Lawmakers passed legislation on Friday intended to regulate Uganda's nascent oil industry, but critics say it gives too much authority over the industry to the nation's energy minister.
State-owned oil giant Saudi Arabian Oil Co., known as Saudi Aramco, plans to invest $35 billion over the next five years in crude oil exploration and development in a bid to keep its oil production portfolio robust, ...
BP PLC expects to start next year deep-sea drilling work off the coast of Libya, as the U.K. oil giant resumes it $2 billion exploration program halted by the rebel overthrow of Col. Moammar Gadhafi's regime last year.
South Sudan hopes to resume oil production in September after reaching an interim agreement with Sudan on oil export fees, but it may take a year to return to full capacity, its top negotiator said on Tuesday.
Increased oil revenues have allowed Iraq to add around $9 billion to its 2012 budget bringing the total budget for the year to above $110 billion, a government spokesman said Tuesday.
South Korea said Tuesday that it will halt all Iranian oil imports from the start of July in response to a European Union insurance ban on tankers carrying crude from Iran.
Egypt's Industrial Development Authority is examining proposals from several investors worth EGP 48 billion for developing downstream oil and gas projects including refineries and petrochemicals production.