Petróleo Brasileiro SA, as Petrobras is formally known, pledged up to $74.1 billion in capital spending for the 2017-2021 period compared with a $98.4 billion target in the prior four-year 2015-2019 plan, according to a securities filing.

The collapse of oil prices has forced Canadian and global producers to slash costs and curtail investment over the past two years. Even after a rebound from a 12-year low earlier this year, oil futures in New York are still about 60 percent down from their 2014 peak. Prices have been mostly stuck in the $40-$50 range for the past four months.

The decline is a result of a combination of simpler development concepts and more efficient drilling. Lower prices for work and equipment are also a contributing factor.

“The Alaska LNG project is one of the least competitive on a cost of supply basis compared with other”

The sector, which accounts for 20 percent of the Nordic country's economy, has been slashing jobs, costs and projects to cope with a 60 percent fall in oil prices since June 2014.

As a result of the investment, Iraq's crude output should increase by 250,000-350,000 barrels per day next year, the Iraqi officials said. The country now produces about 4.6 million bpd, most of it from the southern region.

The government hopes foreign companies will invest as much as $50 billion a year in Iran’s oil industry. Major European oil companies such as Italy’s Eni SpA and France’s Total SA have expressed an interest in developing Iran’s oil and gas fields.

China is a huge opportunity and a priority market for Azerbaijan. More than 50 agreements have been signed between the two countries so far. Azerbaijan Export and Investment Promotion Foundation has recently opened a representative office in China to support and encourage relations between the two countries' businessmen, as well as expand Azerbaijan's exports to the Chinese market and attract China's leading investment funds to the Azerbaijan economy.

Brent crude oil prices averaged at the lowest level since 2004, significantly reducing profits and cash flow for energy companies.

The current oil price environment has had a negative impact on oil investments, hurt energy efficiency and boosted the share of oil produced in the Middle East.