As at the end of 2014, Africa has proven natural gas reserves of just under 500 trillion cubic feet (Tcf) with 90% of the continent’s annual natural gas production still coming from Nigeria, Libya, Algeria and Egypt.

During the quarter, Apache closed the sales of its LNG business, and remaining oil and gas assets in Australia . “Exiting these businesses eliminated our exposure to projects with large capital-spending commitments and uncertain project timing,” said John J. Christmann IV, Apache chief executive officer.

U.S. Rig Count is up 10 rigs from last week to 884, with oil rigs up 6 to 670, gas rigs up 4 to 213, and miscellaneous rigs unchanged at 1. U.S. Rig Count is down 1,024 rigs from last year at 1,908, with oil rigs down 918, gas rigs down 103, and miscellaneous rigs down 3. The U.S. Offshore rig count is 38, up 4 rigs from last week, and down 24 rigs year over year.

The Kingdom of Saudi Arabia may suffer a financial crisis before winning the economic oil war with the United States if the oil prices remain at its current level. The Kingdom needs the oil price to be around $106 per barrel to maintain its economy.

Under the second stage of the Production Sharing Agreement of the Shah Deniz Project in Azerbaijan, LUKOIL Overseas Shah Deniz Ltd. (a fully-owned PJSC LUKOIL subsidiary) has signed in Baku a 12 year credit-facility agreement with a consortium of banks to borrow USD 1 billion.

The total U.S. trade deficit peaked at $762 billion in 2006, prior to the surge in U.S. oil and natural gas production. By 2014, it had dropped to $508 billion.

The six nations that make up Central Asia hold at least 11% of the world’s proven natural gas reserves, as well as substantial deposits of oil and coal, according to data compiled by BP. Afghanistan says its mineral wealth is valued at $1 trillion to $3 trillion.

The Arctic has become a theatre for rival claims over a sea floor believed to be rich in minerals, oil and gas.

On Aug. 3, US crude prices fell to $45 a barrel. In July, the average price was $60 a barrel. Banks are starting to tighten up their lending standards, further draining liquidity out of the market.

Seven months after Russia made the latest changes to its oil tax regime, the industry seems to have been able to adapt more easily to the new landscape than had been expected at the turn of the year. However, market experts have warned that the government must consider more fiscal reforms as the current system is continuing to distort the sector. The so-called tax maneuver, which includes a phased reduction in export duty for crude and oil products over 2015-2017 and an increase in oil extraction tax, was introduced in January.

Oil and gas production from the North Sea is expected to increase for the first time in 15 years despite a global slump in the price of crude and hundreds of job losses in the industry.

Russia's economy is showing signs of stabilisation after slumping under pressure from Western financial sanctions and Russian counter-measures. Low international prices for its oil exports have added to pressure on the rouble and government finances.

Saudi Arabia is expected to raise prices for crude it sells to Asia in September due to a stronger Dubai benchmark, traders and analysts said on Monday, adding that the top oil exporter will be wary of a hike so big it would threaten its market share.

The Company is creating an accounting system calculating losses from the application of illegitimate sanctions, without reflecting them on the Company balance. Subsequently, the amount of losses will be submitted for reimbursement in court.

Rosneft and Statoil ASA completed drilling works as part of the Pilot Project at the PK1 layer of the North-Komsomolskoye field. During 2015 the companies jointly drilled 2 horizontal exploitation wells.