Oil & Natural Gas Corp. (ONGC), India’s biggest energy explorer, is banking on the world’s largest shale oil reserves to save its Russian acquisition. Stumbling blocks include oil prices at a five-year low and U.S. sanctions.

Russia announced state aid for a major energy project on Wednesday under a drive to shore up strategic firms as well as public faith in its banking system during an economic crisis deepened by Western sanctions.

Russian-Chinese energy partnership gaining momentum

Turkish Ambassador to Russia noted that energy cooperation with Russia was strategically important for Turkey, stressing that the sides are discussing potential routes for a new Black Sea gas pipeline.

RWE is seeking to insert safeguards into a €5.1bn contract to sell North Sea gasfields to a Russian billionaire that would ensure the assets remain operational in the event of further sanctions.

Russia's 2014 oil output hit a post-Soviet record high average of 10.58 million barrels per day (bpd), rising by 0.7 percent helped by small non-state producers, Energy Ministry data showed.

Total SA and its partners will use a record 16 ice-breaking tankers to smash through floes en route to and from the Arctic’s biggest liquefied natural-gas development.

Russia's decision to redirect the South Stream pipeline toward Turkey came as a shock to many European nations. The European Union's attempts to bargain more concessions from Russians by being intractable on various technical aspects had the opposite effect. Those who pinned their hopes on the project as a source of energy stability were left puzzled and discontented. Although Moscow's move can be interpreted in many ways, it fits into Russia's larger strategy in contemporary international politics.

BP Plc is in talks to buy a direct stake in an East Siberian oil producer from OAO Rosneft, the Russian oil producer facing U.S. and European financing bans, according to a person with direct knowledge of the matter.

Crude prices surged from the lowest closing levels since May 2009 as comments from Saudi Arabia’s oil minister yesterday added to the most volatile market in three years.