Gazprom says its offshore Shtokman natural gas project will only remain economically viable if oil prices stay at levels of at least $50 a barrel. ‘This is realistic. The era of cheap oil and gas is over.‘ Gazprom Neft is considering seeking out foreign partners to develop its major Prirazlomnoye field oil deposit in the Arctic. TNK-BP will cut investment by $0.5-1 billion to $3-3.5 billion in 2009 due to the financial crisis. RussNeft will have its licenses revoked for three West Siberian oil fields for failing to comply with their terms. Gazprom, together with four other international energy companies including Petro-Canada and the Abu Dhabi National Energy Co, will build Europe’s largest underground natural gas reservoir in The Netherlands in a project worth $1-1.5 billion. China and Russia have still not reached an agreement on a potential deal in which China would swap a $25 billion cash loan for a promise to secure oil supplies for 20 years. Oil & Natural Gas Corp, India’s biggest exploration company, has received approval from a cabinet committee to make a formal bid for the UK’s Imperial Energy.