A $5 billion cost escalation has hit British gas giant BG Group's Gladstone coal-seam gas export project amid rising local costs, increased regulatory hurdles and a surging Australian dollar.

The Nord Stream Project took another step forward May 8 with completion of offshore pipelay of the second of its twin 1,224-km gas pipelines through the Baltic Sea ahead of schedule.

Rosneft and ExxonMobil have signed agreements to implement a long-term Strategic Cooperation Agreement to jointly explore for and develop oil and natural gas in Russia and to share technology and expertise.

The European Commission has ruled that the Gazprom-led consortium Nord Stream must allow other gas suppliers to share capacities of its pipelines on German territory.

The Nabucco pipeline may not be dead yet. A scaled-down version of the long-planned project could end up being folded into a joint Azerbaijani-Turkish effort to transport natural gas from the Caspian Basin to Europe.

Gazprom is in talks to buy LNG from a huge new field offshore Israel which could strengthen its hand in the booming Asia LNG market, Reuters reported.

Platts reports Japan and Canada agreed March 25 to cooperate on developing energy resources, including natural gas and minerals in Canada.

Petrobras set a new record in the delivery of natural gas to the market in 2011, reaching an annual flow of 37 Mcm/d. The company also recorded new monthly and daily records: the flow offered in December 2011 reached 42.4 million m³/d, and 46.1 million m³ on Dec. 23.

ExxonMobil is no longer the world's biggest publicly traded producer of oil. For the first time, that distinction belongs to PetroChina, a company created by Beijing in 1999 to secure more oil for China’s booming economy.

A new oil pipeline with potential capacity of up to 400,000 bpd linking Colombia's Llanos basin to the Pacific coast could be operational by the end of 2016, according to Rigzone.

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