Ex-BP boss aims to build major energy industry player from scratch Lord Browne heads new oligarch-backed $10bn fund L1 which is buying up energy industry assets while price of oil is low

BP PLC and a local partner have signed final agreements for the West Nile Delta (WND) natural gas project in Egypt, whereby $12 billion will be invested to develop 5 tcf of gas resources and 55 million bbl of condensates.

Russian billionaire Mikhail Fridman began building an international energy company on Monday, closing a €5.1 billion ($5.7 billion) purchase of German utility RWE AG ’s oil-and-gas business over British opposition that could force the sale of the unit’s U.K. assets.

John Browne, the former chief executive of BP, will take charge of a $10 billion oil and gas venture backed by Russian billionaire Mikhail Fridman to help it expand internationally through partnerships and acquisitions, the Financial Times reported.

Amid the military escalation in Eastern Ukraine, the geopolitical arm-wrestling between Brussels and Moscow, and its impact on natural gas matters, can only get more complicated.

Judge rejects BP attempt to lessen fines for Gulf oil spill

BP DOESN’T SEE SIGNIFICANT SHALE GAS PRODUCTION IN EUROPE BY 2035

Obama floats offering first-ever offshore drilling lease in Atlantic

BHP to drill first deepwater well off Trinidad in 2016, energy minister says

The world’s biggest energy companies are preparing to cut tens of billions of dollars from capital spending as they set out plans this week to respond to the drastic slide in oil prices.