Russia to continue implementing Arctic oil and gas projects despite Western sanctions and low oil prices, Russian Energy Minister Alexander Novak said

Russia’s second-largest oil producer Lukoil aims at stabilizing its oil output this year, the company’s CEO Vagit Alekperov said on the sidelines of the World Economic Forum in Davos, Switzerland. “Lukoil aims at stabilizing output throughout Russia in 2015,” Alekperov said.

The head of Italian energy company Eni Spa urged OPEC on Wednesday to act to restore stability in oil prices, which he warned could overshoot to $200 per barrel several years down the road because of low investment now.

Oil services company Baker Hughes Inc. has said that it will lay off about 7,000 workers as it prepares for a downturn.

ExxonMobil Corp. says it started production from Arkutun-Dagi field in its Sakhalin-1 project in northeastern Russia. The field is expected to produce about 90,000 boe/d.

By 2030 More than Half of the Existing Global Oil Production Will Disappear

Oil drilling in the United States will continue to fall in the first half of this year, and could even halve, according to major oil service companies looking to past slowdowns as a guide.

BP could be fined up to $13.7 billion for Macondo spill

Wintershall Holding GMBH says natural gas production in Germany fell by about 6% in the past year, and controversy over shale gas and hydraulic fracturing is blocking conventional gas production.

Eni announces the production start-up from the Lucius Field in the Gulf of Mexico deepwater, 240 miles south of the Louisiana coast, United States.

Schlumberger will spend about $1.7 billion for a minority stake in a big Russian energy company at a time when that country's relations with the West are under strain and as energy prices hit multiyear lows.

Eni SpA has made a new discovery of oil and gas in the West Melehia deep exploration prospect, located in the Melehia license, in the Western Desert of Egypt, 116 square miles (300 square kilometers) west of Alexandria.

Launch date of Turkish Stream not to differ much from South Stream schedule

Russia’s plan to shift the transit of EU bound natural gas to a new gas hub at the Greek-Turkish border will allow Greece will become an important factor in supplying Europe with Russian gas, according to a representative of the SYRIZA (the Coalition of the Radical Left) Party.

Bulgaria’s central role in Europe’s emerging energy picture stems from both its geography and its history. Located on the shores of the Black Sea, it was the nominal entry point for alternative natural gas pipeline projects between Russia and Europe meant to bypass Ukraine.