Norway traditionally vies with Russia to be the EU’s top gas supplier, providing about 30 per cent of import demand. In terms of energy security, EU officials hail Norway as a model of stability compared with the political and commercial risks associated with Russia and Algeria.

“Relatively low gas prices, combined with low oil prices, have slowed drilling in the Marcellus (Shale) so production from new wells is only offsetting the decline in old wells,” said EIA lead upstream analyst Dana Van Wagener.

"I will defend the position for the construction of Nord Stream II and (a) gas hub in Bulgaria - it is advantageous for the country and nobody can reproach me for that," Borisov told reporters.

LUKOIL EBITDA REACHED $10.5 BILLION IN THE NINE MONTHS OF 2015, LIQUID HYDROCARBONS PRODUCTION INCREASED BY 3.9%. FREE CASH FLOW REACHED $2.0 BILLION

The development of economic relations starting with the so-called suitcase trading of the early 1990s when Russian and Turkish tourists began to visit each other’s country, engaging in cross-border commerce, and ending with complex investment project such as Russia’s planned Akkuyu nuclear power plant in Turkey contributed to the softening of those rivalries.

"Indonesia is an important country for Saudi Arabia, a rising global economy, we would like to be a part of the growth of Indonesia," Saudi Aramco CEO Amin H Al-Nasser said at the signing of the initial agreement to upgrade the Cilacap refinery in Indonesia's Central Java province.

Britain's oil and gas sector has lost over 5,000 jobs since late 2014 as a slump in oil prices has severely squeezed oil companies' budgets and led to project cancellations.

Nowadays the proven shale gas reserves across the globe were estimated at about five trillion cubic meters, which was less than three per cent of the world's aggregate proven gas reserves.

The government hopes international companies will commit at least $100 billion that Iran says it needs to boost oil-production capacity by more than 1 million barrels a day.

“The regional potential is being realised, and the Israeli gas discoveries look to play a key role in shaping the regional energy market,” said Yossi Abu, chief executive of Delek Drilling, in a statement announcing the Egyptian agreement. “The deal with Dolphinus is further proof of the political and economic benefits that may be derived through regional co-operation between states and energy companies.”