Oil & Natural Gas Corp., India’s biggest energy explorer, posted a 71 percent increase in fourth- quarter profit, beating estimates, as crude oil prices rose.

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Royal Dutch Shell and Italy’s ENI will drill new wells at Iraq’s Majnoon and Zubair oilfields as part of plans to help boost output and propel the country to the status of a major oil producer.

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“The cost of the response to date amounts to about 760 million dollars, including the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid and federal costs,” said in a statement.

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US President Barack Obama will set up a commission to investigate the oil spill in the Gulf of Mexico, officials say.

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Oil prices dropped below $70 a barrel Monday in Asia as the euro sank to a four-year low and stock markets tumbled on investor concern Europe’s economy will wither amid a debt crisis and fiscal austerity measures.

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A long-awaited gas deal between Turkey and Azerbaijan, expected to be signed within days, could unlock Azeri gas reserves for the West and eventually trim Europe’s energy dependence on Russia.

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Nigeria and China signed a tentative deal to build three oil refineries in the West African state at a cost of $23 billion, strengthening the countries’ energy partnership.

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North American stocks fell Friday as European debt worries continued to cloud prospects for the global economic recovery, sending gold prices ever higher.

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Global oil prices remained below $76 a barrel in Asian trade Thursday as stock markets across the region showed positive trends.

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BP PLC says the Gulf of Mexico oil spill has cost the company $350 million so far.

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