"We recognise that market conditions are currently very difficult but nevertheless we have a shared goal of making the basin as attractive as possible for exploration," Andy Samuel, chief executive of the OGA, said.

Britain is on track to meet its 2020 European renewable energy target and its commitment will not be affected by the country's vote to leave the EU, government officials said.

Eni engineering and construction subsidiary Saipem on Thursday announced the award of offshore engineering and construction contracts with a combined value of more than USD 1.5 billion, including work related to the Zohr gasfield development project in Egyptian waters.

U.S. crude was down 23 cents at $46.37 a barrel at 0158 GMT. The contract fell 5 percent to end at $46.60 on Tuesday as U.S. investors digested news of an OPEC increase in production after the July 4 holiday on Monday closed trading. Brent futures were down 18 cents at $47.78. On Tuesday they settled down 4.3 percent at $47.96 a barrel.

In the week ending Monday, the average UK pump price of unleaded gasoline (ULSP) was 111.65p/liter, up 0.21 p/liter week on week. The price of diesel (ULSD) was 112.86 p/liter, up 0.30 p/liter on the week.

WHILE politicians run around like headless chickens, the Bank of England, at least, is trying to stabilise the British economy. Within hours of the announcement of the EU referendum result, Mark Carney, the bank’s governor, reassured investors that the economy was sound. And on July 5th, through a piece of arcane but important financial regulation, the bank took the first real step to promote financial stability when it announced the relaxation of capital requirements for banks, in a bid to stave off a credit crunch.

Kuwait's budget deficit reflects the impact lower oil prices have had on crude exporters, particularly Gulf Arab monarchies that rely on oil revenues to support generous subsidies, welfare benefits and public sector wages.

72.4% of the overall scope of the work is done, which is ahead of schedule by about 2.5%. $12bn have been spent to date from total SD2 cost estimate of $24bn including an inflation rate for the period 2014-2020

With oil prices forecast to remain low, Azerbaijan’s growth and fiscal position are likely to weaken further in 2016, posing significant risks. Financial sector vulnerabilities and an underdeveloped macroeconomic policy framework are further adding to the country’s challenges.

Azerbaijan is hoping in the best case for profits in excess of $50bn from the Southern Gas Corridor (SGC). State oil company Socar told that even the gloomiest outlook showed that Azerbaijan’s share in the profit of SGC would be at least $30bn over the 25 years' duration of the sales and purchase agreements.