Reserves cheer BP investors: Oil group BP has followed rival Shell by restating its reserves - but cheered investors with news that they were higher than previously thought. The company said it had 23 million more barrels of oil than before. Analysts had expected BP to downgrade its reserves to meet accounting guidelines in the US. Its positive restatement is in sharp contrast to Shell, which was forced to lower its estimates four times and by more than 20 per cent earlier this year.

Power shift: Powergen is adopting the name of its German parent company. The energy group, which runs power stations and sells gas and electricity across the UK, said it would be known as E.ON UK from Monday. Its consumer retailing operation will retain the Powergen branding.

Nigerian delegation: A delegation from Nigeria's oil and gas industry visited the North-East as part of a trade mission organised by UK Trade and Investment in partnership with the Northern Offshore Federation (NOF), Glen Kemp Limited and Pelican Marine.

Property move: Newcastle property company Blandford Estates is moving into the commercial property market. The property management and investment specialist is predicting total turnover will exceed £20m during the next 12 months, with the launch of Blandford Commercial expected to fuel this growth.