To help Gazprom reach Central European markets, Russia has advocated the construction of a pipeline that would run from Greece to Macedonia, Serbia and Hungary

Russian energy company Gazprom has made it clear that it intends to move forward with the construction of the Turkish Stream natural gas pipeline as quickly as possible, whether or not the project can overcome political obstacles in Europe.

Prices have also risen with internationally traded Brent recovering from a six-year low near $45 a barrel in January to $64.90 on Wednesday.

Analysts at Moody’s predict that the default rate for oil and gas companies with lower credit ratings — B2 or lower — could increase to 7.4% by March 2016 from 2.7%.

More than $100bn of spending on new projects by the world’s energy companies has been slowed, postponed or axed following the oil price plunge, evidence of the drastic industry action that will curb output in coming years.

Sanctions have stopped Russia’s state-controlled oil group Rosneft expanding its trading operations, the company revealed on Tuesday, preventing it from capitalising on one of the main revenue sources tapped by western rivals during the oil price rout.

Naftogaz's role is the creation of an efficient gas market in Ukraine.

May 17 State-owned Qatar Petroleum will announce a restructuring plan in the coming months to adapt to the drop in oil prices, the head of its wholly owned international subsidiary said.

Despite Europe’s desire to loosen its reliance on Russian gas, the shale revolution has turned out to be a dud. Difficult geological conditions, fierce environmental opposition, cumbersome regulations and a bloody war in Ukraine have conspired to quash investors’ enthusiasm and wear down their patience. The collapse of oil prices to less than $50 a barrel in March was the final straw because the cost of much of Europe’s gas, including Russian imports, is linked to crude.

The crisis in Ukraine highlighted the need for Europe to tighten energy links among member states and cut its dependence on Russia, which supplies 27% of the bloc’s natural gas. To ensure that intergovernmental agreements with Russia don’t breach EU law, the regulator should vet their content during negotiations and not just before deals are adopted.

Britain's largest energy supplier Centrica (CNA.L) has signed new gas contracts with two of the world's largest producers, Russia's Gazprom and Norway's Statoil, reflecting the UK's growing dependence on gas imports as its production declines.

Shell will conduct its drilling in 140 ft of water about 70 miles northwest of the Alaskan village of Wainwright using the M/V Noble Discoverer drillship and Transocean Ltd.’s Polar Pioneer semisubmersible drilling unit, with each vessel providing relief-well capability for the other. The two drilling rigs and their supporting vessels will depart the Chukchi Sea at the conclusion of each exploration drilling season.

Gazprom has switched to the stage of building the offshore section of the Turkish Stream gas pipeline intended to bring Russian natural gas to Europe via Turkey, Gazprom CEO Alexey Miller said on Friday.

The United States, wading into the international efforts to shape Greece’s economic and geopolitical orientation, is pushing the leftist government in Athens to resist Russia’s energy overtures.

Condensate is especially important now because it’s not covered by sanctions on Russia’s oil industry that have targeted Arctic drilling and shale projects. Production of the ultra- light crude will swell as much as 17% this year, according to estimates by Gazprombank. That makes it a key factor driving growth, said Alexander Nazarov, an analyst at the country’s third biggest lender.