Global upstream development spending from 2015 to 2020 has declined 22%, or $740 billion, since fourth-quarter 2014. Including cuts to conventional exploration investment, the figure increases to just more than $1 trillion.

Among the major shareholders of Yamal LNG are local gas producer Novatek (50.1%), Total (20%) and CNPC (20%). The Silk Road Fund has become the second Chinese strategic investor in the project, after China National Petroleum Corp. (CNPC) provided $5 B of investment for Yamal LNG. Under the terms of the agreement, the Silk Road Fund will provide approximately $800 MM for the implementation of the project over the next several years.

“I want to create a world class investment case for Shell and our shareholders.”

Iran is ramping up its energy industry after international sanctions restricting its access to financing and global oil markets were lifted in January. Since then, the country has boosted oil output to near pre-sanctions levels and raised natural gas production at the South Pars gas field on the Gulf coast.

Modi also met Qatari businessmen and encouraged them to invest more in India, calling it "a land of opportunity." The Qatar Investment Authority has several large-scale investments in India, including a more than $1 billion stake in telecommunications company Bharati Airtel. Qatar Airways has expressed interest in expanding its routes to India and in buying a stake in budget airline IndiGo.

With most companies indicating continued reductions in E&D budgets absent a meaningful increase in crude oil prices, proved reserves additions will likely continue to decline.

"If collectively we find a way to stay within the 2 degree (Celsius limit), we will still need significant investment in oil and gas. I am not talking about a few millions, I am talking about up to a trillion dollars every year that industry has to invest just to stay within 2 degrees in oil and gas," Ben van Beurden said at the company's annual shareholder meeting in The Hague.

India said Monday it will invest up to $500 million in a deal to develop a strategic port in Iran and both countries planned a number of projects they say are worth hundreds of millions of dollars.

Established in 1998, Petropars was founded to contribute toward the development of Iran’s vast energy resources. It specializes as a developer of exploration, exploitation and production in upstream projects.

Shell, Eni, Total and Statoil have announced green energy investments with a combined value of around $2.5 billion in recent weeks in a bid to diversify away from their core oil and gas markets.