Global oil and gas exploration projects worth more than $150 billion are likely to be put on hold next year as plunging oil prices render them uneconomic, data shows, potentially curbing supplies by the end of the decade.

Heavily indebted US shale companies are facing financial pressure as a result of the fall in the price of oil but may find their lenders are inclined to “go easy” on them, according to Fitch, the rating agency.

U.S. crude oil and lease condensate proved reserves rose for the fifth consecutive year in 2013, increasing by 9% from the 2012 level to 36.5 billion barrels

Oil prices slid to the lowest point in more than five years Friday as worries about a global glut of oil continued to weigh on the market.

The recent sharp falls in the oil price require further adjustments to asset values around the world. Oil was in most people’s forecasts and commentaries at about $110 a barrel earlier this year, but is now selling for under $70.

Sir Ian Wood, the Aberdeen-based billionaire and energy industry veteran, has given warning that tumbling oil prices will have a “horrible effect” on North Sea prospects.

A sharp drop in oil prices since the summer is creating a heap of trouble for Norway.

Romania's energy sector needs about 100 billion euros ($123 billion) worth of investment in power, oil and gas production, mining and related infrastructure by 2035 to be more self-sufficient, a draft energy ministry document showed.

Shares in Vladimir Yevtushenkov’s Sistema Group fell more than 35 per cent this week, amid growing concern that Russian investigators will try to reclaim Rbs140bn ($2.7bn) in dividends that the group has received from its oil company Bashneft .

that would allow Russia to establish control over such a gas trading hub, former US ambassador to Azerbaijan, Director of the International Centre for Defense Studies in Tallinn, Matthew Bryza told Trend.

Serbian Deputy Prime Minister Zorana Mihajlovic said Tuesday that "the freezing" of the South Stream pipeline project was a problem for Serbia.

The fallout from Russia's decision to abandon its ambitious South Stream pipeline deal continued Dec. 3, as Italian energy services firm Saipem announced that it would lose almost $2 billion because of Moscow's move

Bulgaria’s Government will do all it can to support the realisation of the South Stream gas pipeline project due to its immense economic importance and despite the infringement procedure against Sofia for suspected public procurement law breaches.

Demise of South Stream big setback for Putin. Russia’s deal with Turkey cannot be deemed a serious replacement.

Gazprom, the state gas company, has been at the forefront of Moscow’s push to expand its influence into the Balkans – a region beset with economic and political difficulties.