Russian state gas exporter Gazprom, which supplies around a third of the EU's gas, with much coming via Ukraine, is keen for Nord Stream 2 to be built by 2019, when it must renegotiate gas transit fees with Kiev.

Qatar, the world's biggest exporter of LNG, pledged almost $6.2bn worth of investment in Britain on Monday in a show of support, as UK Prime Minister Theresa May begins the formal process of negotiating a separation settlement with the European Union.

ConocoPhillips (COP.N) on Wednesday agreed to sell oil sands and western Canadian natural gas assets to Cenovus Energy Inc (CVE.TO) for C$17.7 billion ($13.3 billion), making it the latest international oil major to pull back from a region where high costs and low crude prices have made it hard for large companies to make an acceptable return.

Refining of crude oil into fuels such as gasoline, diesel and jet fuel has for years been the industry's problem child, having to grapple with weak and volatile profit margins as well as competition from modern refineries built in China, India and the Middle East.

Total petroleum deliveries moved up by 1.2 percent from the prior year to nearly 19.3 million barrels per day in January 2017. These were the highest January deliveries in nine years, since 2008.

Myanmar, one of the oldest oil and gas industries in the region and a country which exported its first crude oil centuries ago, is again emerging as a bright spot for overseas investors after sanctions, which were imposed on the country during a long period of military rule and political unrest, were lifted in 2012.

Ukrainian state monopoly supplier Naftogaz Ukrainy has issued letters of credit under the loan agreement with Citi and Deutsche Bank secured by the World Bank. They total €220mn ($231mn) and will be used this month to buy gas from European suppliers selected through the World Bank’s auctions, it said March 1. It is planned to buy up to 1.1bn m³, with payment due in April upon completion of the relevant gas deliveries to Ukraine.

The group was forced in August to abandon plans to split the cost of the 1,200km Nord Stream 2 pipeline under the Baltic Sea with the project’s European partners Engie, OMV, Wintershall, Shell and Uniper.

Russia has enough reserves to remain Europe’s main gas provider for years to come, President Vladimir Putin said in December. “Gazprom is supplying more gas to Europe than Russia or the Soviet Union ever did,” he said. “We have enough gas for ourselves, even considering the growing requirements of the Russian economy, and for our counteragents, the buyers of our gas.”

Bob Dudley said: “In six years we have fundamentally reshaped and built a very different BP. We are now stronger and more focused - fully competitive and fit for a fast-changing future. “We have proven financial discipline, clear plans in action and have built a distinctive portfolio which gives us a strong platform for growth, now and into the future. Striking a balance between short and long-term value, our recent acquisitions and agreements have strengthened this even further. “We can see growth ahead right across the Group. While always maintaining our discipline on costs and capital, BP is now getting back to growth – today, over the medium term and over the very long term.”