WASHINGTON (AFX) – An internal BP PLC memorandum obtained by a Senate panel investigating gasoline price spikes across the US shows that oil companies believe it is advantageous to depress stocks in order to raise prices, according to Democratic Senator Carl Levin. An 11-month investigation by the Senate Governmental Affairs Committee’s Permanent Subcommittee on Investigations,...

The Ceylon Petroleum Corporation intends to resume oil exploration off the north-west coast in waters near India this year. “We are likely to go for open bidding before the end of the year for blocks off the west coast,” chairman Daham Wimalasena told the Sunday Times. The last time the CPC went prospecting for oil...

Australia’s Carnarvon Petroleum NL has released the results of recent well tests at Thailand’s onshore Wichian Buri oil field. In March, it carried out tests to determine the potential for increasing oil production from the wells drilled last year. The wells have not achieved their anticipated potential and tests were carried out to gain an...