US crude closed oil nearly 3 percent, rebounding from falls in the previous session as more energy firms cut investments and the dollar weakened.» Read More
Kazakhstan's president pledged Monday not to review a major oil development contract with an international consortium led by Italy's Eni amid tensions sparked by production delays.
Spanish energy and infrastructure company Acciona and Italian power utility Enel have gained acceptances for 85.3% of the shares targeted in their tender for Endesa, bringing their combined ownership in the Spanish electricity company to more than 92%.
Kazakhstan softened its rhetoric on Wednesday in a row over production delays with a group of oil companies led by Italy's Eni, saying it hoped to resolve environmental concerns at the offshore oilfield.
French oil major Total has trimmed its average annual hydrocarbon output growth target for 2006-2010, blaming the impact of rising oil prices on some of its production-sharing agreements and project delays.
Kazakhstan wants "more than $10 billion" from an Eni-led consortium in compensation for delays in developing the Kashagan oilfield in the Caspian Sea, a senior government official told Reuters on Tuesday.
The head of French utility Suez on Thursday confirmed a possible sale of its historic water assets had been dragged into talks with the French state and Gaz de France to salvage a merger agreement.
Kazakhstan threatened on Tuesday to revoke an Eni-led consortium's permit to exploit the giant offshore Kashagan oilfield due to environmental law violations.
Italian oil and natural gas company Eni said Thursday second-quarter net profit fell 1.5 percent due to an increase in exploration costs and warm weather cutting into demand at its gas and power division.
European Union antitrust regulators approved the takeover of Spain's largest utility Endesa by Acciona and Italian utility Enel on Thursday.
French president Nicolas Sarkozy will host a meeting on Thursday that could help settle the fate of a planned 90 billion euro ($123 billion) merger between the country's utilities Gaz de France and Suez.
U.S. oil rose above $69 on Tuesday due to a planned strike in Nigeria that could further hobble output in the world's eighth-biggest crude oil exporter. The planned protest over fuel price increases is due to start on Wednesday and comes after more violence flared in the oil-producing Niger Delta at the weekend.
French Prime Minister Francois Fillon said in an interview published Friday that decisions on the future of state-owned Gaz de France -- including whether to go ahead with its merger with Suez -- will be made "in the coming weeks."
Italy's Enel, which is poised to take over Spain's biggest utility, will expand its presence in Russia after it beat rivals to buy a one-quarter stake in the Russian wholesale generation company OAO OGK-5 for about $1.52 billion.
Norway's Statoil posted weaker-than-expected first-quarter profit due to lower oil and gas prices on Wednesday, but said it was poised to grow after resolving production problems at several North Sea fields.
Eni, the Italian oil and gas company, said that its adjusted net profit fell in the first quarter to 2.68 billion euros ($3.61 billion) from 2.954 billion euros as it suffered from a decline in production and the weakening of the dollar against the euro.
Italian power company Enel, which is involved in a takeover battle for Spanish peer Endesa, posted a 22% drop in 2006 net profit on Wednesday, as the prior year was helped by one-off items.
Spanish market regulator CNMV said it had taken note of Enel and Acciona's joint takeover plan for Endesa and reiterated no bid could be made for six months.