Texan energy firm ConocoPhillips and Ireland-based Tullow Oil have been awarded offshore blocks to explore for gas in the Bay of Bengal, it has been announced.┬á  Two deep-water offshore gas blocks have been leased to Houston-based ConocoPhillips, and one shallow-water block to Tullow Oil.┬á The companies will be given a production-sharing contract as well as the rights to export the gas as liquefied natural gas, or LNG.┬á Exploration work in the disputed waters could start as early next year, with the companies predicted to spend around $160.5 million, using hydrocarbon

US energy firm ConocoPhillips and Ireland-based Tullow Oil have been awarded offshore blocks to explore for gas in the Bay of Bengal, it has been announced.

Canadian oil and gas producer Crescent Point Energy Group has agreed to buy oil and gas firm Wave Energy for C$665 million, in a bid to boost its Saskatchewan oil assets.  The deal will give Calgary-based Crescent Point control of land in Saskatchewan's Lower Shaunavon resource play that could contain over one billion barrels of oil, the company said. Crescent Point, which is on a drive to significantly boost its assets in Saskatchewan, also confirmed it had acquired additional assets in the region for a total of C$258 million, as part of a separate deal.

Scottish exploration group Cairn Energy announced today that it is to begin pumping the first oil from its major development in Rajasthan, India.

Northern-Irish drug maker Warner Chilcott has agreed to buy the prescription drugs unit of Proctor & Gamble (P&G) for around $3.1 billion.  Cincinnati-based P&G has been seeking a buyer for the unit for several months since it announced it was interested in exiting the prescription drugs business in favor of over-the-counter products. Drug approval processes have become increasingly complicated, making investments in pharmaceuticals less profitable.

Northern-Irish drug maker Warner Chilcott has agreed to buy the prescription drugs unit of Proctor & Gamble (P&G) for around $3.1 billion (Ôé¼2.1 billion).

Italian foundry equipment maker Danieli has won a contract worth $213 million (Ôé¼150 million) to build a steel plant in Jeddah, Saudi Arabia.

The US Justice Department has given its approval for business software firm Oracle to take over Sun Microsystems.┬á  The $7.4 billion deal was agreed by both companies in April but needs approval from both the US Justice Department and the European Commission before it can be concluded. ┬á It is hoped that the European Commission approval will come through by early September.

India's top mobile firm Bharti Airtel has extended merger talks with South AfricaÔÇÖs MTN until the end of September, it was announced today.

Northrop Grumman, the third-largest US defense company, is selling its unit that advises military and intelligence agencies, known as TASC.┬á  It is thought the division, which sells mission analysis services and advises government military agencies on weapons systems, could fetch up to $2 billion.