The transaction is ostensibly intended to help energy company KazMunayGaz (KMG) reduce its $20 billion debt portfolio, which has been exacerbated by low oil prices.

Crude oil prices in first-quarter 2015 were the lowest in several years, which contributed to reduced profitability for these companies compared to previous quarters. Although companies reduced investment spending, declines in operating cash flow were greater, contributing to a decline in cash balances. Second-quarter 2015 results could show continued declines in profits, cash flow, and capital expenditure.

Russia is the world's largest producer of crude oil (including lease condensate) and the second-largest producer of dry natural gas. Russia also produces significant amounts of coal. Russia's economy is highly dependent on its hydrocarbons, and oil and natural gas revenues account for more than 50% of the federal budget revenues.

Global oil and natural-gas producers have delayed $200 billion of investment in more than 45 projects following the slump in crude prices, according to Wood Mackenzie.

OPEC and Russia say they expect the global oil market to become more balanced and stable next year after the recent sharp drops.

U.S. Rig Count is up 19 rigs from last week to 876, with oil rigs up 21 to 659, gas rigs down 2 to 216, and miscellaneous rigs unchanged at 1. U.S. Rig Count is down 1,007 rigs from last year at 1,883, with oil rigs down 903, gas rigs down 102, and miscellaneous rigs down 2. The U.S. Offshore rig count is 31, unchanged from last week, and down 29 rigs year over year. Canadian Rig Count is up 8 rigs from last week to 200, with oil rigs unchanged at 98, and gas rigs up 8 to 102. Canadian Rig Count is down 195 rigs from last year at 395, with oil rigs down 140, and gas rigs down 55.

Last week, Operator Statoil and its PL146/PL333 partner Total E&P Norge announced they made a gas and condensate discovery in the Julius prospect in the King Lear area in Norway’s North Sea

BP swung to a $6.3 billion second quarter loss on Tuesday after write downs tied to the ongoing conflict in Libya and the company’s recent Deepwater Horizon settlement.

The Anglo-Dutch energy giant is betting on crude rising to $90 a barrel by 2020, a key assumption in its move to buy rival BG Group (BG.L) for $70 billion to help transform it into a leading player in the costly deepwater oil production and liquefied natural gas (LNG) markets.

Rotterdam, Europe's largest port, said on Thursday that plans to build a Russian-backed 3 million cubic meter oil storage terminal had been canceled after its Russian partner raised concerns over the project's feasibility.

Low oil prices have tightened the screws on some of the most depleted and costly oilfields in Britain's North Sea, forcing operators to cease production earlier than planned and adding to fears of a domino effect in mature areas.

Crude oil production in August from seven major US shale plays is expected to decline 91,000 b/d to 5.36 million b/d.

Russia’s Rosneft and Norway’s Statoil completed drilling works as part of the Pilot Project at the PK1 layer of the North-Komsomolskoye field in Purovsky and Nadymsky regions of Yamalo-Nenets Autonomous District.

OPEC pumped 31.28 million barrels per day in June, the fourth straight month since February that the group has added production.

The Organization of the Petroleum Exporting Countries said Monday it revised down the demand for its crude this year, to a level far below its current output, despite higher estimates for global consumption.