The $6 billion development plan is the next major step in the ongoing development of the ACG field in the Azerbaijan sector of the Caspian Sea.

PCS was awarded a three-year, multi-million-dollar contract to provide casing & tubing running services as well as pick up and lay down services for Saudi Aramco.

An important new step was taken on 9 March to further develop the giant Azeri-Chirag-Gunashli oil field in Azerbaijan when Statoil and the ACG partnership signed a USD 6 billion investment agreement to develop the Chirag Oil Project.

Saudi Aramco chief Khalid Al-Falih warned today of "green bubbles" and expressed worry about "assumptions" in the political realm that alternative energy sources could "transform the face of energy overnight".

FMC Technologies has signed an agreement with Statoil for the manufacture and supply of subsea production equipment to support the Marulk field, located in the Norwegian Sea.FMC Technologies has signed an agreement with Statoil for the manufacture and supply of subsea production equipment to support the Marulk field, located in the Norwegian Sea.

Talisman has received consent to conduct exploration drilling in the southern North Sea using the Transocean Winner semisub.

Russian oil pipeline monopoly Transneft will start construction on Thursday of a $1.34 billion pipeline link to help secure crude supplies to a major route feeding energy-hungry China.

Brazilian state-run oil company Petrobras said today it has submitted its spending and budget plans for 2010 to the federal government, and plans to invest 75.5 billion reais ($42 billion) this year.

Shell signed two contracts with the Technip-Samsung consortium for the Prelude floating LNG project off the coast of Western Australia.

US engineering giant Jacobs Engineering Group said today it has won a two-year contract from Canaport LNG for the provision of maintenance and related services at the company's LNG Terminal in New Brunswick, Canada.

Chevron enters the decade with an upstream portfolio of major capital projects that uniquely positions the company for future growth, executives said today at a meeting with financial analysts in New York.

India's state-run Oil and Natural Gas Corporation (ONGC) plans to invest 265.23 billion rupees ($5.8 billion) in the 2010/2011 financial year in exploration activities, a rise of 7.3% from the current year, Junior Oil Minister Jitin Prasada said today.

Japan's top oil developer Inpex Corporation said today it would start developing the Chirag oil project in the Caspian Sea after getting approval from the Azerbaijan government earlier in the day.

Triton Group will unveil a trio of new developments at the Oceanology conference and exhibition in London today.

Electromagnetic Geoservices (EMGS) has received a Letter of Award from an oil and gas company to provide 3D EM data acquisition services offshore West Africa. The survey will be performed using the purpose-built 3D EM vessel BOA Galatea.

J Ray McDermott has won a deal for the subsea tie-in of a new wellhead platform to the existing floating production unit Dai Hung oilfield in Block 5-1 off Vietnam.

Indonesia's energy watchdog, BPMigas, has signed a liquefied natural gas (LNG) supply deal with Japan's Chubu Electric Power amounting to 2 million tonnes by 2015.

Algeria plans to award new oil and gas contracts to international firms by the end of this year but does not plan to change the fiscal terms, Energy and Mines Minister Chakib Khelil said in an interview on Monday.

Italian Eni-operated Woollybutt field has recommenced production after a 10-month hiatus.

Oil slid today as forecasts for growing US crude inventories tempered bullish sentiment about the global economic recovery, which had driven prices to an eight-week high above $82 a day earlier.

First oil is expected to flow from the Cascade and Chinook project in the Gulf of Mexico on schedule or slightly ahead of schedule, Petrobras Chief Executive Jose Sergio Gabrielli said on Monday

Petronas has signed on for gas supplies from three fields in Block SK308 off Sarawak primarily for the MLNG Tiga plant in Bintulu, Malaysia.

Hong Kong listed CNOOC Ltd and its partner Sinochem International has signed an initial agreement with Iraq to develop the 2.5 billion-barrel Missan oil field complex in southern Iraq, a senior Iraqi oil ministry official said.

US offshore explorer Cobalt International Energy has signed a rig assignment agreement US independent Anadarko.