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The announcement, due to be made in Shanghai around 0900 GMTon Thursday, comes hot on the heels of the launch of Microsoft'sXbox console in China as both firms rush to capitalise on thelifting a 14-year ban on foreign gaming consoles.

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CBS did not announce a start date for Colbert on Wednesday, but May 20 is close to the end of the May "sweeps" month for television ratings, and the Memorial Day holiday follows soon thereafter on May 25. A start date at the end of May or beginning of June seems likely.

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But with oil 40 percent cheaper since June, companies arelikely to change tack and consolidate, with everything frommega-mergers to opportunistic buys of distressed shale oilproducers on the cards.