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UPDATE 1-Drillsearch agrees to A$384 mln bid from Beach Energy

* Cooper Basin rival Santos looking to sell assets (Adds details)

Takeover target Santos pares capital spending, trims output forecast

MELBOURNE, Oct 22 (Reuters) - Australian oil and gas producer Santos Ltd, looking to beef up its balance sheet after knocking back a $5 billion takeover offer this week, flagged on Friday it would cut capital spending by a further 10 percent this year.

Australia flags concerns on $35 bln Halliburton bid for Baker Hughes

MELBOURNE, Oct 23 (Reuters) - Australia's competition watchdog on Friday raised concerns about Halliburton Co's proposed $35 billion takeover of rival Baker Hughes Inc , saying it was likely to hurt competition in a number of oilfield goods and services markets.

UPDATE 2-Brazil gives SBM ultimatum in $250 mln bribery settlement

BRASILIA, Oct 22 (Reuters) - Brazil has told Dutch SBM Offshore NV, the world's top oil production ship leaser, to agree soon to a $250 million bribery settlement if it wants to regain its biggest client in the world's largest oilship market, a government source told Reuters.

OPEC nations plan to join UN climate drive

BONN, Germany Oct 22 (Reuters) - OPEC members Iran and Saudi Arabia, the top greenhouse gas emitters yet to submit national strategies for tackling climate change, say they will do so before a U.N. summit in December in a sign of widening participation even by oil producers.

UPDATE 9-Oil edges up on gasoline, Wall Street; stockpile worry limits gains

* Market pares gains as focus returns huge crude stockpile build (New throughout with market settlements)

Russia's Putin says rouble rate stabilised

SOCHI, Russia, Oct 22 (Reuters) - Russian President Vladimir Putin said on Thursday the rouble rate has stabilised despite continuing oil price fluctuations.

UPDATE 4-Teck Resources stock up as operating earnings outshine writedown

Oct 22 (Reuters) - Teck Resources Ltd reported stronger-than-expected operating earnings on Thursday, and its share price rose even though weak commodity prices prompted the Canadian miner to write down the value of its coal and other assets by C$2.2 billion ($1.68 billion).

UPDATE 1-Poland pushes energy firms to invest in troubled mines

* Tauron to use stake in PKO bank as collateral (Adds more detail, background)

REUTERS SUMMIT-Top oil traders wary of tapping their war chests

LONDON, Oct 22 (Reuters) - The world's biggest oil traders are sitting on a war chest worth billions of dollars, but are reluctant to embark on a spending spree, because the pool of available assets is either too pricey or simply not for sale.

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