Companies are preparing to launch unmanned aircraft in the Arctic this summer to aid in energy exploration, climatology research and shipping.» Read More
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.