its status as one of the top oil producers, China has struck its biggest oil discovery in four decades in Bohai Bay having a reserve of one billion tonnes or about 7.35 billion barrels.