Rosneft and BP today signed several agreements strengthening the long term strategic relationship between the two companies, at the St. Petersburg International Economic Forum.

Itera, a 100% Rosneft subsidiary, and General Electric signed an agreement of intent regarding natural gas processing cooperation at the St. Petersburg International Economic Forum.

US Arctic oil and gas policies should recognize the industry’s extensive global Far North experience and technology, American Petroleum Institute officials said. “If we don’t use this knowledge, other Arctic nations will move to the forefront of energy development there,” API Upstream Operations Director Erik Milito told reporters at a June 12 briefing.

In Budapest, Mr. Šefčovič reported that, in the wake of the cancellation of South Stream last December, all parties in Europe have been paying attention to statements from Russia, as a gas supplier, and Europe's stance on infrastructure has been altered.

Deepwater oil projects and complex gas facilities worth around $200 billion have been cancelled or put on hold worldwide in recent months due to the sharp drop in oil prices over the past year, consultancy Ernst and Young said.

Norwegian oil and gas company Statoil says it will lay off up to 1,500 staff and 500 consultants by the end of to slash costs.

"Uncertainty is the rule of the game in this industry," the head of France's Total Patrick Pouyanne said this month. "We are in the long-term business. This is why at Total we are keen to maintain our commitment to Russia."

“Now we are facing a stagnant demand both for oil and gas globally. These two commodities are providing 70% of Russian export and 50% of Russian federal budget revenues, so you can imagine how painful that is.”

Gazprom revived its contract with Italian contractor Saipem (controlled by state-run Eni SpA). The Milan-based company had signed two contracts worth €2.4 bn in total for the construction of an undersea pipeline and support services for construction of a second undersea pipeline, both part of much touted South Stream. The contract terms are now being renegotiated, so as to start construction in time for the 2016 deadline.

China’s ambassador to the Philippines has suggested that the two countries sit down for talks on the most squeamish territorial dispute in Asia. The question of who controls the fishery-rich, 3.5 million-square-kilometer South China Sea, also full of oil and natural gas as well as major world shipping lanes, could proceed from military preparations to a calm negotiating room. The two governments – both unusually aggressive in asserting rival claims to the sea — might be able to work something out. The Philippines is talking now to Taiwan to agree on law enforcement in their own overlapping waters.