Statoil, the Norwegian national oil company, has begun a two-year drilling programme in Arctic waters to determine the potential of Norway’s share of one of the world’s few remaining unexplored oil prospects.
It also hopes to co-operate with Russian companies such as Gazprom to find oil and gas further into the Arctic, including areas disputed between […]

Australian mining giant, BHP Billiton says it has acquired a 40% interest in 14 offshore exploration and production licenses in the Falkland Islands in the South Atlantic.
The 14 production licenses cover approximately 18 million acres located in water depths ranging from approximately 200 to 2,000 meters. BHP Billiton is the designated operator, starting in […]

The Arctic rush is well and truly on. Hot on the heels of Russia and Canada, Denmark has now started a new polar expedition to explore the region.
The aim is to gather data showing whether there is a basis for a possible future Danish claim to parts of the Arctic. If evidence is found to […]

China’s oil giant, PetroChina is planning to raise $6 billion in a listing of new shares in Shanghai, to finance oil exploration and overseas acquisitions.
The company has also recently announced a couple of significant discoveries. Last month PetroChina, which invested $19 billion in 2006, announced a big discovery in Bohai Bay, an oilfield with more […]

The head of US oil giant ConocoPhillips has said that “vast new areas” will have to be opened up to meet a projected 40 per cent growth in demand for oil in just over two decades.
Chairman and chief executive James Mulva said: ‘By 2030 we would have to bring on line 105 million barrels a […]