The foreign investment arm of India's top oil explorer ONGC is targeting $10-$12 billion of oil and gas asset purchases over the next three years, including more corporate acquisitions, its managing director said.

Norwegian petroleum and other liquids production, which had been declining since 2001, increased in 2014 and will likely continue increasing in 2015. The production growth in 2014 was mainly the result of new fields coming online, but also included a small increase in output from existing fields. Production has continued to grow in the first half of 2015 and is expected to remain relatively stable over the next few years as growth from new fields balances declines from older fields.

Low oil prices risk causing a lack of investment in conventional oil supply in non-OPEC countries, strengthening OPEC market power and creating additional uncertainty, the IEA's director for energy markets and security, Keisuke Sadamori, said Tuesday.

Britain's North Sea oil and gas sector has shed more than 5,000 jobs since late last year, the country's new Oil and Gas Authority said on Monday, putting an official figure on job losses resulting from a year-long decline in oil prices.

Based on financial statements from selected international oil and natural gas companies, spending on upstream investments was 12% lower in fourth-quarter 2014 compared to the same period in 2013. Upstream spending on exploration and development typically accounts for the bulk of these companies' investment expenditures.

Investment bankers and analysts entrenched in the oil and gas industry say companies have so far staved off the major negative impacts of the current industry downturn better than previous downturns by acting more proactively and aggressively.

Schlumberger CEO Paal Kibsgaard said Monday he expects global exploration and production capital expenditures to drop between 10 to 15 percent in 2015.

Investment by British companies slowed in the final quarter of 2014, official data showed Thursday, as the fall in oil prices drove the North Sea extraction industry to cut down spending on infrastructure.

Chevron’s $35 billion capital budget down 13% from last year

Shell cuts $15 billion in spending for 2015-17