Venezuela’s President Hugo Chavez declared he would nationalise electrical and telecommunication companies, taking a bold step toward increasing state control as he promised to transform Venezuela into a socialist country.

Topaz Energy Group has completed its deal acquire the retail and commercial business of Statoil in the Republic of Ireland from Statoil ASA.

Norwegian oil workers went on strike yesterday, cutting output from the world’s third-largest oil exporter, after two unions failed to reach a pension accord with employers.

Swiss authorities are investigating possible money-laundering related to charges that Statoil ASA, Norway’s largest oil company, paid bribes to win business in Iran, the Swiss Federal Prosecutor’s Office said.

Norwegian oil and gas exploration company, Statoil ASA, has said it will deliver up to 6.5 billion cubic metres of gas to Dutch energy company Essent.

Statoil ASA, (formerly Den norske stats oljeselskap), Norway's oil and gas exploration, production, transport, refining, and marketing giant, delivered fourth quarter operating profits of 12.7bn nkr (€1.442bn) compared to 11.3 bn nkr (€1.282bn) a year earlier, amid record oil and gas output and high prices.

Statoil ASA said it sees closer collaboration between Norway and Russia over energy resources in the far north and will carry out extensive seismic surveys in the Barents Sea.

Statoil ASA said it has initiated a process to divest 50-100% of the shares in Navion, its shipping unit.