Neil Atkinson, head of the IEA’s Oil Industry and Markets Division, said in Singapore on Wednesday. About $300 billion is needed to sustain the current level of production, and nations including the U.S., Canada, Brazil, and Mexico are facing difficulty in keeping up investments, he said.

“Low oil prices fuel a reduction in risk-taking, and when there is less risk-taking, asset prices will fall. It can lead to a downward asset price spiral,”

India is replacing China as the center of the world’s oil demand growth as its economy expands faster than any other major country and Prime Minister Narendra Modi has made energy security a priority for the nation, which imports 80 percent of its oil requirements.

More than $400 billion of proposed energy projects have been delayed since mid-2014 and pushed into 2017 and beyond as oil prices slid about 60 percent in the past two years, according to consulting firm Wood Mackenzie Ltd. The LNG market in particular is facing an oversupply as U.S. exports add to a wave of shipments from Australia.

The project includes the ongoing construction of a new ethylene cracker and ethylene derivatives units, which will increase ethylene capacity by more than 1 million tonnes of per year, about double the current capacity. It will also include a styrene monomer and propylene oxide (SMPO) plant, which will be the largest such plant ever built in China.

Eni expects 1.6 billion boe in oil and gas discoveries during the period while maintaining average exploration spending in line with 2015 levels. Notwithstanding an 18% reduction in overall upstream capex, cumulative production growth of 13% to 2019 is expected.

OAO NOVATEK announced the closing of a transaction to sell a 9.9% equity stake in the Yamal LNG project (“Project”) to China’s Silk Road Fund (“SRF”) for a payment amounting to EUR 1,087 million.

Rosneft, Oil India, Indian Oil and Bharat Petroresources signed a Heads of agreement in respect to the acquisition by a group of Indian investors of a 23,9% share in Vankroneft. The document envisages the possible execution of legally binding documents with regard to the sale and purchase transaction.

Иран приглашает российские нефтяные компании в проекты по повышению эффективности действующих месторождений и в разработке новых проектов. В настоящее время российская сторона ожидает предоставления условий нового контракта.

U.S. companies are welcome to invest in Iran's oil and gas industry, the Iranian oil minister said.

This is American energy security, American jobs, U.S. government revenue and American GDP tied up by political red tape. This is a once in a generation opportunity, stuck, off limits to future generations as it waits for forward-looking energy policy.

Additional regulations on methane by the administration could discourage the shale energy revolution that has helped America lead the world in reducing emissions while significantly lowering the costs of energy to consumers. The administration is catering to environmental extremists at the expense of American consumers.

“We need contracts, tenders and technology,” he said, describing Iran as a “garden” in need of nourishment. “Money for the Iranian economy is like water.”

Government said on Thursday it hoped to unlock gas and oil resources worth almost $40 billion by simplifying licensing rules and offering price incentives to recover gas from difficult offshore fields.

One of the world’s biggest independent oil and natural gas exploration and production companies, Anadarko said Tuesday it will cut capital expenditures this year to between $2.6 billion and $2.8 billion, from about $5.5 billion last year.