The Houston-based energy company said it would be interested in bidding for additional exploration rights inside Cyprus’17,000-square-mile exploration zone when the island proceeds with a second licensing round later this year.  More »

Norway’s largest oil and natural gas company said net income rose to $1.7 billion for the quarter, below analysts’ expectations. Statoil is seeking to maintain domestic production and is expanding in countries such as Angola, Brazil and the U.S. as Norwegian reserves dwindle.  More »

Royal Dutch Shell may become Europe’s largest oil and gas producer with plans to spend more than $100 billion by 2014 and more than 35 projects on line to maintain production growth until 2020.  More »

The Russian billionaire shareholders are demanding BP present the deal to TNK-BP because the 50- 50 venture’s shareholder agreement gives Russia’s third-largest oil producer an exclusive right to pursue new opportunities in Russia on behalf of the London-based company. (Photo: Peter Kaminsky/Flickr)  More »

Shell declined to say when operations will resume or whether the company would have to declare force majeure on Brent crude shipments. There were no injuries, a spokesperson said. (AP file photo/Mary Altaffer)I  More »

Delek is part of a consortium led by Texas-based Noble Energy that is exploiting Israel’s offshore natural gas finds. Cyprus previously licensed Noble to explore an 800,000-acre area bordering Israeli waters where massive gas fields have been found.  More »

The three Arctic blocks BP will explore with Rosneft may have as much as 50 billion barrels of oil in place and 12 billion to 15 billion barrels of recoverable crude. By comparison, about 23 billion barrels have been pumped from the U.K. sector of the North Sea in the last four decades. (AP Photo/Sean Dempsey/PA)  More »

In a deal that cements energy ties between Russia and Britain, Russia’s state-owned oil company Rosneft will take 5 percent of BP’s ordinary voting shares. In exchange, Rosneft will give BP about 9.5 percent of its shares.  More »

The oil giant wants to sell stakes held by subsidiary XTO including the Platypus natural-gas discovery and a Witch Ground Graben block. (Image: Halava)  More »

Exports to the U.S., the biggest gasoline market for European refiners such as Total and Statoil, slid 61 percent last month.“There’s an incentive for traders to capture the differential to make a profit,” said one analyst. (AP Photo/Seth Perlman)  More »

A major oil spill at a deep-water well in the North Sea would be more difficult to handle than the Gulf of Mexico disaster, but a moratorium on drilling isn’t necessary because Britain already has tough safety standards, members of Parliament say. (Photo: Erik Christensen)  More »

The city government and Gazprom agree to change the location of what will be Europe’s tallest building after historic preservation groups protest putting it near the city center. (Image: RMJM Architects)  More »