ON 5TH May, ARKeX signed a long term agreement in Algiers with Sonatrach, the state oil company of Algeria, in the presence of Monsieur Chakib Khelil, the Minister of Energy and Mines.

UK-BASED OIL explorer Heritage Oil agreed to merge with Genel Energy International, a unit of Turkeys Cukurova Group CUKRO.UL, to create an oil producer focused on Iraqi Kurdistan worth around US$5.5bn.

FIRST AUSTRALIAN RESOURCES (FAR) and Shell Exploration Company have agreed to conduct an exploration program in the Sangomar Offshore, Rufisque Offshore and Sangomar deep Offshore Blocks off the coast of Senegal.

MAUREL & PROM HAS announced a fresh oil discovery in Gabon as it posted surging 2008 profits and reaffirmed plans to buy up assets made cheaper by a sharp drop in oil prices. "We are looking at farm ins, or partnerships in another companys oilfield,” chairman Jean-Francois Henin.