Baker Hughes reports that US drillers have added oil/gas rigs to their fleet for the first time in twelve weeks.
Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for the first time since 12 weeks. The number of oil and gas rigs, a good indicator of future production, increased by seven in the week ending July 18, its largest weekly increase since December. Baker Hughes reported that despite this week's increase in rigs the total count is still 42 rigs or 7% lower than this time last year. Baker Hughes reported that oil rigs dropped by two this week to 422 - their lowest level since September…
BP will sell its US onshore wind business for an undisclosed amount to LS Power
BP announced on Friday that it had agreed to divest its U.S. Onshore Wind business to U.S. based power grid operator LS Power as part of its ongoing strategy to divest. The energy giant did not disclose the deal's value. Investors have criticized BP for its poor performance in recent months. This has led to a new strategy that promises to reduce debt, increase cashflow and a pivot to oil and natural gas following a disastrous foray into alternative energy. The company aims to dispose of $3 billion to $4 million in assets by the end this year. Murray Auchincloss, the CEO of the company, has committed to selling $20 billion in assets by 2027.
SLB beats quarterly profit estimates on steady oilfield services demand
SLB, a leading oilfield services company, narrowly beat Wall Street's expectations for the second quarter profit on Friday as resilient demand from parts of its global business offset the drilling slowdowns in North America and Mexico. SLB was the first among the Big Three U.S. oilfield service providers to announce quarterly results. It had already reported a weakening drilling activity in Saudi Arabia, Latin America and the Middle East, with demobilized rigs and a slowdown of short-cycle projects. In a recent statement, CEO Olivier Le Peuch stated that the market was navigating multiple dynamics…
Maurel & Prom revenue drops in first half due to falling oil prices
Maurel & Prom, a French oil company, reported a 30 percent drop in revenue for the first half of its fiscal year on Thursday. The fall in oil prices was to blame. The average price of oil products fell 16% on an annual basis to $70.90 per barrel. Crude oil prices dropped in the second quarter, as OPEC+ (made up of the Organization of Petroleum Exporting Countries, and its allies, such as Russia), began to undo the self-imposed production reductions of 2,17 million barrels a day that were imposed in April. TotalEnergies, a French oil company listed on the London Stock Exchange…
EIA: US crude stocks fall as exports increase; fuel demand falls
EIA reports that crude exports have risen to 3.5 million barrels per day. CHICAGO, 16 JULY - The Energy Information Administration reported on Wednesday that crude oil stocks in the United States fell last week, as exports increased, and gasoline and distillate stockpiles also rose. This has led to some concern about fuel demand. The EIA reported that crude inventories dropped by 3.9 millions barrels, to 422.2 million in the week ending July 11. This was compared to analysts' expectations based on a poll of a 552,000 barrel draw. The EIA reported that crude exports increased by 760,000 barrels a day, to 3.5 millions bpd. Meanwhile, net U.S.
Baker Hughes reports that US oil/gas rig counts have dropped for the 11th consecutive week, to their lowest level since 2021.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of oil rigs and natural gas production for the 11th consecutive week for the first since July 2020. This was when the COVID-19 epidemic reduced demand for fuel. The number of oil and gas drilling rigs, a good indicator of future production, dropped by two in the week ending July 11 to 537, the lowest level since October 2021. Baker Hughes reported that the rig count is down by 47 or 8% this week compared to this time last. Baker Hughes reported that oil rigs dropped by one this week to 424, the lowest level since September 2021.
BP reports gas and oil price hits; increased upstream production in the second quarter
BP said that its second-quarter results will be affected by lower gas and oil prices, but the upstream production is expected to be higher than originally forecast. The company announced this in a trading report on Friday, ahead of the results scheduled for August 5. Crude oil fell in the first quarter of the year as OPEC+ (the Organization of Petroleum Exporting Countries plus its allies, such as Russia), began to reverse the self-imposed production reductions of 2,17 million barrels a day that it had imposed in April. BP reported that crude oil prices in the second quarter averaged $67.88 a barrel, compared to $75.73 a barrel in the prior quarter.
BP sells 300 Dutch fuel stations to Catom
BP announced on Wednesday that it had agreed to sell 300 Dutch petrol stations in order to meet its goal of selling $20 billion of assets by the year 2027. The deal value was not disclosed. BP announced its divestment goal in February during a strategic update. It also promised to reduce debt, increase cashflow and focus more on oil and natural gas to regain investor confidence following a disastrous foray into the renewables sector. The Dutch deal is expected to be completed by the end this year. This follows BP's sale of its Turkish petrol stations network in 2023, and a current process for selling its Austrian retail network.
