Baker Hughes reports that US drillers have cut back on oil and gas rigs a second time in the last three weeks.
Baker Hughes, a leading energy services company, said that U.S. firms cut back on the number of natural gas and oil rigs for a second consecutive week in its closely watched report published Friday. The oil and natural gas rig count fell to 548, the lowest level since November 26, a good indicator of future production. Baker Hughes reported that oil rigs increased by one this week to 414, the highest since November 21. Gas rigs dropped by two to 127. Oil and gas rig counts?declined about 5% by 2024, and 20% by 2023. This is because lower U.S.
Bousso: ROI-Permian will retain US oil crown after peaking even though it has reached its peak
The Permian Basin is set to reach its peak oil production in December. This will be a turning point for the U.S. Shale Boom that has reshaped the global energy markets over the last 15 years. But drilling innovations will ensure that the output of America's most prolific patch of oil will remain stable for many years. In its latest Short-Term Energy Outlook, the U.S. Energy Information Administration reported that the Permian Basin, which spans West Texas, and Southeast New Mexico, will produce a record 6.76 million barrels of oil per day in December. This is only slightly more than November's production. The U.S.
Bousso: ROI-Permian will retain US oil crown after peaking even though it has reached its peak
The Permian Basin is set to reach its peak oil production in December. This will be a turning point for the U.S. Shale Boom that has reshaped the global energy markets over the last 15 years. But drilling innovations mean that output in America's largest oil patch will remain stable for many years. In its latest Short-Term Energy Outlook, the U.S. Energy Information Administration reported that the Permian Basin, which spans West Texas and southeastern New Mexico will produce an unprecedented 6.76 million barrels of oil per day in December. This is only a little higher than November's total. The U.S.
BP and Chevron top the list of bidders in Trump's first Gulf of Mexico Oil and Gas auction
BP, Chevron, and Shell were the top bidders at the first U.S. Government sale of oil and natural gas drilling rights for the Gulf of Mexico since 2023. The auction ended with a total of $279.4 millions in "high" bids. It was the first out of 30 required by President Donald Trump's tax cuts and spending bill that he signed in July. His administration's plans on offshore leasing represent a major departure from those of his predecessor President Joe Biden. Biden had planned a historically low number of oil and?gas?auctions in an effort to shift away from fossil fuels while addressing climate change.
Venture Global responds to Shell's fraudulent claims in LNG arbitration
Venture Global responded late Tuesday night to Shell's legal challenge over the oil major losing an arbitration case involving liquefied gas cargoes. They rejected Shell's allegations of fraud and accused Shell of violating arbitration confidentiality. The legal documents filed in New York Supreme Court are the latest in a long saga about Venture Global's alleged failure to deliver LNG in accordance with long-term contracts, while selling LNG on the spot market at a time when prices were soaring after Russia's invasion in Ukraine. Shell, BP and Edison are among the companies that have filed arbitration cases against Venture Global.
Venture Global responds to Shell's fraudulent claims in LNG arbitration
Venture Global responded late Tuesday night to Shell's legal challenge over its loss in an arbitration case involving liquefied gas cargoes. The company rejected allegations of fraud, and accused Shell of breaching arbitration confidentiality. The legal documents filed in New York Supreme Court are the latest in a long-running saga about Venture Global's inability to deliver LNG in accordance with long-term contracts, while selling LNG on the spot market when prices rose after Russia's invasion in Ukraine. Shell, BP, Edison and other companies filed arbitration claims in 2023 against Venture Global. Shell lost in August while BP won in October.
Shell In Advanced Discussions to Buy LLOG Exploration for Over $3B
Shell is in advanced discussions to buy LLOG Exploration offshore in a deal valued at more than $3 billion. This would increase the oil major's portfolio of upstream oil and gas producers by acquiring one of the biggest privately owned oil and natural gas producers in the U.S. Gulf. Sources said that the parties were in advanced talks, and that an agreement was close. One source added that the deal could be signed by the end the year.Sources?advised that there is no guarantee that a deal would be reached between Shell and Covington…
Australia's Waitsia Project begins sending gas to LNG export
Beach Energy, an Australian company, announced on Monday that the Waitsia onshore project located north of Perth has begun sending natural gas to Woodside Energy's liquidified natural gas export facility. Mitsui, a Japanese company, operates the Waitsia Project and shares it with Beach. Mitsui and Beach have signed a contract with the North West Shelf partners Woodside, BP Shell and Japan LNG for the supply of the facility in 2020. Japan LNG, a partnership between Mitsui & Mitsubishi, holds a sixth of the facility. Murray Watt, Australia's Environment Minister, signed a contract to extend the life of the LNG export facility until 2070 a few months ago.
