First Calgary Petroleums Ltd. announce that it has closed the plan of arrangement involving First Calgary, Eni Canada Holding Ltd., Eni S.p.A. and securityholders of First Calgary.
Under the terms of the arrangement, First Calgary shareholders receive C$3.60 cash for each common share held. In addition, on November 28, 2008 First Calgary will redeem all of [...]

Curtis, Mallet-Prevost, Colt & Mosle LLP represented KazMunayGas (KMG), the national oil company of Kazakhstan, in its successful negotiations with the North Caspian Sea consortium on the detailed agreements for the future development of the Kashagan field. The Kashagan field is reported to be the world’s largest oil discovery in at least three decades.
The North [...]

The global law firm of Thompson & Knight has assisted Sonangol, the state-owned oil company of Angola, in a transaction for one of the world’s largest integrated natural gas projects. Under terms of the deal, Sonangol’s Sonagas unit and Chevron Corp., together with their European partners Total SA, BP PLC, and Eni SpA, have agreed [...]

First Calgary Petroleums Ltd. announces that Eni S.p.A. (Eni) has agreed to acquire all the common shares and convertible bonds of FCP. Under the terms of the definitive agreement, shareholders will receive C$3.60 per share in cash and bondholders will receive 108% of par (plus accrued interest). The transaction values FCP’s fully diluted share capital [...]

A consortium that includes Italian oil company Eni SpA and Malaysia’s Petroliam Nasional Bhd (Petronas) have made an onshore gas discovery in Pakistan, Eni said on Monday.
The discovery was at the Saqib 1A well in the Mubarak exploration block, Sindh province, Eni said in a statement. The block’s operator is Petronas Carigali Pakistan Ltd., with [...]

Petrobras says one of its subsidiaries found oil and gas in the central Gulf of Mexico. The ultradeep find is nearly a mile-and-a-half underwater and over five-and-a-half miles below the seabed.
Future work will determine the size of the discovery and its commercial viability. Petrobras owns a 25 percent stake in an area of the Walker [...]

The anti-corruption group Transparency International rated more than 40 energy companies on how much they disclose about where they get their revenue, how much they pay host governments and how they operate.
The survey gave low grades to Exxon Mobil but praised Shell and Petrobras.
Royal Dutch Shell PLC, Brazil’s Petrobras, Norway’s StatoilHydro ASA and Petro-Canada are [...]

Oil giants ConocoPhillips and Exxon Mobil Corp. are set to withdraw from their joint venture projects in Venezuela’s Orinoco basin.
The two companies refused to sign deals Tuesday that would see the Venezuelan government taking majority stakes in their Orinoco projects.
Four other oil majors, U.S.-based Chevron Corp.; Britain’s BP Plc; France’s Total SA; and Norway’s Statoil [...]

Eni SpA, Italy’s largest oil company, will invest $12 billion to boost its Egyptian natural gas operations over the next five years, Egypt’s oil ministry said Thursday.
Egypt, with proven gas reserves of 58.5 trillion cubic feet, or 1% of world stocks, is a key energy supplier to the Mediterranean rim countries and the Levant.
Eni also [...]

Vast petroleum reserves in the Arctic are a key source of world energy, but development must also protect the fragile cold-weather environment and curb greenhouse gases, Norway’s oil minister said Monday.
“If the U.S. Geological Survey is right, 25 percent of the world’s undiscovered petroleum reserves could be found in the Arctic. Thus, the Arctic region [...]