La Generale Petroliere du Congo, a family-owned exploration company, said it expects the Democratic Republic of Congo’s government to sign an oil production-sharing contract after a tribunal upheld its rights to blocks covering the length of Lake Tanganyika.
Brazilian prosecutors have filed corruption charges against former president Luiz Inácio Lula da Silva, his wife and six others in the sprawling Petrobras kickback scandal, dealing a big blow to the popular leader’s chances of a comeback.
Saudi Arabia is preparing for the end of the oil age by creating a $2trillion investment fund which is set to be ‘the largest on Earth’.
Russia’s defense ministry said on Wednesday it had proof that Turkish President Tayyip Erdogan and his family were benefiting from the illegal smuggling of oil from Islamic State-held territory in Syria and Iraq.
Oil produced from fields under the control of the Islamic State group is at the heart of a new investigation by al-Araby al-Jadeed. The black gold is extracted, transported and sold, providing the armed group with a vital financial lifeline.
Israel has imported as much as three-quarters of its oil from Iraq’s semi-autonomous Kurdish north in recent months, providing a vital source of funds to the cash-strapped region as it fights militants of the Islamic State of Iraq and the Levant (Isis).