Russia to continue implementing Arctic oil and gas projects despite Western sanctions and low oil prices, Russian Energy Minister Alexander Novak said

Russia’s second-largest oil producer Lukoil aims at stabilizing its oil output this year, the company’s CEO Vagit Alekperov said on the sidelines of the World Economic Forum in Davos, Switzerland. “Lukoil aims at stabilizing output throughout Russia in 2015,” Alekperov said.

ЛУКОЙЛ приступил к снабжению цилиндровыми маслами нового поколения LUKOIL NAVIGO 100 MCL крупнейшего контейнеровоза в мире - MSC OSCAR, пополнившего флот компании Mediterranean Shipping Company (MSC) в этом году. Судно единовременно вмещает рекордное число контейнеров - 19 224. Оно оснащено топливосберегающими двигателями, в которых и будут эксплуатироваться современные масла ЛУКОЙЛ.

The head of Italian energy company Eni Spa urged OPEC on Wednesday to act to restore stability in oil prices, which he warned could overshoot to $200 per barrel several years down the road because of low investment now.

ExxonMobil Corp. says it started production from Arkutun-Dagi field in its Sakhalin-1 project in northeastern Russia. The field is expected to produce about 90,000 boe/d.

By 2030 More than Half of the Existing Global Oil Production Will Disappear

Oil drilling in the United States will continue to fall in the first half of this year, and could even halve, according to major oil service companies looking to past slowdowns as a guide.

Eni SpA has made a new discovery of oil and gas in the West Melehia deep exploration prospect, located in the Melehia license, in the Western Desert of Egypt, 116 square miles (300 square kilometers) west of Alexandria.

Kuwait’s government on Sunday announced plans to spend $155bn on projects over the next five years despite the current slump of oil prices

Current market conditions might turn out to be positive for the industry in the long run also for another reason. Low prices are expected to bring along helpful rationalisation measures, which will have a positive impact on the bottom line.