Sanctions have stopped Russia’s state-controlled oil group Rosneft expanding its trading operations, the company revealed on Tuesday, preventing it from capitalising on one of the main revenue sources tapped by western rivals during the oil price rout.

A flagship Russian gas project may soon test Moscow’s newfound willingness to cede greater control of its energy assets to Beijing in exchange for much-needed Chinese financing.

BP suffered a sharp slide in first-quarter profits, hit by the plunge in crude prices that has battered revenues across the oil industry.

Despite the recent Memorandum of Understanding (MoU) between Rosneft and Golar LNG, the former’s current gas strategy is narrowly focused on developing domestic reserves and initiating Liquefied Natural Gas (LNG) projects in Russia.

Statoil ASA plans to drill four wells in Russia with state oil company OAO Rosneft, targeting heavy oil fields, showing Norway’s biggest energy producer is deepening its involvement in the country against the backdrop of international sanctions.

Russian billionaire Mikhail Fridman began building an international energy company on Monday, closing a €5.1 billion ($5.7 billion) purchase of German utility RWE AG ’s oil-and-gas business over British opposition that could force the sale of the unit’s U.K. assets.

John Browne, the former chief executive of BP, will take charge of a $10 billion oil and gas venture backed by Russian billionaire Mikhail Fridman to help it expand internationally through partnerships and acquisitions, the Financial Times reported.

There was no clear answer to the question of where LNG for Europe might come from in a session devoted to the topic at the European Gas Conference in Vienna, Austria, but that didn't mean that panel participants were unable to provide a wealth of information and insights to the discussion.

“So, fundamentally, the crisis in oil prices in 2014 – is just a ripple on the water compared to the oversupply tsunami of 1985. The amount of excess capacity is five times less. Operating costs are 2-3 times higher. Instead of a deep drop in demand – a growth is recorded. The rate of decline in marginal production – is ten times higher. There is a clear unbalance between fundamental drivers and the observed price dynamics” - highlighted Rosneft Head.

The world’s biggest energy companies are preparing to cut tens of billions of dollars from capital spending as they set out plans this week to respond to the drastic slide in oil prices.