Baker Hughes reports that US drillers have added rigs to their fleet for the fourth time in just five weeks.
Baker Hughes, a leading energy services company, said that U.S. companies added drilling rigs this week for the fourth time within five weeks. The number of oil and gas drilling rigs, a good indicator of future production, increased by five in the week ending December 5. This is its highest level since late November. Baker Hughes reported that oil rigs increased by six this week to 413, the highest level since late November. Gas rigs, on the other hand, fell by one, to 129, which is their lowest level since late November. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S.
Petrobras, Brazil's state-owned oil company, says that it could begin Sudoeste de Tartaruga Verde in just two years.
Sylvia Anjos said that Brazil's Petrobras may begin producing oil at the Sudoeste de Tartaruga verde block within two years. In November, the firm discovered the block in Brazil's Campos Basin. Anjos described the discovery as "marvelous" on the sidelines an event in Rio de Janeiro. Anjos explained that the tight timeline for production would be possible due to Petrobras's plan not to commission a floating vessel to develop the well but instead to connect it with an offshore unit nearby through a subsea cable. Petrobras has reduced its investments in the business plan for 2026-2030, partly due to lower Brent oil prices.
Florida lawmakers ask Trump to reject drilling on the western coast of Florida
Florida's entire U.S. Congress delegation urged President Donald Trump on Thursday to exclude their state from a plan of his administration to expand drilling for oil and gas to new coastal areas. They said it would threaten Florida's tourism and military industries. The letter from Florida Senators Rick Scott, Ashley Moody, and the 28 House members of Florida was a rare example of bipartisan opposition to the Republican President's policies. The majority of Florida's congressional members are Republicans. The letter stated that more than 50,000 jobs are linked to military facilities in the Florida Panhandle.
Florida lawmakers ask Trump to reject drilling on the western coast of Florida
Florida's entire U.S. Congress delegation urged President Donald Trump on Thursday to exclude their state from a plan of his administration to expand drilling for oil and gas to new coastal areas. They said it would threaten Florida's tourism and military industries. The letter from Florida Senators Rick Scott, Ashley Moody, and the 28 House members of Florida was a rare example of bipartisan opposition to the Republican President's policies. The majority of Florida's congressional members are Republicans. The letter stated that more than 50,000 jobs are linked to military facilities in the Florida Panhandle.
Miners benefit from financials that drag down the UK's FTSE100
The UK's FTSE 100 dipped on Wednesday, as financials shares declined. This was offset by gains in energy and mining stocks ahead of next week's U.S. Federal Reserve interest rate decision. The blue-chip FTSE 100 as well as the midcap FTSE 250 both fell 0.2% at 11:05 GMT. This is on course to be the third consecutive session of declines. After a session of gains, heavyweight bank shares fell by almost 1%. The British financial regulator announced that it would lift the suspension on motor finance complaints by May 31, 2026. This is two months earlier than originally proposed.
Bousso: New oil quotas system to spur spending with ROI-OPEC+
The changes OPEC+ makes to its oil production quotas will likely trigger a wave upstream investment among members, especially in low-cost Gulf producers. This will reduce concerns about long-term shortages of supply. The Organization of the Petroleum Exporting Countries (OPEC+) and other major oil producing nations including Russia and Kazakhstan approved on Sunday a mechanism for assessing members' maximum output capacity. This will be used from 2027 to establish baselines. It may appear to be a very technical issue. It could…
Bousso: New oil quotas system to spur spending with ROI-OPEC+
The changes OPEC+ makes to its oil production quotas will likely trigger a wave upstream investment among its members, especially in low-cost Gulf producers. This will reduce concerns about long-term shortages of supply. OPEC+ (Organization of the Petroleum Exporting Countries) and other major oil producing nations including Russia and Kazakhstan approved a new method to determine the maximum production capacity of members. This will be used from 2027 to establish baselines for output. It may appear to be a very technical issue.
