China National Petroleum Corp.

(Newser) - In 2021, Chinese President Xi Jinping pinpointed deep Earth sciences as an important area he wanted to further explore. Now, his mission is coming to fruition: Scientists have started drilling a 32,000-foot borehole in the Taklamakan Desert, in China's Xinjiang region, which they hope will offer more insight...

(Newser) - Iraq has scrubbed plans to award six coveted no-bid contracts to Western oil companies, the New York Times reports. Negotiations with the oil giants—including Exxon Mobil, Chevron, Shell, BP and others—dragged on for too long, said Iraq's foreign minister. The companies would have been unable to complete work...

(Newser) - China and Iraq have dusted off an oil deal that was in the works before the 2003 US invasion of Iraq, giving China the rights to develop the Ahdab field, reports the AP. The agreement—which has grown from an estimated $1.2 billion to $3 billion—was originally struck...