The deal, which resolves arbitration proceedings between E.ON and Gazprom, will lead to a positive one-off effect of about 380 million euros ($425 million) on E.ON's core earnings (EBITDA) in the first quarter of 2016.

“The company continues to improve its efficiency responding to the challenges of the global market. In Q4 2015 upstream operating expenses per boe and maintenance expense of the Russian refinery in RUB terms slightly increased in comparison with Q4 2014, despite of the growth in industry prices by 10.7%. Increase in earnings before interests, tax and depreciation by 17.8% in 2015, in terms of significant decline in RUB and USD denominated oil prices show an effective control over operating costs that allowed the Company to reduce its debt burden considerably, significantly increasing the sustainability of the business in challenging macroeconomic environment”

In 2015, the seven biggest publicly traded Western energy companies, including Exxon Mobil Corp. and Royal Dutch Shell PLC, replaced just 75% of the oil and natural gas they pumped, on average, according to a Wall Street Journal analysis of company data. It was the biggest combined drop in inventory that companies have reported in at least a decade.

It says that two thirds of the gas will flow towards the Central European Gas Hub in Baumgarten, Austria. “This hub offers ideal connectivity and can handle large flows to central, east, southeast and south European countries, boosting their gas markets to comparable levels of liquidity and competiveness as in northwest Europe.”

Turkey has for the first time imported liquefied natural gas (LNG) from the US in 2016, said the message from Turkey’s Energy Market Regulatory Authority (EMRA).

The Rockefeller Family Fund said on Wednesday it would divest from fossil fuels as quickly as possible and "eliminate holdings" of Exxon Mobil Corp, saying the oil company associated with the family fortune has misled the public about climate change risks.

Royal Dutch Shell has confirmed it is reviewing the case for selling some of its North Sea assets in the wake of its £35bn takeover of rival oil and gas producer, BG Group.

“Low oil prices fuel a reduction in risk-taking, and when there is less risk-taking, asset prices will fall. It can lead to a downward asset price spiral,”

The parties addressed strategic bilateral cooperation. It was noted that the collaboration between Gazprom and Chinese energy companies and financial institutions was consistently developing.

India is replacing China as the center of the world’s oil demand growth as its economy expands faster than any other major country and Prime Minister Narendra Modi has made energy security a priority for the nation, which imports 80 percent of its oil requirements.

Gasoline production is set to grow in 2016 due to the commissioning of Indian Oil Corp.'s 2.9 million mt/year continuous catalytic reformer at its greenfield 15 million mt/year (300,000 b/d) Paradip refinery, and completion of Bharat Petroleum Corp. Ltd.'s gasoline capacity expansion at its Kochi refinery by 6 million mt/year to 15.5 million mt/year (310,000 b/d) sometime in May.

Europe’s leaders have long been hoping that U.S. shale gas would help the bloc reduce its reliance on gas from Russia, which provides around a third of the region’s supplies. The ethane from Ineos’s shipment won’t be a substitute for Russian gas, which is mostly methane, but it will help to lower prices in the European market, said Karen Sund, partner at Norway-based Sund Energy consultancy.

More than $400 billion of proposed energy projects have been delayed since mid-2014 and pushed into 2017 and beyond as oil prices slid about 60 percent in the past two years, according to consulting firm Wood Mackenzie Ltd. The LNG market in particular is facing an oversupply as U.S. exports add to a wave of shipments from Australia.

Federal lawyers on Tuesday formally asked a judge in New Orleans to approve a record-breaking $20 billion-plus settlement agreement announced last July by the Department of Justice and five Gulf Coast states to resolve years of legal fighting about the 2010 Gulf oil spill.

PetroChina Co Ltd on Wednesday said profit fell 70 percent last year as low prices brought down upstream earnings, eclipsing the impact of a jump in natural gas income brought about in part by pipeline consolidation.