SEC filing reveals that Venture Global is making money on LNG exports from Plaquemines plant
Venture Global has exported more LNG cargoes out of its Plaquemines facility in Louisiana, and it earned twice as much in fees as its other U.S. location. According to the SEC filing, the LNG company exported 51 cargoes of LNG from Plaquemines for a liquefaction charge of $7.09 million British thermal units per quarter (mmBtu). During the same time period, the company exported 38 LNG cargoes at an average of $2.66/mmBtu. Venture Global began selling LNG on Calcasieu Pass under long-term agreements, instead of the spot market. This resulted in lower liquefaction charges for the second quarter.
Clean-energy supporters blast US budget as a setback
Clean energy advocates decried Thursday the House of Representatives' final passage of the President Donald Trump tax cut bill as a reverse in the energy transition. Meanwhile, fossil fuel interests celebrated. The bill now goes to Trump's desk. Trump is expected sign the bill on Friday. The law drastically reduces the 30% tax credit that developers were relying on for their solar and wind projects. This credit was set to last until 2032. Energy Innovation, a research firm, predicted that the bill will result in a decline of 300 gigawatts in U.S.
Baker Hughes reports that US drillers have cut oil and natural gas rigs in the US for the 10th consecutive week.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of oil rigs and natural gas wells for a tenth consecutive week for the first since July 2020. The number of oil and gas drilling rigs, a good indicator of future production, dropped by eight in the week ending July 3 to 539, the lowest level since October 2021. Baker Hughes released its report a day early than usual due to Friday's Fourth of July holiday in the United States. Baker Hughes reported that the total number of rigs is down 46 or 8% from this time last week. This week, oil rigs dropped by seven, to 425, the lowest level since September 2021.
Venture Global signs 20-year LNG contract with Petronas
Venture Global Inc, a U.S. LNG exporter, announced Thursday that Petronas had agreed to purchase 1 million metric tonnes of LNG from the CP2 Project. This is its first new CP2 client in two years. Venture Global, a startup just three years ago has grown to be the second largest LNG producer in the United States and played a major role in keeping this country stable. According to a person who has knowledge of this matter, Petronas's 20-year deal would supply oil from the first phase of the project. The CP2 plant, if constructed in Louisiana, will be the U.S.'s second largest LNG facility with a combined production capacity of 28 MTPA.
Sources say ADNOC will restore most Murban oil to equity holders by July.
Multiple trade sources reported on Thursday that Abu Dhabi National Oil Company has restored the majority of Murban crude oil supplies going to equity holders for July, after a drastic cut in June. Traders said that partners in Murban crude producer ADNOC Onshore include BP TotalEnergies China National Petroleum Corp Inpex Zhenhua oil and South Korea's GS Energy. They are entitled to 40% of production, which is around 2.1million barrels per day. Sources said that during the conflict between Israel and Iran last month, ADNOC informed equity holders it would reduce its Murban crude oil supply by 3 to 4 million barrels.
Maurel et Prom, a French company, has acquired a stake in Colombia's Sinu-9 Gas Field
Maurel et Prom, a French oil and natural gas company, has agreed to increase its ownership stake of Colombia's Sinu-9 field by 21%, for a total cost of $79 million. This is part of its ongoing expansion in Colombia. Maurel et Prom now owns 61% of the total gas block. The remainder is owned by Canada's NG Energy International. In February, the company acquired the initial stake of 40% in the Sinu-9 field. The company holds a call-option for an additional 5% of the field for a payment $18,75 million. This option is valid for 12 month from the date of the original transaction.
Trump's budget bill increases fossil fuels and hits renewable energy
The U.S. Senate approved a budget bill on Tuesday, and now the House of Representatives will debate it for final approval. This would slow down the development of solar and wind power, eliminate climate funding, and increase oil, gas, and coal production. The law drastically reduces the access to 30% tax credits for solar and wind energy projects, which were set to last until 2032 and on which developers relied for future projects. For projects to qualify for the subsidy they must either start service before the end of 2027 (one year earlier than the House Bill proposed) or begin construction one year after the adoption of the House Bill.
