Challenging fundamentals are forecast to make an incremental change for the better.

Disagreements over the Petroleum Industry Bill, including high tax rates, have hampered the industry’s efforts to move oil and gas projects forward.

The UK offshore sector is set for a period of record investment, with nearly US $150 billion (£100 billion) now lined up in operating companies’ plans for exploration, development, and production projects.

State-run Coal India Ltd., the world’s largest coal producer, is turning its attention to extracting coalbed methane from its vast number of coal mines in India.

The end of 2012 brought new partnerships, projects in British Columbia.

China recently awarded its second batch of shale gas blocks as part of its ongoing strategy to kick-start this emerging unconventional resource and exploit the potentially huge reserves – although numerous challenges remain to be overcome before it can achieve its dream of mirroring the US shale boom.

After delays over costs, ExxonMobil moves quickly to sign contracts following the approval of the project by the Nigerian government.

With a production target of 2 Million b/d by 2014, Angola is approaching production levels in 2013 of 1.8 million b/d to 1.85 million b/d.

Supermajor will ink an agreement with Turkey’s state oil company.

With major offshore reserves, Israel could meet its own energy demands and even export LNG. However, political challenges in the region with Lebanon and Gaza remain.