-- Japex investments seek to double reserves Japan Petroleum Exploration Co (Japex) plans to invest ¥240 billion over the next 5 years to double reserves to 350 million boe by March 2013 from 170 million bbl of crude at the end of March 2007.
-- OVL looks to sell equity in Vietnam oil blocks ONGC Videsh Ltd. (OVL), the overseas arm of India's state-owned Oil & Natural Gas Corp., plans to sell 30-40% equity in each of two oil blocks in Vietnam to share the risks and drilling costs. OVL owns 100% in the two deepwater exploration blocks.
-- New Brunswick gas shale under evaluation Corridor Resources plans a $32 million program this year and next to step up economic assessment of the Mississippian Frederick Brook shale near Elgin, NB.
-- Indian firms, Sonatrach sign Libyan PSC Oil India Ltd., Sonatrach, and Indian Oil Corp. will explore three blocks in two contract areas in Libya under a PSC signed with Libya's state-owned NOC.
-- UK approves Don fields' development Petrofac Energy Developments Ltd. has received governmental approval to develop the Don South West and West Don fields in the UK North Sea.
-- Deep zones tight at Eel River basin well Six flow tests in 10 rock units of deeper formations in northern California's Eel River basin indicated insufficient permeability to produce gas at commercial rates, said Foothills Resources.