Venezuela’s state oil firm PDVSA has started drilling after taking over operations of US oil major ConocoPhillips’ (NYSE:COP) Corocoro project, according to a PDVSA statement.
Conoco so far has not accepted government terms for continuing in PDVSA-dominated joint venture deals in the South American country.
PDVSA did not specify whether it was referring to Corocoro Este or [...]

China, which is aggressively seeking overseas energy assets to fuel its booming economy, said Sunday that one of its biggest conglomerates has bought the Kazakhstan oil assets of a Canadian company for $1.91 billion.
China’s CITIC Group bought the oil assets of Canada’s Nations Energy Company Ltd. and granted KazMunaiGas, Kazakhstan’s state-owned oil company, an option [...]

Energy ministers from the U.S., China, India, Japan and South Korea are gathering in Beijing Saturday for a meeting aimed at boosting China’s influence over key energy markets while alleviating worries over its huge and growing appetite for oil.
The talks, hosted by China’s top economic planner, Ma Kai, are part of a broad diplomatic offensive [...]

Chinese conglomerate CITIC Group has agreed to pay 1.9 billion dollars for Canada-based Nations Energy’s oil assets in Kazakhstan, the companies said.
State-controlled China International Trust and Investment Corp has so far only had limited exposure to the oil business, but the Kazakhstan foray could potentially prove a lucrative deal for the sprawling group, observers said.
“It’s [...]

Flair Petroleum Corporation (PINK SHEETS: FPMC) reports that it has entered into an agreement which gives the Company the exclusive right to acquire a 100% working interest in leases consisting of in excess of 1000 acres in the Asphalt Ridge Tar Sands deposit from the surface down to 1000 vertical feet, located in the prolific [...]

Sinopec, China’s second-biggest oil company, agreed to buy an oil-producing unit of a venture controlled by BP Plc, the Asian nation’s first significant asset in Russia.
The sale of OAO Udmurtneft will be completed in “the near future,” TNK-BP said today in an e-mailed statement. The value of the transaction wasn’t disclosed. The unit is worth [...]

China Shenhua Group will transfer more coal and oil assets to its listed arm, Shenhua Energy Co. Ltd. , and plans to float domestic A shares in three to five years, the China Securities Journal reported on Friday.
The group was building eight coal liquefaction plants in four northern provinces to win 30 million tonnes of [...]