The British firm Cairn has found substance of oil off the coast of Greenland which could be a possible oil and gas discovery. The Edinburgh based company Cairn is the first firm in the decade to drill oil offshore in the Greenland.

Government investigators are now looking week to procedures by onshore managers for BP and Transocean that could have played a role in the oil rig disaster in the Gulf of Mexico.

BP Plc is continuing its probe for a section of its drill pipe it has to remove before replacing the blowout preventer from top of the Macondo well which is five thousand feet below the surface of the Gulf of Mexico.  

Both the preventer and the drill pipe which are made up of valves for ceasing the sudden rise in pressure will be used for investigating the disastrous incident that claimed eleven lives in the world’s biggest accident that happened in the Gulf of Mexico where the BP well had exploded.   

Asia’s largest refiner, China Petroleum & Chemical Corp., may post figures of an extended fall in their profit from making diesel and gasoline as the company is prevented from raising its crude oil costs for consumers by government price control.  

The British green energy company PV Crystalox Solar has reported a sharp fall in its earnings for the first six months of the current year. This news has created fears amongst the entire green energy companies.

Brazil's government could seek a third certification firm to settle differences in valuations of oil to be used in state oil company Petrobras' capitalization plan, a high-level government source told Reuters on Thursday.

Oil explorer Rockhopper let down investors yesterday with the information that one of its wells off the coast of the Falklands holds no oil.

Shares fell in excess of ten per cent subsequent to the announcement about the Ernest well, before paring some losses to close down one per cent at 302.3p.