EIA data show that US oil production reached a record high in September.
The Energy Information Administration (EIA), which released data on Friday, showed that U.S. crude oil production reached a new record in September, despite concerns about oversupply.Oil production in the U.S. continues to reach record levels despite weak prices, which further weighs on global oil prices. Benchmark Brent crude traded just below $64, about 14% lower than the same time last.According to EIA, the U.S. crude output increased by 44,000 barrels a day in January to a new record of 13.84 million barrels bpd.The oil output of New Mexico, which is the second largest state in terms of production, reached a record-breaking 2.351 millions bpd.
EIA data show that US oil production reached a record high in September.
The Energy Information Administration (EIA), which released data on Friday, showed that U.S. crude oil production reached a new record in September, despite concerns about oversupply.Oil production in the U.S. continues to reach record levels despite weak prices, which further weighs on global oil prices. Benchmark Brent crude traded just below $64, about 14% lower than the same time last.According to EIA, the U.S. crude output increased by 44,000 barrels a day in January to a new record of 13.84 million barrels bpd.The oil output of New Mexico, which is the second largest state in terms of production, reached a record-breaking 2.351 millions bpd.
UK court rejects challenge to the issuing of oil exploration licenses
The High Court of London ruled that Britain's decision on Friday to grant more than 20 oil and gas exploration licenses was legal. This ruling dismissed a challenge from campaigners who claimed the government had failed to take into account the effects on climate change. Oceana UK, a marine conservation organization in the UK, brought a case against 28 licences issued by the previous British government on May 20, 2024. It also claimed that the licenses did not assess the risks to marine life. The British energy department, which had not defended similar cases following a Supreme Court ruling in 2024, opposed the case.
The UK's FTSE 100 is set to drop for the first time in five months despite recent gains
London's FTSE 100 edged higher on Friday as energy stocks led the way. Oil prices were also rising. However, despite a budget boost earlier in the week, it was likely to end a winning streak of four months. The FTSE 100, which is a global index, was up by 0.1% at 1125 GMT. Meanwhile, the FTSE 250, a midcap index, was flat and on track for a slight monthly decline. Oil & Gas gained 0.7% on the back of a rise in oil prices due to uncertainty surrounding peace talks between Russia and Ukraine. Investors are awaiting the outcome of a OPEC+ conference on Sunday.
Venture Global accuses Shell in FT report of a campaign to harm the LNG business
According to a Financial Times staff note published on Wednesday, Venture Global, a U.S. LNG manufacturer, accused Shell of waging "a three-year campaign" against its business. This was after Shell appealed a loss in arbitration. The report could not be verified immediately. Venture Global and Shell didn't immediately respond to our request for comment. The email, seen by the FT, from co-founders Michael Sabel & Robert Pender criticized Shell for its "misguided" decision to challenge the ruling & said Venture Global will continue to defend themselves.
What might Maduro have to offer Trump? What could Maduro offer Trump in potential talks?
Venezuelan President Nicolas Maduro is in a position to use crude oil cargoes that Venezuela sells mainly to China as a bargaining tool if Venezuela decides to negotiate with the United States. The Trump administration has increased its military presence in Caribbean and has stated that it is willing to talk to Maduro. His government has been struggling to attract foreign investment to the oilfields of Venezuela due to U.S. sanction. According to sources, the U.S. designated Venezuela's Cartel de los Soles as a terrorist organization on Monday, increasing pressure against Maduro in preparation for further operations to be launched in the near future.
US federal funds for energy production will decline by 11% by 2025
Interior Department reported on Friday that revenue from energy production in U.S. public waters and lands fell by 11% to $14.61 Billion during the last fiscal year, citing lower commodity prices like oil. The total is the lowest since 2021 - the first year under the administration of U.S. president Joe Biden - but the fifth highest since 1982. As part of his agenda to dominate the energy sector, President Donald Trump pledged to increase energy production on federal land and waters while keeping prices low for consumers. Interior Department reported that the U.S. spent $14.61 billion on energy production in federal, tribal and offshore areas.
