President Susilo Bambang Yudhoyono of Indonesia has said that his country was considering quitting OPEC because it was no longer a net oil exporter.
“Our wells are drying,” he said in a nationally televised speech, adding that the country needed to concentrate on increasing domestic production, which has dropped to less than a million barrels a day […]

BP looks set to win a controlling stake in Pakistan State Oil (PSO) in a deal worth around $600 million.The Pakistani Government owns 54 per cent of PSO and is selling 51 per cent stake in the group, leaving 3 per cent in government hands.
BP has been competing with Petronas, the Malaysian oil and gas […]

Although the United States and EU have imposed economic sanctions on Burma (Myanmar) in recent years as a result its appalling human rights record, this has not stopped oil companies investing in the country.
Two little-known foreign companies have signed a deal for offshore oil and gas exploration with the state-owned Myanmar Oil and […]

Since May 2006, a massive mudflow in Sidoarjo, East Java, Indonesia has left at least seven people dead, swallowed several villages, displaced 15,000 residents and destroyed 20 factories, all resulting in economic stagnation in the region. On Thursday, Indonesian police investigating the mudflow have pointed to poor management of oil drilling operations as the cause […]

Leaders at an East Asian summit have signed an agreement to promote energy security and find alternatives to conventional fuels. The agreement was signed by 10 South East Asian nations, China, Japan, New Zealand, India, S Korea and Australia.