Declines in oil and natural gas extraction and support employment tend to lag declines in crude oil prices. As prices of North Sea Brent crude oil fell from their June 2014 level of $112 per barrel, firms reduced the number of new wells drilled and the associated workforce. The count of drilling rigs in the United States, as measured by Baker Hughes, totaled 857 for the week ending June 19, 54% below the same point a year ago and the lowest level in nearly six years.

In terms of oil and gas reserves per capita, Qatar is still “well ahead” of the other major oil and gas producers with 83,600 barrels of oil equivalent in 2014.

The parties confirmed their intention to create a joint venture for gas and condensate offshore production in Venezuela as part of Mariscal Sucre project. The signed document provides for performing of additional joint research aimed at selection of optimum plan of this project implementation.

From June 2014 to May 2015, when the oil and gas prices as measured by the PPI fell by 49%, the PPI by industry classification showed the following changes: - Rates for drilling activities, which primarily represent service fees for contractors to drill oil and gas wells, declined by 19.6%. - Rates for support activities, which include the surveying, cementing, casing, and otherwise treating wells, declined by 1.4%. - The price of sands primarily used for hydraulic fracturing declined 12.5%.

U.S. Rig Count is down 2 rigs from last week to 857, with oil rigs down 4 to 631, gas rigs up 2 to 223, and miscellaneous rigs unchanged at 3. U.S. Rig Count is down 1001 rigs from last year at 1858, with oil rigs down 914, gas rigs down 88, and miscellaneous rigs up 1. The U.S. Offshore rig count is 27, down 2 rigs from last week, and down 32 rigs year over year.

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

Rosneft and China National Chemical Corporation (ChemChina) signed at the St. Petersburg International Economic Forum a contract for crude oil supplies to the Chinese company.

Total S.A. and Rosneft signed at the St. Petersburg International Economic Forum an agreement, confirming the execution of a sale and purchase agreement with regard to the 16.67% share in PCK Raffinerie GmbH. The document was signed by Rosneft Chairman of the Management Board Igor Sechin and Chief Executive Officer of Total Patrick Pouyanné.

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.

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.