Just days after outlining its business strategy BP is offering a massive $7 billion in cash to buy Devon Energy’s deepwater assets.
In a broad-ranging deal, BP will pay Devon Energy $7 billion for assets in Brazil, Azerbaijan and the US deepwater Gulf of Mexico.
Interestingly the deal also involves extraction of the oil sands. BP will [...]

Tensions are rising rapidly over the imminent oil exploration around the Falklands.
Yesterday Argentina accused Britain of “whipping up the spectre of war” after the British Prime Minister Gordon Brown, insisted the Falkland Islands were being properly protected to allow oil and gas exploration.
“We have made all the preparations necessary to make sure the Falklands Islands [...]

Whilst international attention has focussed recently on the ecological and climatic impact of the tar sands, another heavy oil boom is happening which is equally important.
Just three years after a spate of nationalisations in the heavy oil belt of Orinoco, Venezuela has once again signed deals with foreign companies that require investments of up to [...]

There has been a growing movement amongst communities from the South that are affected by oil exploitation to keep the “oil in the soil.”
Campaigners from both Nigeria and Ecuador have long mooted the idea, and so have some governments.
For the last two years Ecuador’s President Rafael Correa has proposed that his government should be paid [...]

The Bolivian government has taken full control of a key gas pipeline company after talks with the foreign firm that held a controlling stake broke down. It is the latest move in the Bolivian president’s recent effort to nationalise key industries.
President Evo Morales said Transredes had been seized after US company Ashmore Energy International failed [...]