Net profit for the reporting period attributable to the shareholders of Gazprom Neft rose by 28.3% year-on-year to 112.4 RUB bln.

U.S. crude oil production is projected to increase from an average of 8.7 million b/d in 2014 to 9.4 million b/d in 2015 and then decrease to 9.0 million b/d in 2016. The forecast is about 0.1 million b/d lower and 0.4 million b/d lower for 2015 and 2016. The decrease in the crude oil production forecast reflects a lower oil price outlook that will reduce expected oil-directed rig counts and drilling and well-completion activities throughout the forecast period.

Ten of the largest independent oil and gas producers in the United States reported total losses of almost $15 billion between April and June, compared with profits of almost $3.5 billion a year earlier.

Rosneft increased technical drilling volumes at the Company’s production assets by 27% in 7 months of 2015. Based on the January through July 2015 results the overall drilling progress accounted to 4.585 mln m, whilst during the same period of 2014 the figure was 3.605 mln m.

The Spratly Islands- at the heart of the dispute- are a collection of 750 islands, reefs, cays and atolls in the South China Sea. The region is rich in extensive natural gas and oil reserves and is recognized for the fishing opportunities it offers. The islands enjoy a strategic location in Northeast Asia’s most prominent maritime commerce routes; the waterway facilitates international sea-borne trade worth $5 trillion every year.

Crude oil production in September from seven major US shale plays is expected to decline 93,000 b/d to 5.27 million b/d

Russian energy giant Gazprom estimates the cost of constructing the first branch of the Turkish Stream pipeline at €4.3 billion ($4.72 billion), while the overall price tag for all four legs of this project are estimated at €11.4 billion, First Deputy Head of Gazprom's Project Management Department Aleksei Serebryakov said Monday.

U.S. oil and gas company ConocoPhillips is reviewing its portfolio in Indonesia and may soon seek buyers for a stake in a production sharing block it operates in the Natuna Sea, company and government sources said.

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.

The U.S. declared one of Russia’s largest offshore oil and natural gas fields off limits to American tools and expertise, potentially disrupting Royal Dutch Shell Plc’s plans to liquefy the fossil fuel for export.

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.

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.