South African President Jacob Zuma outlined ambitious plans on Wednesday for oil andgas exploration in coastal waters that he said could contain as much as 9 billion barrels of crude and vast quantities of natural gas.

Russian state gas giant OAO Gazprom said second-quarter profit rose 13% on higher sales and prices which offset provisions for non-payment by Ukraine’s Naftogaz.

Russia seeks an acceleration of its business ties with China. Russian Prime Minister Dmitry Medvedev suggested on Monday that the two countries could soon reach an agreement on a second pipeline.

Rosneft and Chinese National Petroleum Corporation (CNPC) signed an agreement for the extensions of strategic cooperation.

Rospan International (Rosneft subsidiary) carried out a record hydrofracturing at the Urengoiskoe field, which resulted in the 9 times increase of production rate.

Russian oil giant OAO Rosneft is devising a legal strategy to fight Western sanctions in European courts, according to people familiar with the strategy—a tactic modeled on the so-far successful legal campaign waged by Iran’s Bank Mellat.

OAO Gazprom said profit for the first half of the year fell by almost one-quarter as Ukraine's Naftogaz didn't pay for gas supplied by the Russian state-controlled gas group.

Statoil ASA (STL), Norway’s biggest energy company, will sell its 15.5 percent stake in the Shah Deniz field in Azerbaijan to Malaysia’s Petroliam Nasional Bhd for $2.25 billion as it seeks to reduce investment and prioritize high-value projects.

Norwegian oil company Statoil ASA ( STO ) said Tuesday that with its partner ExxonMobil Corp. ( XOM ) it has discovered 1.2 trillion cubic feet of natural gas, or 216 million barrels of oil equivalent, in the Giligiliani-1 well offshore Tanzania, the joint venture's seventh discovery in the block 2 area.

Petrochemical firm Ineos has bought a second licence for shale gas exploration and development in central Scotland.

Morgan Stanley ’s deal to sell an oil trading business to Rosneft , the state-owned Russian oil group, is close to collapse amid the profound chill in relations between Russia and the US.

Russia's top oil producer Rosneft has turned to UK-certified lawyers in its fight against Ukraine-related Western sanctions which have hit the company's output and prospects for its push to tap Arctic riches.

Gazprom has said it could shelve its Vladivostok liquefied natural gas project as the Russian state-controlled energy giant focuses on supplying more gas to China by pipeline.

The share-price boom at U.S. energy firms has gone bust, due to slumping global growth and tumbling crude prices.

This year's fall in energy prices is hastening the decline of big oil, as the seven Western majors sell-off assets, cut investment, return money to shareholders and shrink in size, leaving ever more output to small producers and state firms.