UK oil explorer Max Petroleum has announced the discovery of a zone of oil in a well in Kazakhstan, sending its shares soaring.

Testing at the UTS-1 well on the Uytas prospect in Western Kazakhstan has revealed 16 metres of oil at shallower depths than the current position, with the oil column potentially stretching for 86 metres.

The company said it would now drill ahead from the current intermediate depth of 300 metres to explore deeper targets at around 900 metres, before returning to the shallower zones to test the find.

Harbour Group announced today that it has entered into an agreement to sell Lincoln Holdings Enterprises Inc. to Sweden-based SKF Group.

Lincoln is based in St. Louis, Missouri, where it was founded 100 years ago. A leader in the design, manufacture, and service of lubrication systems and equipment, its products include centralized and automated lubrication systems, lubrication tools and equipment, and material-dispensing equipment for high viscosity materials.

Land Securities and Canary Wharf Group have agreed a £500 million joint venture to develop London’s next large skyscraper.

Canary Wharf Group, the owner of the Docklands estate, will buy half the 690,000 square foot tower development for approximately £250 million, and will act as construction manager on the project.

The joint venture will be backed by sovereign wealth from China and Qatar.

The 150 metre-high, 37-storey skyscraper at 20 Fenchurch Street, EC3, is known as the Walkie Talkie due to its concave shape.

Northeast Utilities and NSTAR have agreed to merge in a deal that will form New England's premier utility company, worth $17.5 billion.

The companies have described the deal as a merger of equals, but if it goes through it will retain the Northeast Utilities name. NU shareholders would own approximately 56 percent and NSTAR shareholders would own approximately 44 percent of the combined company.

The German insurance giant Allianz is set to make a £2 billion bid for the Channel Tunnel rail link, it has been reported.

Allianz is one of a number of groups planning to bid for the 68-mile stretch of railway running from London to Folkestone in Kent. Abu Dhabi Investment Authority, Eurotunnel and Hong Kong-based CKI are understood to have formed other consortia that are also planning to bid.

Nova Scotia's main energy regulator has given a $208 million biomass project the green light.

Nova Scotia Power and NewPage Port Hawkesbury had asked the board to approve a plan to burn 650,000 tonnes of wood a year to fire a steam generator at a paper mill in Cape Breton.

The Nova Scotia Utility and Review Boardhas now said that the project can proceed, but it outlined several conditions in an effort to protect customers from footing the bill for any overrunning costs or a plant failure.

London-based Sirius Petroleum has entered a conditional agreement to purchase a 40 per cent participating interest in Nigeria’s Ke oil field and the surrounding Ke farmout area.

In order to fund the development of Ke, the company is preparing to place 313.9 million new shares, representing 30.73 per cent of the enlarged share capital to raise £15.67 million.

Global energy giant Royal Dutch Shell is to give the Massachusetts Institute of Technology (MIT) $25 million to research and develop high value, sustainable technologies to drive innovation in energy delivery.

The money, to be delivered in five annual payments of $5 million, will go to the MIT Energy Initiative, a program that conducts research aimed at transforming the way the world obtains and uses its energy.

UK airport operator BAA will have to sell two of its airports after the Court of Appeal rejected its claim of regulatory bias during an investigation by the Competition Commission.

The company will now be forced to sell off Stansted and either Glasgow or Edinburgh airports, the High Court has ruled. It is thought this will allow for greater competition, better service and a greater choice of flight destinations.