Moscow. Osum has been assigned Proved plus Probable Reserves totaling 320 million barrels in this year's independent engineering evaluation (conducted by GLJ Petroleum Consultants).

Moscow. Italy's Eni SpA, which is Gazprom's partner in the Kremlin-backed South Stream gas pipeline project, proposed uniting it with its Nabucco rival to boost overall revenues, a Russian business paper reported on Thursday.

The Hague. The Board of Royal Dutch Shell plc (the Company) (NYSE: RDS.A, NYSE: RDS.B) announces its intention to propose to the 2010 Annual General Meeting that Mr. Charles ("Chad") Holliday jr, be elected a non-executive director of the Company with effect from September 1st, 2010.

London. British oil giant BP said Thursday it will pay US firm Devon Energy 7.0 billion dollars (5.1 billion euros) for assets in Brazil, Azerbaijan and the Gulf of Mexico.

Russia - NCS Survey, of Aberdeen, has been awarded a major survey contract by Saipem S.p.A. for pipelay support during the inshore phase of the Nord Stream Pipeline Project, two gas pipelines linking Russia with the European Union via the Baltic Sea.

Italy - Europe should promote spending on infrastructure to deliver natural gas to consumers from new sources of the fuel from Africa, Turkmenistan and Kazakhstan, Eni SpA Chief Executive Officer Paolo Scaroni said.

London. Oil exploration firm Tullow Oil (UK:TLW 1,271, -10.00, -0.78%) said Wednesday that its 2009 net profit declined to 15.1 million pounds ($22.5 million), from 223.2 million pounds recorded at the same point a year ago. Revenue declined to 582.3 million pounds, from 691.7 million pounds last year.

Bulgary - Italian energy company Edison SpA says that it has formed a venture with Bulgarian and Greek partners to build an EU $140-million pipeline linking the two countries to reduce their reliance on Russian natural gas.