An intergovernmental accord for the Nabucco natural gas pipeline will be signed in Ankara on 13 July, Romania's Economy Minister said today.

Petro Andina, a Canadian-based oil and gas exploration company, said today its board unanimously recommends that its shareholders reject an unsolicited bid by Netherlands-based Pluspetrol Resources Corporation.

Iran plans to invest around $70 billion in two major offshore natural gas fields in the 2010-2015 period, a senior official said in comments broadcast today.

Norway’s Seadrill said today that it has exercised its right to repurchase the jack-up drilling rig West Ceres from Ship Finance International for the pre-agreed price of $135.5 million, and will subsequently re-sell the unit for $175.

Shares in contractor companies tumbled today as oil dropped to below $67 a barrel on news that unemployment in the US rose to a 26-year high.

China National Offshore Oil Corporation (CNOOC) and China National Petroleum Corporation (CNPC) are battling for approval to bid for the Argentinean unit of Spanish oil major Repsol, sources said today, in a deal that could be worth around $17 billion.

The Singapore government will take over development of its first $1 billion liquefied natural gas terminal from a consortium, to avoid more delays due to the credit crunch, and defer its completion by a year to 2013.

Poland may prolong its gas contract with Russia until 2035, the prime minister's energy adviser was quoted as saying today.

India plans to raise 18.54 billion rupees ($386 million) via sale of shares in two state-owned companies in the current fiscal year, the government said today.

The cost of developing Kazakhstan's huge Kashagan oilfield will be cut by at least $1 billion as the global crisis drives down machinery prices, Kazakh Energy Minister Sauat Mynbayev said today.

Indonesia is considering building an onshore liquefied natural gas plant for natural gas reserves from the Abadi field in the Timor Sea that will be operated by Japan's Inpex Corporation.

Indonesian state-owned oil and gas company Pertamina is submitting a new bid for an oil block in Iraq and will team up with Australia’s Woodside Petroleum to bid for a gas project in Indonesia.

Pertamina has suspended a joint venture with Perusahaan Gas Negara to build three massive offshore gas-storage terminals in Java and North Sumatra, after the government demanded that the projects be finished a year ahead of schedule.

Petronas' chief executive faces the risk of being ousted from the Malaysian state oil and gas company following a political wrangle involving the country's Prime Minister.

UK-based Hallin Marine may invest in two more vessels to be built based on a new design touted as a low-cost alternative to large diving support vessels and semi-submersibles.

The Australian government is set to come under huge pressure from Woodside Petroleum to strip valuable Browse basin gas leases off multi-national companies including Chevron and Shell unless an agreement on the $30 billion Kimberley liquefied natural gas project can be reached.

Australia’s Beach Petroleum has waived all conditions and extended the offer date in it’s A$50 million (US$37 million) takeover bid for compatriot Drillsearch Energy.

The row over the Front Puffin floating production, storage and offloading vessel (FPSO) continues with Puffin Joint Venture and a Sea Production unit now accusing each other of contract breaches.

Australia’s Beach Petroleum reported that the Butlers-1 oil discovery has flowed 2600 barrels of oil per day following its completion as a producer in licence PEL 92 in the state of Queensland.

Shipbuilding and shipping conglomerate STX said it expected top South Korean shipyards to jointly win offshore project orders from Brazil's state-run oil company, Petrobras.