LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.

BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.

REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.

ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.

EIA - North Sea Brent crude oil spot prices averaged $63 per barrel (b) in November, an increase of $5/b from the average in October. EIA forecasts Brent spot prices to average $57/b in 2018, up from an average of $54/b in 2017.

ROSATOM - Cairo, Egypt - On December 11, 2017, Director General of ROSATOM Alexey Likhachev and Egypt’s Minister of Electricity And Renewable Energy Mohamed Shaker signed the Notices to proceed the contracts for the construction of the El Dabaa nuclear power plant.

LETTERONE - BASF and L1 Energy, the energy investment arm of LetterOne, announce their intention to merge their oil and gas subsidiaries.

WBG - The World Bank Group will no longer finance upstream oil and gas, after 2019.

PENNENERGY - Germany's Siemens says it has signed contracts worth some 700 million euros ($824 million) to build two gas-powered electricity plants in Libya.

WNN - Construction of the Iter fusion reactor, being built at Cadarache in the south of France, is now 50% complete, the Iter Organisation has announced. The reactor - construction of which began in 2010 - is scheduled to achieve first plasma in 2025.