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Deepwater Horizon oil spill: BP reaches $7.8-billion settlement

March 3, 2012 07:40
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BP is still expected to have to pay tens of billions of dollars on top of the settlement in fines and claims from the federal, state and local governments.

Keystone XL pipeline to move forward in US south

February 27, 2012 20:34
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Keystone XL oil pipeline company, TransCanada Corp., said Monday that it would begin building the southern portion of its controversial project.

Xena: Warrior Princess actress arrested for Greenpeace stunt

February 27, 2012 18:07
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"Xena: Princess Warrior" actress Lucy Lawless was arrested in New Zealand Monday along with six other Greenpeace activists after occupying an oil-drilling ship.

South Sudan halves budget after oil shutdown

February 20, 2012 21:54
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South Sudan government officials announced Monday that they would cut government spending by half just weeks after halting the oil production.

TransCanada to seek Keystone XL permit

February 14, 2012 19:58
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TransCanada Corp. said that it plans to reapply for a presidential permit for the delayed Keystone XL pipeline "in the near future."

Falkland Islands in dispute over oil reserves

February 8, 2012 07:53
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Now, with the recent discovery by a British energy company of major oil reserves in the waters off the islands, the dispute has taken on a new urgency.
February 3, 2012 11:46
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Uganda News: Tullow Oil to invest in Uganda's oil industry

Tullow Oil signs a new production sharing agreement with Uganda's government.
Tullow oil uganda 2012 2 3Enlarge
Tullow Oil has signed a deal with Uganda. Here, Tullow Oil company technician Joachim Vogt (L) describes the properties of the oil discovered on an offshore oil platform off the coasts of the French overseas department of Guiana. (Jody Amiet /AFP/Getty Images)

NAIROBI, Kenya — Months of unseemly wrangles have delayed Uganda's much-touted oil production but now it is set to begin.

More from GlobalPost: South Sudan halts oil production as talks falter

Tullow Oil, a spectacularly successful oil exploration company that has discovered large reserves in Uganda and Ghana in recent years, says that it has signed production sharing agreements with Uganda's government paving the way for a $10 billion investment in the country's nascent oil industry.

More from GlobalPost: Uganda News: Kampala traders protest interest hike

The next step will be for Tullow, a relatively small company (in the multi-billion dollar world of oil), to finalize its new partnership with France's Total and China's CNOOC that will enable the building of a refinery and an export pipeline from the Lake Albert oil fields.

It is estimated there may be as much 2.5 billion barrels of oil, enough crude to supply all of Uganda's domestic needs with more left over for export to neighboring countries.

More from GlobalPost: Uganda: New front in war on corruption

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European Union agrees to Iran oil sanctions

News DeskJanuary 23, 2012 06:41
EU foreign policy chief Catherine Ashton said sanctions were designed to "try and make sure that Iran takes seriously our request to come to the table."

Nigeria fuel strike ends after Goodluck Jonathan cuts gas prices (VIDEO)

News DeskJanuary 16, 2012 12:41
In a televised address to the nation, Jonathan said his government had approved the gas to be reduced to 97 naira (about $0.60) a liter, "given the hardships being suffered by Nigerians."

Nigeria: Fuel strike protests suspended for weekend talks

News DeskJanuary 13, 2012 14:02
Today is the fifth day of a general strike in Nigeria over fuel prices, which have risen dramatically since the government eliminated a fuel subsidy.
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