Astana. The Kazakh Oil and Gas Ministry has revoked the license on the development of the Shagyrly-Shomyshty gas deposit, one of the largest in the country, from U.S. company CaspianGasCorporation over debts, the Novosti-Kazakhstan news agency said.

New Delhi. Further expanding its technology presence in India and the region, GE (NYSE: GE) has signed a 10-year licensing agreement with Bharat Heavy Electricals Limited (BHEL) of India.

Moscow. Officials in Iran have asked international companies to come on board for oil and gas projects, despite the new sanctions imposed on the Islamic republic. The developers of the giant South Pars gas fields in the Gulf have said they want international companies from the East and West to express interest in being part of the project.

Beijing. A vital China pipeline has resumed operations after an explosion caused the country's largest reported oil spill. Cleanup efforts — marred by the drowning death of a worker, his body coated in crude — continued over 165 square mile (430 square kilometer) stretch of water blanketed in thick, dark oil Thursday, after an official warned the spill posed a severe threat to sea life and water quality. The slick emptied beaches as its size doubled Wednesday.

Beijing. Chinese authorities have closed several beaches and an island resort near the major port of Dalian as they try to clean up an oil spill that has affected crude shipments, state media said Wednesday.

Seoul. Daewoo Shipbuilding & Marine Engineering Co., South Korea's third-largest shipbuilder, said Tuesday that it has won a US$440 million order to build four oil tankers. Under the deal with American Eagle Tanker Inc. Ltd. of Malaysia, Daewoo Shipbuilding will deliver the vessels by October 2013, the company said in a statement.

Abu Dhabi. Senior VP hints Shah Field may have been a sour deal for American firm. Capital concern is being touted as the major reason behind the decision of ConocoPhillips to pull out from the US$10bn Shah gas field in Abu Dhabi last April, according to Ryan Lance senior vice president, exploration and production, International of ConocoPhillips.

Sakhalin.  Sakhalin-2, a venture between Gazprom and Royal Dutch Shell, has posted unexpected profits from last year as the plant's oil and LNG shipments beat targets, offsetting losses caused by the project's delayed start.

The plant, which is operated by Sakhalin Energy, had a net income of US$582 million, which is all the more impressive considering it was expected to make a loss of US$870 million. Investors and partners had foreseen a loss as a delay in the start of LNG output forced them to compensate customers for contracted volumes.