The so-called TAP, which formally started construction in May, will run for 878 kilometers (550 miles) from Greece's border with Turkey, through Albania and to southern Italy, including a 105-kilometer (65-mile) stretch under the Adriatic Sea. First deliveries to Europe are expected in 2020.

The Calgary-based pipeline operator filed papers late Friday seeking arbitration under the North American Free Trade Agreement, arguing that TransCanada had every reason to believe it would win approval to build Keystone XL.

Including the assumption of CPG debt, the total enterprise value of the transaction is approximately $13 billion.

ZUG, SWITZERLAND-May 4, 2016-Transocean Ltd. (NYSE: RIG) today reported net income attributable to controlling interest of $249 million, $0.68 per diluted share, for the three months ended March 31, 2016. First quarter 2016 results included net unfavorable items of $5 million, $0.01 per diluted share, as follows: $4 million, $0.01 per diluted share, in restructuring costs associated with employee severance; and $2 million related to the loss on impairment of the midwater floater Transocean John Shaw, which the company has identified for recycling.

The deal will give Calgary-based TransCanada a strategic position in the Marcellus and Utica shales of Pennsylvania, Ohio and West Virginia, the most promising regions in the US for gas production growth.

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) reported net income attributable to controlling interest of $321 million, $0.88 per diluted share, for the three months ended September 30, 2015. Third quarter 2015 results included net favorable items of $5 million, $0.01 per diluted share, as follows: - $8 million, $0.02 per diluted share, in discrete tax benefits; - $7 million, $0.02 per diluted share, in net gains on early debt retirements; and - $5 million associated with discontinued operations and asset disposal gains.

Brazil's state-run oil company Petrobras' debt was downgraded to junk status on Tuesday by Moody's Investors Service. Moody’s Lowers Rating of 5 Russian Companies, Including Transneft.

World chokepoints for maritime transit of oil are a critical part of global energy security. About 63% of the world's oil production moves on maritime routes. The Strait of Hormuz and the Strait of Malacca are the world's most important strategic chokepoints by volume of oil transit.

Transocean Ltd. (RIG), owner of the biggest fleet of deep-water drilling rigs, is feeling the effect of an industrywide glut in the expensive vessels just as crude-oil prices tumble.

Sanctions help Russia overcome its China paranoia. Moscow is strengthening ties as access to western funds tightens.