Canada’s government has approved China’s biggest overseas energy acquisition, a €11.7bn takeover by state-owned CNOOC of oil and gas producer Nexen.

Providence Resources has revealed a drop in revenue in its interim report and financial statement for the six months up to June 30, 2009.

PROVIDENCE Resources is set to enter the lucrative gas storage and trading market and double its daily oil production levels after winning an option to buy a significant share in part of the former Irish assets of international exploration company, Marathon Oil.

BMW-Sauber have agreed a lucrative extension to their sponsorship deal with Petronas.

Formula One team Sauber have scrapped plans to launch their 2005 car in Kuala Lumpur.