March 2015

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.

The Fallout from Lower Oil Prices

Steady climb in global demand growth prompts slight upward revision of 2015 forecast.

Removing U.S. oil ban would create jobs beyond drilling

The US drilling rig count plunged 67 units—64 on land and 56 targeting oil—to settle at 1,125 rigs working during the week ended Mar. 13, according to data from Baker Hughes Inc.

Nexen Energy ULC, a wholly owned subsidiary of CNOOC Ltd., has reported organizational changes that will result in the reduction of 340 jobs in North America and 60 jobs in the UK, spurred by the decline in crude oil prices.

LUKOIL closed a transaction to enter a project to develop the Etinde block offshore the Republic of Cameroon in the Gulf of Guinea (West Africa).

Russian oligarch Mikhail Fridman’s investment fund said Wednesday it sent a “detailed response” to U.K. government objections to its deal to take over offshore natural-gas fields amid a period of icy relations between Moscow and the West.

As most of Russia’s energy exports go to the European Union, both players are strongly interdependent. For Russia, energy resources, especially gas, are viewed as a tool to project power beyond its borders.

UK oil and gas companies expect to create thousands of jobs over the next two years despite the dramatic slide in oil prices.