Thai oil company PTT Exploration & Production yesterday extended for the third time the deadline for shareholders in London- and Dublin-based explorer Cove Energy to accept its $1.9bn (€1.5bn) takeover bid.

Irish-registered oil company Dragon Oil has successfully bid on an exploration block in Iraq.

OIL is set to reach $100 a barrel by the end of next year, with production set to peak as early as 2015, a conference on the subject was told yesterday.