Indonesia is looking for new technologies to improve oil drilling
Officials said that Indonesia issued a new regulation on Tuesday to encourage investment by oil drilling technology providers to increase production at existing wells. Yuliot Tajung, the deputy energy minister, told reporters that this policy aims to reactivate idle wells as part of an effort to increase oil production to one million barrels per daily (bpd) by 2029-2030, from less than 600,000. Indonesia, once a net oil and gas exporter, has seen its production steadily decline over the last decade due to ageing of wells and lack of investment. Under his leadership, President Prabowo subianto wants to achieve energy independence.
Baker Hughes reports that the US oil/gas rig counts fell for a fourth month, to a low of Oct 2021.
Baker Hughes, a leading energy services company, said that the U.S. has cut its number of operating oil and gas rigs for the fourth consecutive month to the lowest level since October 2021. The number of oil and gas drilling rigs, a good indicator of future production, dropped by seven in the week ending June 27. Baker Hughes reported that the number of rigs is down by 34 this week, or about 6% from this time last year. Baker Hughes reported that oil rigs dropped by six this week to 432, their lowest level since October 2021. Gas rigs also decreased by two, to 109.
Baker Hughes reports that US oil/gas rig counts have fallen for the 4th consecutive month, to a low of Oct 2021.
Baker Hughes, a leading energy services company, said that the U.S. has cut its number of operating oil and gas rigs for the fourth consecutive month to the lowest level since October 2021. The number of oil and gas drilling rigs, a good indicator of future production, dropped by seven in the week ending June 27. Baker Hughes reported that oil rigs dropped by six this week to 432, their lowest level since October 2021. Gas rigs also decreased by two, to 109. Drillers cut 16 oil-and-gas rigs in June, bringing the total down for the fourth consecutive month for the first since June 2024.
Shell announces it will not be buying BP and UK rules prohibit bids for six months
Shell denied that it had bid for BP or was actively considering it in a categorical statement on Thursday. It added that it was bound to UK rules, which means such a declaration would prevent it from bidding for BP within the next six-month period. The Wall Street Journal cited on Wednesday sources claiming that Shell was in negotiations to acquire BP. Shell responded by saying no discussions were underway. Shell CEO Wael Sawan said repeatedly that buying back Shell shares is a better way to spend money in response to a possible bid for BP.
Shell announces it will not be buying BP and UK rules prohibit bids for six months
Shell said that it has not made a bid to buy BP, and it is not considering it. It added that it was bound by UK regulation, which means such a statement would prevent it from making a BP bid in the next six-months. The Wall Street Journal cited on Wednesday sources claiming that Shell is in talks to buy BP. Shell responded by saying no talks are taking place. Shell issued a statement saying that "in response to recent media speculation Shell wishes clarify that it had not actively considered making an offer for BP. Shell confirms that it does not intend to make an offer for BP. Shell is therefore bound by Rule 2.8.
US to sell Gulf of Mexico oil and Gas Leases in December
According to the U.S. Bureau of Ocean Energy Management, the Trump administration proposes to sell oil and gas drilling on 80 million acres of the Gulf of Mexico by December 10. Donald Trump has changed the name of the Gulf of Mexico to the Gulf of America. This sale is the first in a five-year drilling program, launched by Biden during the period of the auction. BOEM, an Interior Department division, said that the administration planned to offer approximately 15,000 unleased offshore blocks, located between 3 and 231 miles off shore. BOEM reported that the administration is proposing to charge a royalty of 16.67%. This is the lowest rate in years.
Shell is in early discussions to purchase rival BP. WSJ reports
The Wall Street Journal reported Wednesday that Shell has begun early discussions to purchase rival BP. This was based on the testimony of people who are familiar with the situation. Shell's American shares depository were down 3.3% as of 1604 GMT. BP's American shares depository were up 6.5%. The report said that BP is evaluating the proposal and has been in active discussions with company representatives. As of Wednesday, BP's market capitalisation was over $80 billion while Shell's was more than $208 billion. Un spokesperson for BP declined to comment.
