Britain's North Sea oil and gas sector has shed more than 5,000 jobs since late last year, the country's new Oil and Gas Authority said on Monday, putting an official figure on job losses resulting from a year-long decline in oil prices.

China, the world's second-biggest oil consumer, has already begun to loosen its grip on the physical oil sector this year by granting quotas for imported crude to privately-owned refiners for the first time, surprising market participants with the speed of reform.

Ukraine has asked Russia to reduce the cost it charges the country for gas as well as write-off loans Russia has given it.

Under the second stage of the Production Sharing Agreement of the Shah Deniz Project in Azerbaijan, LUKOIL Overseas Shah Deniz Ltd. (a fully-owned PJSC LUKOIL subsidiary) has signed in Baku a 12 year credit-facility agreement with a consortium of banks to borrow USD 1 billion.

Italian services firm Saipem said Tuesday it will cut 8,800 jobs during the next two years after booking about $1 billion in write downs in the second quarter and slashing its annual guidance.

This month the head of the EBRD said the bank could invest hundreds of millions of dollars in Ukraine's energy sector this year, but that any investment would depend on Kiev implementing long-promised energy sector reforms.

Low oil prices have tightened the screws on some of the most depleted and costly oilfields in Britain's North Sea, forcing operators to cease production earlier than planned and adding to fears of a domino effect in mature areas.

Ukraine expects to store enough natural gas for next winter despite cutting off imports from Russia and Russian flows crossing the country destined for Europe will not be disrupted, Energy Minister Volodymyr Demchyshyn said on Thursday.

Russian natural gas producer Gazprom put Ukraine's total gas debt at almost $29.5 billion on Thursday, ratcheting up pressure in a gas pricing dispute with the country, which is fighting a pro-Moscow rebellion on its eastern outskirts.

Naftogaz's role is the creation of an efficient gas market in Ukraine.