Oil Market News Directory

Ugandan Oil Boom Approaching

Bloomberg reported that according to Patrick Bitature, Chairman of the Uganda Investment Authority, Uganda licensed 62 investment projects during the first quarter of 2012. Oil is one of the sectors that received the highest value of planned investment.

Australia Suggests Oil and Gas Exploration Locations

Bloomberg reported that the Australian government has put forward 27 areas that could be explored for oil and gas. The locations suggested are off the coasts of the Northern Territory, Western and South Australia, and Victoria and Tasmania.

Somali Pirates Capture Oil Tanker

Reuters reported that a Greek-owned oil tanker was hijacked by Somali pirates while in the Arabian Sea, and is now heading to Somalia. It has nearly a million barrels of oil on board and had been heading to Turkey.