ISIS fighters have seized an oilfield on the Syria-Iraq border, snatching it from the control of rival militants. The Pentagon has said while it considers the Iraqi Army capable of defending Baghdad, outside aid may be required to repel the jihadists. The UK-based Syrian Observatory for Human Rights reported that the key oil field in the Deir al-Zor province had fallen under the control of fighters... 

An Australian company claims it has found an untapped shale oil field with estimated reserves that could potentially put the country next to remarkably oil-rich Saudi Arabia. Still, extracting the discovered treasure poses a huge technical challenge. ­Brisbane-based company Linc Energy has presented two estimates by respected independent consultants claiming that drilling and seismic exploration...