German chemicals group BASF and Gazprom agreed to revive a deal that collapsed in late 2014 to swap gas assets that will see BASF exit gas trading and storage and the Russian energy giant expanding into Western Europe, BASF said on Friday.

Rosneft and Indian ONGC Videsh Limited during the Eastern Economic Forum signed the agreement of sale and purchase of 15% in Vankorneft and shareholders agreement in regard of the enterprise management. The document was signed by the Chairman of Rosneft Management Board Igor Sechin and Managing Director of ONGC Videsh Limited Narendra Verma.

German Ministry of Finance informed on 30 July that the Minister Wolfgang Schäuble would like to deprive the European Commission of part of its powers in two fields, namely antitrust proceedings and, currently particularly important for Germans, enforcing compliance with the budgetary discipline by the member states.

After winning a key platform construction contract from Statoil in June, Norway’s Kvaerner is reportedly working to enter into the LNG business with floating near-shore liquefaction barges designed for operations in the Arctic. Doing so, Kvaerner could increase its clout in Russia.

‘Magadanmorneftegaz, Lisyanskmorneftegaz (joint ventures of Rosneft and Statoil) and China Oilfield Services Limited (COSL) signed a contract to drill two exploration wells in 2016. The wells will be drilled in the Magadan-1 and Lisyansky areas of the Okhotsk Sea’ Rosneft wrote on Wednesday.

ConocoPhillips said Tuesday that it plans to cut about 10 percent of its global workforce.

The offshore development of the largest new field discovered in the UK North Sea for a decade has been approved by the UK Oil & Gas Authority. The Maersk Oil operated high pressure, high temperature (HPHT) Culzean field in the UK Central North Sea is expected to produce enough gas to meet 5% of total UK demand at peak production in 2020/21. Culzean is also the largest gas field sanctioned since East Brae in 1990.

At a time when the oil price is languishing at its lowest level in six years, producers need to find half a trillion dollars to repay debt.

Profit attributable to owners of PJSC Gazprom for the six months ended June 30, 2015 totaled RUB 675,904 which is RUB 225,326 million, or 50 %, higher compared to the six months of the prior year.

Russian oil firms are increasing their rouble profits and raising production as a weak currency protects their business, which has turned into one of the world's most profitable.

Eni has made a world class supergiant gas discovery at its Zohr Prospect, in the deep waters of Egypt. The discovery could hold a potential of 30 trillion cubic feet of lean gas in place covering an area of about 100 square kilometres.

Thanks to measures on cost optimization and control adjusted earnings before interests, tax and depreciation (EBITDA) amounted to RUB 326 bln (USD 6.3 bln) and increased by 14.0%, adjusted EBITDА margin reached 24.8% in Q2 2015 compared to Q1 2015. Adjusted EBITDA for the H1 2015 increased by 3.2% compared to H1 2014 up to RUB 612 bln.

In the first half of 2015, sales revenues were $51,294 million (-30.6% y-o-y). Net income attributable to LUKOIL decreased by 58.9% y-o-y to $1,695 million, EBITDA (earnings before interest, taxation, depreciation and amortization) decreased by 32.4% y-o-y to $6,379 million. In the first half of 2015, our financial results were affected by a sharp decrease in the hydrocarbon prices and non-cash write-off in the amount of $324 million.

Despite unfavourable market conditions and a negative impact of the tax manoeuvre, in the second quarter of 2015, the Company achieved a considerable improvement in its financial results. Revenue from sales gained 6.9% compared to the first quarter of 2015; adjusted EBITDA increased by 34.1%, while operating income jumped by 44.4%. In the second quarter of 2015, net income excluding minority interest was 57.2% higher than in the first quarter of 2015 and 12.9% higher than in the second quarter of 2014.

Issues have emerged in Russia that could delay or prevent Schlumberger Limited. (NYSE:SLB) from closing a deal with Eurasia. Earlier this year, Schlumberger made a $1.7 billion offer to take a stake in Eurasia, also expressing willingness to acquire the rest of the company. Eurasia is Russia’s largest oil-services company. However, as it turns out, Russia’s Federal Security Service, also known as FSB, is expressing some reservations over the deal.