Canada's National Energy Board (NEB) has approved an application from TransCanada Corporation to construct and operate the Keystone XL Pipeline Project, an expansion of its Keystone pipeline to the US Gulf Coast.  The $1.7 billion project will transport crude oil from Hardisty, Alberta to the Canada/US border at Monchy, Saskatchewan. The NEB said Keystone will be the first pipeline to directly connect Canadian crude oil to the largest refining market in North America.  The Keystone pipeline currently stretches from Hardisty to refining hubs in Illinois.

The UKÔÇÖs Department of Transport has unveiled plans for a ┬ú30 billion railway network designed to slash journey times between the capital and cities in the north.

Oil giant BP has announced it will pay Oklahoma firm Devon Energy $7 billion for its assets in a deal that will allow the UK firm to begin exploring off the coast of Brazil.

The UK-based oil giant BP has announced a deal that will allow it to begin exploring off the coast of Brazil.

Californian oil major Chevron has announced plans to streamline its operations worldwide, with an emphasis on its downstream operations in Europe, the Caribbean and Central America.  A decline in fuel demand caused by the global economic slowdown has reduced profits as oil prices have remained high.

The US oil major Chevron has said it is seeking a buyer for its UK refinery in Pembrokeshire. The plant employs around 1,400 people and processes 220,000 barrels of crude oil per day.

Northrop Grumman and its European partner EADS have pulled out of bidding for a $50 billion US Air Force air-to-air refueling tanker contract.  The announcement clears the path for Chicago-based Boeing to win the contract to replace the Air ForceÔÇÖs fleet of 1950s-built air tankers. It is one of the biggest US defense procurement projects on record.

UK oil services group Petrofac reported a 25 per cent jump in profits for 2009 and said it had identified a further £131 billion of engineering contracts coming up for tender in its Middle East and African markets over the next two years.

Calgary-based Daylight Resources has announced it is buying West Energy for $570 million.  Daylight, a junior oil trust, said it wants to expand its holdings in the Pembina Cardium oil region of central Alberta. It said its intentions towards Calgary-based West intensified following WestÔÇÖs acquisition of assets formerly owned by Talisman Energy in January. About 90 per cent of West's assets lie in the Pembina oil field, where it has 10,360 hectares of oil rights. Pembina is located in the Cardium Formation, which was discovered in the 1950s.

Royal Dutch Shell has teamed up with PetroChina to make a A$3.7 billion (Ôé¼2.4 billion) bid for AustraliaÔÇÖs Arrow Energy.