The oil giant is to halt drilling at the Burger J well in the US Arctic, saying it can't justify the expense due to low oil prices. Shell only won the controversial permission to explore the icy waters last month.

Over the past 25 years, China has attempted to develop its substantial CBM resources, estimated by China's Ministry of Land and Resources (MLR) at more than 1,000 trillion cubic feet (Tcf). Currently, there are more than 20,000 wells producing a total of 0.36 billion cubic feet per day (Bcf/d) of CBM in China. However, CBM well productivity in China is significantly lower than in countries such as Australia and the United States. CBM development in China has focused on the Ordos and Qinshui Basins of Shanxi Province. Although these two basins are considered to have China's best geologic conditions, they still face significant geologic challenges (low permeability, under-saturation) that reduce well productivity.

Price adjustments in the gas markets caused by a drop in oil quotations hadn’t affected the dominant position of Asia-Pacific as a driver of growing global gas consumption. Following the expert reviews, by 2025 the region’s demand for imported gas might grow 1.5 times from present 280 billion cubic meters to over 400 billion cubic meters a year.

Spain’s Repsol said Thursday it will axe 1,500 positions over the next three years as part of a cost-cutting effort. The cuts represent about six percent of the company’s workforce and staff have already been notified of the plan.The company declined to comment on how the cuts will be distributed throughout its operations.

U.S. Rig Count is down 29 rigs from last week to 809, with oil rigs down 26 to 614, gas rigs down 2 to 195, and miscellaneous rigs down 1 to 0.

The Asian market is one of the key priorities for Gazprom and Sakhalin’s energy plays a significant role in the company’s strategy. This year the Sakhalin II project is celebrating its 10th anniversary. It is one of the world’s largest integrated, export-oriented gas and oil projects that became possible after the first ever Russian production sharing agreement in 1994. Sakhalin II is managed and operated by Sakhalin Energy Company and its shareholders: Gazprom (50% and 1 share), Shell (27.5% minus 1 share), Mitsui (12,5%), Mitsubishi (10%). It includes the only Russian LNG plant with 13.2 bcm annual capacity.

Gazprom has also received 50 per cent in Wintershall Noordzee B.V., which is involved in hydrocarbon exploration and production in the North Sea. In turn, Wintershall has obtained 25.01 per cent in the project for developing blocks 4A and 5A in the Achimov deposits of the Urengoy oil, gas and condensate field

U.S. oil production growth will stop this month and begin to decline early next year due to low oil prices, the former head of oil firm EOG Resources, Mark Papa, said on Tuesday.

Crude prices jumped about 4 percent on Tuesday after No. 1 oil consumer the United States cut output forecasts and Russia, Saudi Arabia and other big producers signaled joint action to support the market.

OPEC expects global demand for its crude, under pressure in recent years because of rising supplies from outside the group, to rise to 30.3 million barrels per day in 2016, about 1 million bpd more than in 2015.

Brent crude oil spot prices increased by $1/b in September to a monthly average of $48/b. Along with increasing volatility in global equity prices and exchange rates, crude oil price volatility increased significantly in August, reflecting uncertainty about potential lower economic and oil demand growth in emerging market countries. Volatility remained high in September, with Brent spot prices increasing from $42/b on August 24 to $50/b on September 3, before falling back into the range of $45/b to $50/b for the rest of the month.

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $48.3 billion in August, up $6.5 billion from $41.8 billion in July, revised. August exports were $185.1 billion, $3.7 billion less than July exports. August imports were $233.4 billion, $2.8 billion more than July imports.

Petroleo Brasileiro SA (Petrobras) reported further cuts to its capital budget, reducing planned spending for 2015 by $3 billion to $25 billion and by $8 billion to $19 billion for 2016. The company cited low crude oil prices and unfavorable exchange rates.

Shell is planning for a longer period of low oil prices. But in the longer term, argues Ben van Beurden, there will be no change to fundamental drivers such as rising demand and the need for new supplies. Moreover, the industry should not be blinded by low oil prices. Even more than prices, the transition to a low-carbon energy future will shape its destiny over the coming decades. Carbon pricing systems are crucial in that transition. They encourage the quickest and most efficient ways of reducing emissions widely.

Russian billionaire Mikhail Fridman’s LetterOne Group is in advanced talks to buy stakes in big oil and gasfields in the Norwegian North Sea owned by Germany’s Eon, in a $1bn-plus deal.

“We are not in disarray,” Mr. el-Badri said. “We see some light at the end of the tunnel.” He said he thinks oil markets will regain balance within 18 to 24 months.

BP reached a $20.8 billion civil settlement with the U.S. Department of Justice and five Gulf states on Monday to resolve civil claims tied to the April 2010 Deepwater Horizon accident.

Eurasia Drilling Co., the Russian oil driller whose planned acquisition by Schlumberger Ltd. collapsed last month, said it received a buyout offer from management and shareholders.

Saudi Arabia’s policy has resulted in about $220 billion worth of investment cuts worldwide, much of which is a result of project deferrals, including deepwater projects off West Africa and in the Gulf of Mexico.

The fund’s half-yearly fiscal monitor report shows that in the past three years a hefty budget surplus in Saudi Arabia has been turned into a deficit of more than 20% of GDP – double the shortfalls seen in the UK and the US during the worst of the global slump of 2008-09.