Naftogaz Sets Aside $3.1 Billion to Pay Ukraine Gas Bill to Gazprom, CEO Says

Ophir in talks to buy Salamander Energy

Petrom, ExxonMobil start drilling third deepwater well in Romania

The Ukraine crisis caused relations between Russia and the EU to fall to their lowest point since the Cold War. But despite the bickering and outright conflicts, both still need each other: Europe relies on Russian gas to keep warm, and Russia in turn needs revenues. With winter on its way and capital flight from Russia reaching dangerous levels, the outlook should draw the EU and Russia back together.

Schlumberger Ltd, the world's largest oilfield services company, said oil and gas spending would increase in 2015 as global oil demand is poised to rise, downplaying fears of an investment slowdown due to weak crude prices.

Japan continues to import record volumes of LNG amid delays in nuclear restarts

As the European calls for diversification away from Russian sources of natural gas continue in the wake of the Ukraine crisis, a just released study from The Brookings Institution shows that the European Union is likely to be using a lot of Russian gas even by the year 2040.

Europe’s natural gas supply mix likely won’t change much without drastic policy interventions despite recent renewed concern over instability in Ukraine, a new Brookings Institution policy brief concluded. This effectively will ensure a continuing significant market share for Russia, it said.

Bulgaria, Finland and Estonia could suffer major gas shortages if Russia cut off all its gas deliveries for six months, according to a report released Thursday by the European Commission.

BG Group Plc (BG/) appointed Statoil ASA (STL)’s Helge Lund as chief executive officer, ending a leadership crisis at the U.K.’s third-largest oil and gas producer.