North Dakota drilling and fracking activity stable as prices fluctuate, state regulator states
In a Tuesday monthly briefing, the state regulator revealed that despite recent volatility in oil prices, the number of frac crews and rigs in North Dakota remained unchanged in June. There are 32 rigs and 13 frac crews currently operating in North Dakota. Baker Hughes, an energy services company, said that the U.S. energy companies last week reduced oil and natural-gas rigs by eight for the week, the first drop since September 2023. North Dakota is third in the nation for oil production. The state Industrial Commission reported that its oil production fell by 22,000 barrels per day (bpd) in April to 1,172,000 BPD.
Sources say that Brazil's Petrobras has held off on raising fuel prices amid tensions with Iran.
Petrobras, the Brazilian oil company, is closely watching geopolitical tensions that have been driving up global oil prices in recent weeks. However, it does not intend to adjust domestic fuel prices at this time, according to two sources. Sources, who spoke on condition of anonymity said that the state run oil giant was waiting for a sustained change in Brent crude price before considering any changes to prices. The global benchmark Brent price fluctuated on Monday. It reached a five-month peak before dropping 1% to $76.31 per barrel. Markets were trying to gauge the effect of U.S. Airstrikes on Iran on the transit of oil via the Strait of Hormuz.
BP and other oil companies pulling staff out of Iraqi oilfields; output remains steady
BP, Eni, and TotalEnergies began evacuating their foreign personnel from the Iraqi oilfields in which they operate on Monday, according to state-run Basra Oil Company. Two oil officials said that the output from Iraq's south oilfields is currently unchanged, with exports of 3.32 million barrels each day. These measures are in response to the U.S. strikes on Iranian nuclear facilities and clashes that have occurred between Israel and Iran which borders Iraq. Kataib Hezbollah, an Iraqi group with ties to Iran, warned that it would re-attack U.S. forces in the area if the United States intervened in Iran.
Norway Oil Drilling Workers agree wage agreement, averting a strike
Norwegian unions reached a wage agreement, which prevented a strike on floating offshore drilling rigs, which would have disrupted exploration. Unions and company representatives announced the agreement Friday evening. The unions said 438 workers from three rigs would strike if talks did not succeed, but that no immediate disruption in oil and gas production is expected. The Norwegian Shipowners' Association and Styrke, Safe and DSO unions have reached a wage agreement that covers more than 7,200 employees. Within days, a strike could have spread beyond the three initial rigs and affected oil and gas production at a future date.
Baker Hughes reports that US drillers have cut their oil and gas rigs in the US for eight weeks running.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of natural gas and oil rigs for the eighth consecutive week for the first since September 2023. The number of oil and gas drilling rigs, a good indicator of future production, dropped by one in the week ending June 20 to 554. This is the lowest it has been since November 2020. Baker Hughes reported that the number of rigs is down by 34, or 5.8% from this time last year. Baker Hughes reported that oil rigs dropped by one this week to 438, the lowest level since October 2021. Gas rigs also fell by two, to 111, the lowest level since May 30.
UK Issues Environmental Guidance on New North Sea Oil and Gas Drilling
The UK published long-awaited guidance on environmental issues that will impact future developments of two North Sea oil and natural gas fields, including Shell and Equinor. The guidelines explain how future government decisions on extraction should treat greenhouse gas emissions from oil and gas, also known as downstream emissions or Scope 3. The government ordered the document after a Supreme Court decision last year that said planning authorities had to consider the impact of greenhouse gas emissions when approving a well near Gatwick Airport.
UK releases environmental guidance that will impact North Sea drilling
The UK published environmental guidelines on Thursday, which will impact future developments of two North Sea oil and natural gas fields. Shell and Equinor are among the companies that are expected to benefit. The guidelines outlines how future government decisions on extraction should treat greenhouse gas emissions from oil and gas, also known as downstream emissions. It is a significant step in ensuring that the full impacts of oil and natural gas extraction for potential projects are taken into consideration and we can ensure a managed and prosperous transition to a clean energy future in the North Sea, in accordance with science.
US crude stockpiles slump, products build, EIA says
The Energy Information Administration reported on Wednesday that U.S. crude stockpiles dropped sharply last week while gasoline and distillate stocks rose. The EIA reported that crude inventories dropped by 11.5m barrels, to 420.9m barrels for the week ending on June 13. This was compared to analysts' expectations based on a poll of a 1.8m barrel draw. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 995,00 barrels. Oil futures continued to fall despite EIA figures showing that crude inventories had declined more than expected. Brent crude traded down $1.61 to $74.77 per barrel at 10:37 am EDT (1437 GMT), whereas U.S.
