China makes second foray into oil sands.
In the biggest display to date of China's keen interest in Canada's vast oilsands resources, pipeline giant Enbridge Inc. and PetroChina announced a preliminary deal Thursday to anchor a new $2.5-billion oil pipeline on the West Coast.
Venezuela Seeks to Change 32 Oil Contracts.
Venezuela, the largest oil producer in South America, plans to force ChevronTexaco Corp., ConocoPhillips and other companies to convert contracts covering 32 fields into joint ventures with the state oil company so the country can earn more from petroleum sales.
RUSSIAN OFFICIAL EXPLAINS NEW RULES FOR MINING THE NATION'S STRATEGIC RESERVES.
Specifically, Stepankov spoke about restrictions to be placed on foreign access to Russia's mineral wealth.
Indonesia, a net importer of oil?
Indonesia has failed since early 2002 to meet its output quota, currently at 1.425 million barrels a day, from OPEC.
Meanwhile, Exxon may stall development of Cepu, Indonesia's largest untapped oil deposit, for a fourth year because the state oil company, Pertamina, is demanding a bigger stake before extending a project license.
[Indonesia is an OPEC nation, by the way.]