The six nations that make up Central Asia hold at least 11% of the world’s proven natural gas reserves, as well as substantial deposits of oil and coal, according to data compiled by BP. Afghanistan says its mineral wealth is valued at $1 trillion to $3 trillion.

Global oil and natural-gas producers have delayed $200 billion of investment in more than 45 projects following the slump in crude prices, according to Wood Mackenzie.

Last week, Operator Statoil and its PL146/PL333 partner Total E&P Norge announced they made a gas and condensate discovery in the Julius prospect in the King Lear area in Norway’s North Sea

States are attempting to get their hands on long-term gas supply contracts with the Russian natural gas exporter Gazprom and pave the way for a multi-commodity energy supplier business where they can influence end-user prices directly.

Iran produces about 2.7m barrels of oil a day. But a report by Wood Mackenzie, the energy consultancy, to be published on Thursday, says that it could add 600,000 b/d of crude production by the end of 2017, assuming that it strikes a nuclear deal with the US and EU that lifts sanctions.

Pro-development policies could increase cumulative local, state, and federal government revenue by over $1 trillion and lower average annual household energy expenses by $360 by 2035, according to the study. A path of regulatory constraints would lead to a cumulative decrease of $500 billion in government revenue from 2016 to 2035 and an increase of $242 in average annual household energy costs.

Germany’s Wintershall agreed Thursday to sell stakes in several North Sea assets and fields to Tellus Petroleum for a combined $602 million.

The parties confirmed their intention to create a joint venture for gas and condensate offshore production in Venezuela as part of Mariscal Sucre project. The signed document provides for performing of additional joint research aimed at selection of optimum plan of this project implementation.

Rosneft and BP today signed several agreements strengthening the long term strategic relationship between the two companies, at the St. Petersburg International Economic Forum.

Total S.A. and Rosneft signed at the St. Petersburg International Economic Forum an agreement, confirming the execution of a sale and purchase agreement with regard to the 16.67% share in PCK Raffinerie GmbH. The document was signed by Rosneft Chairman of the Management Board Igor Sechin and Chief Executive Officer of Total Patrick Pouyanné.

Deepwater oil projects and complex gas facilities worth around $200 billion have been cancelled or put on hold worldwide in recent months due to the sharp drop in oil prices over the past year, consultancy Ernst and Young said.

BP could be close to a $700 million deal with Russia’s Rosneft for a 20% stake in a Siberian oilfield, the company led by Igor Sechin further showed how national companies can cope with sanctions, maintaining ties with Western companies and progressively switching to Asian markets.

"Uncertainty is the rule of the game in this industry," the head of France's Total Patrick Pouyanne said this month. "We are in the long-term business. This is why at Total we are keen to maintain our commitment to Russia."

Europe’s biggest oil groups are extending business deals with their Russian energy partners despite this month’s EU vote to continue imposing sanctions, highlighting how western companies are learning to live with the restrictions placed on Moscow.

According to Statistics Norway, total investments in oil and gas activity in 2016 should be NOK 184.9 billion, which is 1.4% higher than the corresponding estimate for 2015.