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Vowing to reverse Indonesia's gradual decline as an oil exporter, Indonesian petroleum officials Wednesday promised to work with private oil giants to encourage new investment in East Asia's lone member of OPEC.

Seven international oil companies(IOCs) Wednesday submitted a total of 22 bids to stake theirclaim to 15 offshore and deep-sea gas blocks out of total 28the government put on tender for hydrocarbon exploration.

Oil and natural gas industry spending on drilling and equipping wells in the United States surged again in 2006, hitting an all-time record high of nearly $110 billion.

OECD commercial oil stocks remain above the five-year average, with days of forward cover at a comfortable level of more than 53 days.

China has shown flexibility in compromising with Japan on the possibility of including the disputed Chunxiao oil and gas field as an area for joint development.

Corrections Corporation of America saw its revenue and net income get a boost in the first-quarter 2008, thanks in part to growth of prison populations in at CCA facilities in California and Arizona. (CXW)

Crude oil futures hovered near record highs Thursday, taking a breather after four days of strong gains.

Protective Life Corp.'s 2008 first-quarter net income was 61 percent lower than in the first quarter of 2007, in part because its operating income sank 38 percent.

The Jacksonville Economic Development Commission has approved the city portion of three incentives for Deutsche bank that would total nearly $4.8 million statewide.

United Properties announced Thursday it won preliminary approval from the city of Inver Grove Heights to develop the Inverwood Business Park.