Glencore has more than $10bn in short-term credit and has just raised a little under $2.5bn through an equity placing. Even at current commodity prices, it believes it can produce $3bn in free cash flow a year.

China’s $40 billion Silk Road Fund said it would finance part of the project, a development Total CEO Patrick Pouyanné called “a clear commitment by China” in an interview Wednesday. The price paid for Silk Road’s 9.9% stake in Yamal wasn’t disclosed.

Third-quarter 2015 results could show continued declines in profits, cash flow, and capital expenditure if crude oil prices continue to decline.

Gazprom's new strategy appears to focus on flexibility in supply routes, markets and possibly even pricing; on dealing with the European energy market as a whole instead of piecemeal; and on leaving natural gas on Europe's doorstep to be transported to market through internal European pipelines.

U.S. Rig Count is down 4 rigs from last week to 838, with oil rigs down 4 to 640, gas rigs down 1 to 197, and miscellaneous rigs up 1 to 1.

Schlumberger Limited announced that it does not intend to extend the pending agreement to acquire a minority equity interest in Eurasia Drilling Company Limited, once the current extension expires on September 30, 2015. The Company will instead focus on other M&A opportunities.

Halliburton Co., the world’s second-largest oilfield services provider, has cut 2,000 more jobs, mostly in North America, the region hardest hit by the crude collapse.

"The original Nord Stream was funded by project finance. We believe raising multi-billion dollar project financing for Nord Stream 2 in the capital markets would probably be much harder now. This is because Western sanctions have significantly hindered international funding to Russian corporates, even those not directly sanctioned," Fitch said.

Results from second-quarter 2015 financial statements of a number of U.S. companies with onshore oil operations suggest continued financial strain for some companies. Low oil prices have significantly reduced cash flow for U.S. oil producers, and to adjust to lower cash flows, companies have reduced capital expenditures and raised more cash from debt and equity.

Saudi Aramco president and CEO Amin H. Nasser expressed his profound gratitude to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, Crown Prince Mohammed bin Naif and Deputy Crown Prince Mohammed bin Salman bin Abdulaziz, chairman of the Saudi Aramco Supreme Council for the trust bestowed upon him to preside over Saudi Arabian Oil Company (Saudi Aramco).

The agreement concerning Nord Stream-2 represents a success for Russia; it accomplishes the strategic goals of Russian gas policy in Europe (main - ceasing gas exports through Ukraine), despite the difficult political relations with the EU, the Western sanctions regime, and Brussels’ declaration that it will diversify the EU’s sources of supply and reduce its dependence on Russian gas.

Romania's intention to stop importing Russian gas will not affect export revenue of Gazprom, said Ivan Grachev, head of the RF State Duma Energy Committee. "Russian gas consumption in Romania is lower than random fluctuations of Gazprom exports to Europe", added Mr. Grachev.

The two PMs were reacting to a preliminary agreement between Russian giant Gazprom and Western energy concerns including BASF, E.ON, ENGIE, OMV and Shell on doubling the transport capacity of Nord Stream in early September.

Investors’s fears that Royal Dutch Shell will fail to complete its planned £43bn acquisition of BG Group have been exaggerated, Shell’s chief executive has said.

OAO Rosneft will sell a stake in one of its largest oil-producing projects to ONGC Videsh Ltd., the overseas-investment arm of India’s biggest explorer, for $1.27 billion, people familiar with the plan said.