Florida Republicans Oppose Trump's Offshore Oil Leasing Plan
Florida Republicans, led by Governor Ron DeSantis have said that they are opposed to a plan of the Trump administration which could allow for new oil and natural gas drilling off Florida's Gulf Coast.The reactions were in response to a proposal by the Interior Department published on Thursday, which contemplated future oil leasing in an eastern portion of Gulf of Mexico that is heavily used for military training and testing.Congress ruled out energy development in the region nearly 20 years ago. President Donald Trump, who is a Republican and was elected during his first term…
Baker Hughes reports that US drillers have added oil and gas rigs to their fleets for the third consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for the third consecutive week for the first since September. In the week ending November 21, the oil and gas rig counts, a good indicator of future production, increased by five, to 554 - its highest level since June. Baker Hughes reported that oil rigs increased by two this week to 419, the highest level since October. Gas rigs also rose by two, to 127. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S.
Venezuela extends oil joint ventures with Russia for 15 years
According to a TV broadcast of a session, the Venezuelan National Assembly approved on Thursday a 15-year renewal of joint ventures that are operated by the state company PDVSA in conjunction with a unit from Roszarubezhneft of Russia. The two oilfields are located in Venezuela's western region. Before approving the extension, lawmakers said that the partnerships could continue to operate the Boqueron oilfield and Perija through 2041. The goal is to produce 91 million barrels of crude or 16,600 barrels a day. Total investment is estimated to be around $616 million.
London's FTSE 100 recovers after a four-day decline; inflation data increases rate-cut bets
The FTSE 100 in London was little changed Wednesday after four sessions of falling prices. Gains in consumer staples and healthcare kept the market afloat while a slower inflation rate raised hopes for a rate cut in December. As of 12:40 GMT the blue-chip index had fallen 0.07%, while the midcap FTSE 250 was up 0.07%. The UK's inflation rate slowed for the first month since May. This is good news for the government ahead of the annual budget next week and increases the chances of a Bank of England rate cut. The markets are pricing about 86% of the odds that a quarter point reduction will occur in December.
Pakistan approves TPOC led consortium to operate offshore blocks
The adviser to the Finance Ministry said that Pakistan approved on Tuesday a new offshore exploratory consortium, allowing Turkish Petroleum Overseas Company (TPO) to assume operatorship of Eastern Offshore Block C as part of an effort to revive drilling. The Economic Coordination Committee of Pakistan approved Pakistan Petroleum Limited’s request to transfer a portion of its stake in the block to TPOC Mari Energies, and state-run Oil & Gas Development Co Ltd. This left PPL with a 35 percent stake. TPOC will own 25% of the block and operate it once a formal contract is signed.
EIA: US oil and gas rig counts slow despite record production
The U.S. Energy Information Administration reported on Monday that drilling activity in the U.S. has declined even though production is at record levels. The EIA reported that the number of active drilling rigs has decreased from 750 in December 2020 to 517 by October 2025. This is due to operators' response to lower natural gas and oil prices, and improved drilling efficiency. According to the report, since December 2022 oil-directed drilling rigs fell 33%, to 397. Gas-directed drilling rigs dropped 23%, to 120, in October 2025. EIA reported that despite fewer rigs production continues to increase.
Chevron: Argentina's costs are still challenging, despite reform progress
Mark Nelson, Vice Chairman of Chevron, said that the cost of doing business remains high in Argentina despite the promising geology. The government of Javier Milei has made progress to promote the oil industry. Mark Nelson, Vice Chairman of Chevron, said that the geology in Argentina is excellent despite the progress made by the government under President Javier Milei to promote the oil economy. Chevron holds exploration and development interest in the Vaca Muerta Formation in southern Neuquen Province, where the estimated ultimate recovery is 50% higher per well than the average in the Permian Basin in Texas.
As the US shutdown comes to an end, UK's FTSE100 hits a record high.
Investors welcomed signs that the long-running U.S. shutdown may be ending. The blue-chip index ended 0.1% higher and is now within striking distance of 10,000. The FTSE 250 mid-cap index was down by 0.7%. Upgrade the UK's regulated electric networks and expand their renewable business. Metal mining companies gained 1.3% in value as the copper price increased on global commodities markets. Market sentiment improved after growing optimism that the U.S. This has caused a disruption in the release of important economic data. The Federal Reserve would be better able to make future interest rate decisions if a resolution were reached.