French banking giant BNP Paribas SA has stopped offering letters of credit to finance commodities trades involving sanctioned Russian banks, according to people familiar with the matter—the latest fallout from tightening economic restrictions imposed by the West against Moscow.

The cost of Kashagan, already the world’s most expensive oil project, is set to rise by nearly $4bn as the companies developing it are forced to replace 200km of leaking pipelines.

A World Bank arbitration tribunal on Thursday ordered Venezuela to pay Exxon Mobil Corp about $1.6 billion to compensate for oil nationalization in 2007, though state oil company PDVSA expects to eventually pay closer to $1 billion.

EIA projects average U.S. household expenditures for natural gas, heating oil, electricity, and propane will decrease this winter heating season (October 1 through March 31) compared with last winter, which was 11% colder than the previous 10-year average nationally.

Gazprom and Argentina address potential of joint gas projects

Canada scored a victory Tuesday when the European Union ditched plans to label oil derived from oil sands as dirtier than other forms of crude, removing a major potential obstacle to exporting the controversial fuel to Europe.

LUKOIL BRINGS MAJOR WEST SIBERIAN FIELD INTO OPERATION

Russia's No.2 oil producer Lukoil launched an oilfield in western Siberia ahead of schedule on Wednesday, a major step in its drive to prop up falling production and to weather U.S. sanctions over Ukraine.

Occidental Petroleum Corp, the fourth-largest U.S. oil and gas producer by market capitalization, is looking to sell its North Dakota oil assets for as much as $3 billion as the company seeks to focus on profitable regions, Bloomberg reported on Monday.

Chad expects to double oil production by the end of 2015 as new fields come on stream and has appointed firms to inventory potential mineral deposits in an effort to diversify the economy, its finance minister said.

Shares in Cairn Energy rose 3.6 per cent on Tuesday after the Edinburgh-based oil explorer confirmed a large oil discovery off the coast of Senegal in west Africa.

The president’s economic address at Northwestern University celebrated the results of America’s energy revolution but omitted key steps forward, according to API President and CEO Jack Gerard.

Kuwait Petroleum International has cancelled a planned $1.4 billion investment in its 88,000 barrel per day (bpd) Rotterdam refinery and may sell it, a spokesman said, as Europe's refiners struggle with overcapacity and global competition.

After this summer’s war in Gaza battered Israel’s international reputation, the country’s leaders say they have a new foreign policy tool to build relations with its neighbors: natural gas.

Russia's Rosneft Offers Stake in an Oilfield to ONGC Videsh