Fifteen nations, more than half of them from the former Soviet bloc, endorsed an action plan to improve energy infrastructure and ultimately to ensure each of them maintains three separate sources of supply. Ministers meeting in Dubrovnik, Croatia, with Maros Sefcovic, the European Commission’s vice president in charge of energy union, chose seven gas link projects that should be sped up and that may be eligible for financial support.

This month the head of the EBRD said the bank could invest hundreds of millions of dollars in Ukraine's energy sector this year, but that any investment would depend on Kiev implementing long-promised energy sector reforms.

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.

For many years, Russia has advocated that the frequent gas interruptions are the fault of transit states such as Ukraine, whom the Kremlin sees as unreliable. As a result, Gazprom rolled out several pipeline projects that would bypass Ukraine altogether and provide a direct route to its customer base in Europe.

Falcon Oil & Gas Ltd. is pleased to announce the spudding of the Kalala S-1 well in the Beetaloo Basin, Australia. Kalala S-1 is the first of Falcon's fully funded and uncapped, 2015 three well drilling and evaluation programme in the Beetaloo Basin. The 2015 three well programme is the commencement of a nine well exploration and appraisal programme planned from 2015 to 2018.

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.

“It’s a serious problem not just for the United States but for the whole world economy. Debt exceeds gross domestic product there.”

U.S. Rig Count is up 1 rig from last week to 863, with oil rigs up 5 to 645, gas rigs down 2 to 217, and miscellaneous rigs down 2 to 1.

Over the past decade, domestic refinery output of petroleum products has grown significantly while consumption has declined, resulting in a major increase in product exports. Petroleum product exports averaged 4.1 million barrels per day (b/d) in the first four months of the year, an increase of 0.5 million b/d over exports the same time last year. Product imports are also higher than last year, but to a lesser extent, leading to an increase in net petroleum product exports.

Eni has started production of the giant gas field Perla, located in the Gulf of Venezuela, 50 kilometers offshore. The first production well has been opened and is currently in the clean-up phase.

Royal Dutch Shell PLC is days away from drilling in the Arctic Ocean—betting it can find enough oil to justify the huge risks that keep almost every other competitor out of those icy waters.

Rosneft Chairman of the Management Board and Essar Group Founder Shashi Ruia signed a long-term contract for oil supplies for the purpose of refining at the Vadinar refinery (India).

HONGHUA GROUP issued a profit warning, expecting the net profit for the six months ended 30 June 2015 to decrease significantly as compared to that for the same period in 2014 and may record a loss.