A shale formation stretching North Dakota and Montana may have an estimated 3 to 4.3 billion barrels of technically recoverable oil, according to a U.S. Geological Survey assessment.
Known as the Bakken Formation, the find would make the recoverable oil in North Dakota and Montana the largest U.S. oil reserves outside Alaska.
The recently released assessment shows [...]

There’s a saying in these parts: Where oil flows, a city grows.”
Yet more than just oil and gas is fueling a recent growth spurt for the southeastern New Mexico town, whose 2,700 residents have begun to feel the initial impact of a $1.5 billion uranium enrichment plant going up nearby. Situated on 640 acres just [...]

Addax Petroleum Corporation has announced flow test results for the TT-05 well, the second appraisal well recently drilled on the Taq Taq field by Taq Taq Operating Company, the joint venture company formed by Genel Enerji A.S. (”Genel”) and Addax Petroleum to carry out the petroleum operations in the Taq Taq license area.

The oil ministry on Monday offered oil companies a record 48 exploration licenses for 85 offshore blocks, most near existing fields that Norway hopes will stimulate future production.
Norway, the world’s third largest oil exporter after Saudi Arabia and Russia, began offering unexplored blocks near existing, or mature, finds in 2003 in what it calls Awards [...]

Crude oil fell more than 2 percent in New York, the biggest drop in six weeks, as mild U.S. weather curbs heating-fuel consumption.
Home-heating demand in the Northeast, the region responsible for 80 percent of U.S. heating-oil use, will be 26 percent below normal through Jan. 2, said Weather Derivatives, a forecaster in Belton, Missouri. Natural [...]

Victoria Petroleum has plans to drill ten wells over the next six months in its core South Australia and Queensland Cooper Basin permits.
Starting in early December 2006, the first of these the ten wells, Wirraway-1, will commence drilling in South Australian permit PEL 104, four kilometers from the recent Growler-1 oil discovery, testing the Wirraway [...]

CanArgo Energy Corporation (”CanArgo”) (OSE: CNR) (AMEX: CNR) today announced that its wholly owned subsidiary company Ninotsminda Oil Company Limited (NOC) signed a gas sales agreement for the supply of gas from the Ninotsminda Field in Georgia. CanArgo also gave an update on its operations in Georgia.
Gas Sales Agreement
All gas produced from the Ninotsminda Field [...]

Uganda’s Minister of State for Mineral Development Dr Kamanda Bataringaya has said his country could produce up to 4,200 barrels of oil per day.
Radio Uganda Friday cited the minister as saying that there had been positive indications that Uganda’s oil flow could be higher that previously expected, following the discovery of what appeared to be [...]