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Crude oil prices continue to fall this year, with the price for October delivery dropping to $88.61 on the New York Mercantile Exchange, according to a Bloomberg report today. Demand is projected to decline as economic growth slows, especially in the developed world. In addition, the Paris-based IEA lowered its estimates for oil consumption this year by 200,000 barrels a day and by 400,000 in 2012.

Partly due to economic uncertainties and lower demand, stock prices of global oil companies have declined year-to-date this year. Hence investors looking for income opportunities in the oil sector may want to consider foreign oil companies. At current levels many overseas oil stocks have higher dividend yields than U.S. firms. For example, the current dividend yields of Exxon Mobil (XOM), ConocoPhillips (COP), Sunoco (SUN), Marathon Oil (MRO) and Chevron Texaco (CVX) are 2.62%, 4.11%, 1.61%, 2.46% and 3.25% respectively. Compared to these yields, income-focused investors may want to consider some of the overseas oil and gas companies mentioned below:

1. Company: Total SA (TOT)
Current Dividend Yield: 7.34%
Country: France

2. Company: BP PLC (BP)
Current Dividend Yield: 4.61%
Country: UK

3. Company: Royal Dutch Shell Plc (RDS.A)
Current Dividend Yield: 5.26%
Country: The Netherlands

4. Company: Royal Dutch Shell Plc (RDS.B)
Current Dividend Yield: 5.20%
Country: UK

5. Company: Eni SpA (E)
Current Dividend Yield: 8.16%
Country: Italy

6. Company: Ecopetrol SA (EC)
Current Dividend Yield: 4.54%
Country: Colombia

7. Company: Petroleo Brasileiro SA (PBR)
Current Dividend Yield: 4.72%
Country: Brazil

8. Company: YPF Sociedad Anonima (YPF)
Current Dividend Yield: 8.56%
Country: Argentina

9. Company:Repsol YPF SA (OTCQX:REPYY)
Current Dividend Yield: 5.57%
Country: Spain

10. Company: Statoil ASA (STO)
Current Dividend Yield: 5.21%
Country: Norway

11. Company: Sasol Ltd (SSL)
Current Dividend Yield: 3.55%
Country: South Africa

12. Company: PetroChina Co Ltd (PTR)
Current Dividend Yield: 4.28%
Country: China

13. Company: China Petroleum & Chemical Corp (SNP)
Current Dividend Yield: 3.39%
Country: China

14. Company: CNOOC Ltd (CEO)
Current Dividend Yield: 3.70%
Country: China

Disclosure: Long EC, PBR

Source: 14 Income Investment Options Among Foreign Oil Stocks