The IPO proposal is consistent with the broader direction of economic reform in the kingdom, including state asset sales and market deregulation, Aramco said. Bringing in investors would also strengthen the company’s focus on long-term growth and the prudent management of its reserves, according to the statement.

Even if E&P clients are able to negotiate more favorable terms for their debt, the industry’s overextended balance sheets will put a cap on activity — even if oil prices rise. On the producer side, companies will most likely de-lever before they drill should some extra cash come in the door. For OFS, building all the new equipment such as walking rigs and big frac spreads to meet strong client demand has some players in this sector significantly over-levered.

More than $60 billion in unsolicited corporate takeover bids during 2015 were rejected, causing deal value to drop to a 10-year low. Aside from the Shell-BG deal, there were no corporate takeovers exceeding $5 billion. Fewer than 10 asset deals valued at greater than $1 billion occurred, following more than 30 annually during each of the previous 2 years.

Iran's deputy oil minister for commerce and international affairs, Hossein Zamaninia, said Tehran had identified nearly 50 oil and gas projects worth $185 billion that it hoped to sign by 2020.

For oil and gas producers, 2016 will be a year of cost-cutting, restructuring, refinancing when it is possible, and in some cases bankruptcy when it is not. Merger and acquisition activity, which was sluggish this year because of disagreements over valuations, may pick up speed.

CNPC said the entire pipeline project is expected to be completed and operational by the end of 2018. Construction of the Chinese section began in June 2015, while construction of the Russian section began in September 2014.

Government ran a record deficit of nearly 367 billion Saudi riyals ($98 billion) this year, or about 15% of gross domestic product, as low oil prices suppressed revenue, pushing it to cut planned spending by 14% in 2016 amid expectations that income from oil sales will remain under pressure.

“TAP is crucial in the diversification of gas sources in Europe through the development of the Southern Corridor from the Republic of Azerbaijan and potentially other countries,” said Carlo Malacarne, Snam’s chief executive officer.

"We’re facing challenges in a number of countries, including Ukraine where we were forced to sell our assets though they were among the best. We’ve sold our assets in Estonia. Today we listed for sale our assets in Lithuania and Latvia where there is rather serious anti-Russia sentiment that’s why the board of directors took the decision to leave those countries," Alekperov said.

Modi and Putin hailed what they termed a “strategic partnership” at their Kremlin meeting on Thursday and pledged to boost business ties, with the Indian leader signaling progress on defense projects to ensure his country upgrades its weapons capability.

“Gazprom has useful and precious experience in various fields of the gas industry and can provide them to the NIGC,” Shana quoted him saying.

Gazprom’s “export policy has always been balanced and adaptive,” says spokesman Sergei Kupriyanov. He argues that European customers have become more interested, not less, in Russian gas, given Europe’s own decline in production.

Weatherford achieved a new world record by landing a 1,180-ton (2,360,700-lb) casing string at a total depth of 26,805 ft (8,170 m). The job was performed on a deepwater rig in the Gulf of Mexico this fall.

In 2015, Gazprom increased market share in Europe and Turkey by one percentage point, from 30.2% to 31.2%,

Shell has already taken action to cut costs and reduce spending this year by $12 billion, but Tuesday’s announcement of a $33 billion target for next year is $2 billion below the company’s previous guidance.