Indonesia needs to invest $70 billion to $80 billion in gas infrastructure through 2030 to avoid a potential gas shortage, as domestic consumption growth outpaces supply, state-owned energy business Pertamina said Tuesday.

China's apparent oil demand slipped into the negative territory in 2016, a sharp reversal from the near 7% growth witnessed a year earlier, as the country's slowest GDP growth in 26 years slashed appetite for industrial and transportation fuels in Asia's biggest oil consuming nation.

Global oil and gas deal activity in 2016 recovered from a slow start to the year with help from the announcements of midstream and oilfield services (OFS) megadeals. Deal value increased in 2016 to US$395 billion from US$340 billion in 2015, while deal volume fell by 27% year-on-year.

Over the past year we have had substantial dialogue with our secured lenders to amend and extend c.USD8 billion in first lien secured debt. During the second half of last year, we began to engage with potential new money investors, including Hemen Holdings Ltd. In December 2016, we formally engaged with an ad hoc committee of bondholders, and agreed that by January 31 2017 we would release through a 6k filing agreed material non-public information disclosed to the ad hoc committee of bondholders, including the Company's latest restructuring proposal and the last proposal that the Company has received from the ad hoc committee.

OPEC’s biggest crude producer is embarking on a domestic renewable-energy program costing $30 billion to $50 billion. The country’s only solar plant in operation, aside from a limited pilot project, is a 10-megawatt facility on top of a parking lot at Saudi Aramco’s headquarters. The national utility, Saudi Electricity Co., is seeking bids for two solar plants to generate a combined 100 megawatts.

Abullah bin Mohammed Al Thani, the fund’s chief executive, said it would invest a further $2bn on top of $500m of existing investments in the country. Some of the investments would be made jointly with the $10bn sovereign Russian Direct Investment Fund, its partner in a deal last summer for St. Petersburg’s airport, he added.

Libya froze all new foreign investment in 2011 after the civil war that toppled strongman Moammar Gadhafi. International oil companies such as Total SA of France and ConocoPhillips have long had operations in Libya, and Eni SpA of Italy has found ways to keep pumping even as clashes among warring militias and Islamic State damaged the country’s oil infrastructure.

Cnooc said it plans to lift capital spending to between Rmb60bn and RMB70bn this year, from budgeted capex of Rmb50.3bn in 2016. It intends to produce between 450m and 460m barrels of oil equivalent this year, compared with an estimated 476m last year.

The end of the global commodity super-cycle, particularly the sharp drop in oil prices - Russia’s main export -caused the Russian economy to slip into recession, ushering in a period of difficult economic adjustment. Limited economic diversification and heavy reliance on oil have made Russia vulnerable to terms-of-trade shocks.

Global capital spending by leading exploration and production companies will total $450bn in 2017, up 3 per cent compared to 2016 and ending two years of steep declines, according to Wood Mac forecasts published on Wednesday. Meanwhile, the number of final investment decisions by these 60 E&P companies — which range from large multinationals and independents to national oil groups — on new upstream projects will double to more than 20 in 2017, from nine last year.

Oil companies are starting to hire back workers as they add rigs to the shale patch in North America to take advantage of oil prices above $50 a barrel. After unprecedented spending cuts over the past two years, explorers are forecast to boost capital expenditures by 7 percent this year.

Saudi officials are seeking to transform Saudi Aramco into the world’s most valuable publicly traded company, which they say is worth about $2tn.

If oil passes $70 a barrel, the U.S. could start pumping out an extra million barrels a day, offsetting much of the planned cut from the Organization of Petroleum Exporting Countries, according to a Citigroup Inc. analysis.

U.S. shale drillers are set to ramp up spending on exploration and production next year as recovering oil prices prompt banks to extend credit lines for the first time in two years.

Pursuant to Gazprom’s approved budget (financial plan), the overall amount of investments in 2017 will stand at RUB 910.67 billion, with RUB 625.455 billion intended for construction projects, RUB 0.125 billion for the acquisition of non-current assets, and RUB 285.09 billion for long-term financial investments.