Global offshore oil production (including lease condensate and hydrocarbon gas liquids) from deepwater projects reached 9.3 million barrels per day (b/d) in 2015. Deepwater production, or production in water of depths greater than 125 meters, has increased 25% from nearly 7 million b/d a decade ago.

“The rampant cost inflation on Australian projects combined with the collapse in oil prices is damaging for a lot of these projects,” said Neil Beveridge, analyst at Bernstein. LNG prices have been affected by a supply glut and are also linked to oil prices in Asia.

- Combination creates an unparalleled company positioned to deliver value for customers and investors - GE to own 62.5% and Baker Hughes shareholders to own 37.5% of the “New” Baker Hughes - GE to contribute $7.4 billion to fund the $17.50 per share special dividend to existing Baker Hughes shareholders

Big companies responded with big cuts. BP, Eni and their peers cut exploration spending by 35% in 2015 compared with 2013, Wood Mackenzie’s data show. Many projects now focus on lower-risk, lower-reward prospects as companies hope for incremental gains near existing infrastructure that they can bring online quickly and cheaply.

«Самое сильное и продолжительное падение цен на рынке за последние 45 лет в условиях нехватки финансирования рискует обернуться дефицитом ресурсов, который приведет к непредсказуемым скачкам цен и в конечном счете сильно ударит по потребителям. В текущей ситуации «заморозка» или даже сокращение добычи на определенное время – правильное решение для мировой энергетики», – подчеркнул Александр Новак.

He further quoted Iranian Minister of Petroleum Bijan Zangeneh as saying that Iran would need at least 200 billion dollars of investment in its upstream and downstream sectors under the development plan.

«Сегодня у нас есть общее понимание, что рынок восстанавливается медленно, инвестиции в отрасль находятся на рекордно низком уровне, запасы существенно превышают средние значения за пять лет. Мы видим целесообразность принятия мер для балансировки рынка в ближайшие месяцы с целью возврата инвестиций и снижения волатильности», - отметил Александр Новак, выступая на пресс-конференции по итогам переговоров.

However, Russian oil and natural gas companies’ capital investment programs have been less affected, if at all.

Shell’s net debt has more than doubled to $75bn since its £35bn takeover of BG Group was completed in February.

We expect global GDP to more than double over the next 20 years, while energy demand increases by only 30%. The difference between those two things is improving energy efficiency or declining energy intensity. That is critical in underpinning the shift we expect to see in the rate of growth of carbon emissions. We think the energy intensity of GDP will decline much more rapidly than we’ve ever seen before.

An oasis of calm in a hot region, the UAE is at once a critical geo-market and the ideal gateway to the most important oil and gas region in the world.

"We can operate in the $50 range, we have to," he said, adding that the business needs to be resilient to price cycles, can adapt and is agile.

"I don't necessarily have the view that we are setting ourselves up for a big crunch within the next 3, 4, 5 years," CEO Rex Tillerson told the Oil & Money conference.

Pursuant to the adjusted Investment Program for 2016, the overall amount of investments will stand at RUB 853.01 billion, up RUB 11.011 billion versus the Investment Program approved in December 2015. Accordingly, the amount of long-term financial investments will equal RUB 173.159 billion, with RUB 10.399 billion intended for the acquisition of non-current assets.

Rosneft will get 49% and the two investors -- Trafigura and UCP -- will hold the remaining 49% in equal parts, the sources said, adding that the valuation included about $4.5 B in assumed debt.