The Japanese government said it would use public funds to deal with the radioactive water emanating from the Fukushima nuclear plant as Tepco appeared overwhelmed by the problem.

Austrian oil firm OMV announced that it had agreed to buy a 40% stake in an offshore exploration block in Madagascar from Niko Resources.

The oil consortium led by Essar oil is questioning a planned move to rescind an award over oil fields made seventeen years ago.

China Petrochemical Corp.'s unit, Sinopec International Petroleum Exploration & Production Corp. had agreed to pay USD3.1 billion for Apache's Egyptian oil and gas businesses.

The Federal Government of Nigeria lost USD 40 billion in downstream infrastructure investments for 76 non-producing oil leases.

Sinopec, the state owned oil and gas firm, forms Apache and Sinopec Group through the purchase of 33% of the Apache Corp.

A source told Reuters that the European Union Commission will approve Swedish oil refiner Nynas and Royal Dutch Shell's deal despite antitrust concerns.

Investec would coordinate lending facilities for two power plants to be built in South Africa. Investec Plc would provide financing for GDF Suez as it develops two South African gas power plants.

China's corruption goes on overdrive with PetroChina officials falling in its wake. In a widening effort to push its anti-corruption campaign, China has included the country's most valuable company in its dragnet.

Three Suntech Power Holdings Co Ltd directors resigned amid the company's struggling financial difficulties.