By the end of this year Simba Energy will be able to attract a major farm in partner to help it explore its acreage in Kenya, according to City boutique Old Park Lane Capital. Kenya's oil potential has been in focus of late following Tullow's discovery earlier this year.

Chesapeake Energy Corp (NYSE:CHK) said late Tuesday that it may run short of cash next year under the weight of the lowest natural-gas prices in a decade.

Oil giant BP (NYSE:BP)(LON:BP) posted an 18 percent drop in earnings as its downstream business, which sells fuels, lubricants and fertilizer, struggled.

New Zealand Energy Corp. (CVE:NZ)(OTCQX:NZERF) said Monday it recorded almost $1 million in revenue in 2011, as the oil and natural gas company achieved production in December from Copper Moki-1, its first discovery well in the Taranaki Basin.

North Sea deal activity could help Xcite Energy pay for the Bentley oil field development as it seeks industry partners as one of the potential ways forward, with the help of City deal makers Rothschild and Jefferies.