Deadline confirm that Jean-Jacques Annaud will direct from a script from by Menno Meyjes.
Black Gold tells the story of the rivalry between Arabian rulers in the 1930s just as oil is being discovered, and the rise of a young, dynamic leader who unites the various tribes of the desert kingdoms.
Filming is expected to commence in late October, with a release expected for late 2011, in time for next years awards season.