Irish oil and gas company Providence Resources has announced new interpretations of old data that suggest that a field off the west coat of Ireland contains as much as 200 million barrels of oil.

Providence’s Spanish Point project is located around 170 kilometres off the west coast of Ireland in the Porcupine Basin. Drilling, at a depth of 400 metres, is expected to begin in 2012, with oil and gas potentially flowing by late 2014 or 2015.

Multi-industry manufacturer SPX Corporation today held an official ground-breaking ceremony to mark the start of construction of its new 53-acre manufacturing campus in the FOHO Economic Development Zone in China.

The planned campus represents a $40 million investment by SPX over the next three years to support the company's business expansion in China and facilitate product localization efforts serving both China and global markets.  

BP has announced the sale of its Southern African forecourt network to Puma Energy, a unit of international commodities trader Trafigura, for $296 million.

BP is selling its interests in forecourts and supply businesses in Namibia, Botswana, Zambia, Tanzania and Malawi. The sales do not include BP's refining and marketing businesses in Mozambique or South Africa.

Angola's state-owned oil company Sonangol will buy a 10 per cent stake in Puma's newly acquired assets.

The “serial entrepreneur” Keith Maxwell, CEO of Spark Energy Gas & Electric, was named yesterday as national winner of Ernst & Young’s Entrepreneur of the Year 2010 in the energy, chemicals and mining category.

Now in its 24th year, Ernst & Young's Entrepreneur of the Year encourages entrepreneurial activity and recognizes leaders and visionaries who demonstrate innovation, financial success and personal commitment as they create and build world-class businesses.

Volkswagen is devising a plan to take full control of Swedish truckmaker Scania and Germany’s MAN, according to reports.

The German automotive giant is said to be planning to increase its 46 per cent stake in Scania, thereby assuming full control—after which it would then transfer its 29.9 per cent stake in truck and diesel engine group MAN to Soedertaelje, Sweden-based Scania.

The plan was first reported in German weekly magazine Der Spiegel.

It is thought that VW would increase its stake in Scania to between 75 and 80 per cent.

GE intends to purchase 25,000 electric vehicles by 2015 for use in its own fleet and its Capital Fleet Services business—the largest-ever single electric vehicle commitment—to help boost the market for electric vehicle infrastructure development.

GE offers a portfolio of solutions for electric vehicles including charging stations, circuit protection equipment and transformers.

GE will initially purchase 12,000 GM vehicles, beginning with the Chevrolet Volt in 2011, and will add other vehicles as manufacturers expand their electric vehicle portfolios.

London-listed mining group Vedanta Resources has reported an 83 per cent jump in its first-half profits, aided by higher metals prices.

Pre-tax profits rose to $1.1 billion (approximately £685 million) from $605 million during the same period last year, on revenues of $4.6 billion (approx. £2.9 billion), which rose by 54 per cent.

Vedanta said it saw record production of zinc-lead, aluminium, iron ore and silver. Emerging markets continued to drive the global economy, resulting in price rises across most commodities, the company said.

Western Coal Corp. has declared its strategy and delivery plan are on track after second quarter results revealed net income of $40.8 million, up 18-fold from $2.2 million a year earlier. Revenue was $220.4 million, up 105 percent from $107.6 million.

"Our record production in the second quarter demonstrated strong growth and that our strategy and delivery plan is working," said Keith Calder, president and chief executive officer.

Cable&Wireless Worldwide (CWW) has won a £10.3 million contract with the UK’s Department for International Development (DFID).

The contract is for London-based CWW to provide voice services, including online video and audio communication, across all of DFID’s 44 sites. The services are to enable fast and reliable connection and better communication between DFID staff worldwide.

This is expected to help the DFID deliver more effective aid to poorer countries; and is also expected to increase inter-departmental collaboration.