Baker Hughes reports that US energy companies have cut back on drilling for the first time in six-weeks.
Baker Hughes, a closely-followed energy'services' firm, said in a report on Friday that U.S. firms have cut back the number of operating rigs for the first six weeks. Total oil and gas rig counts, an indicator of future production, dropped by one in the week ending July 24. This is the lowest level since mid-July. Baker Hughes said that despite this week's decline in rig count, the total number was still 45 rigs or 8% higher than this time last. Baker Hughes reported that oil rigs dropped by two this week to 450, their lowest level since mid July…
FT reports that BP is close to a deal to sell its solar business to a Kuwait-backed group.
The Financial Times reported that BP has advanced discussions to sell its Lightsource solar business to a consortium backed Kuwait's sovereign fund. The energy giant is focusing on oil and natural gas in order to boost?returns. The report, citing sources familiar with the situation, said that the green energy private equity firm Qualitas Energy, and Wren House, Kuwait Investment Authority's infrastructure arm, had teamed up to bid for the project. BP is doubling down its efforts to simplify its 'operations' and refocus its attention on traditional oil & gas…
Top US oilfield services firm SLB beats quarterly profit estimates
SLB beat Wall Street expectations for the second quarter profit on Friday as resilient demand in key'markets' helped the top U.S. oilfield services firm to overcome weakness in the Middle East caused by the Iran war. Iran is now trying to close the Bab el-Mandeb entrance to the Red Sea, after choking off shipping through the Strait of Hormuz. SLB's biggest market is the Middle East, which will account for 34% in total revenue in 2025. The company warned that disruptions would cost them 6 to 8 cents in the second quarter. The revenue from Middle East and Asia fell 14% to $2.57 billion in the third quarter.
St. Bernard Parish in Louisiana is hit by Tropical Storm Bertha
The U.S. National Hurricane Center reported on Wednesday that Tropical storm Bertha had made landfall in St. Bernard Parish in Louisiana. Miami-based forecaster said that the storm was located approximately 45 miles (70 kilometers) southwest of Biloxi in Mississippi, and 40 miles east of New Orleans. Maximum sustained winds have decreased to 45 mph. The NHC stated in an afternoon Wednesday advisory that the center of Bertha would move along or near the Louisiana and upper Texas coastlines on Thursday, then track further inland to Texas on Friday. It said that further weakening was expected over the next couple of days.
Egypt approves oil, gas and Perenco North Sinai Project deals
Egypt's Parliament approved four oil and gas exploration agreements and development agreements on Wednesday. This included a project in North Sinai involving the?FrancoBritish producer?Perenco. Egypt is looking to boost domestic energy production, which has been struggling to keep up with the growing demand. Regional tensions are also tightening global LNG markets. Egyptian media reported that the approvals covered?exploration activities and production in North Sinai, Nile Delta, the Mediterranean and Egypt?s Eastern Desert.
Union urges investors and BP to put pressure on BP to end US Midwest refinery locksout
The union representing 800 workers at BP Whiting, Indiana refinery urged investors to put pressure on the British 'oil major, BP, to end a four-month lockout. They argued that the dispute highlights broader governance and safety risks within the company. United Steelworkers cited BP's executive rotation and past safety incidents as concerns. "... "... BP 'locked out' the workers at Midwest’s largest refinery, on March 19, after the Union?rejected their "last,best and final" offer, following months of stalled negotiations. BP claims that the lockout did not affect production.
Equinor profits soar on high oil and gas prices during wartime
As expected, Equinor reported on Wednesday a steep rise in profits for the second quarter, boosted by the surge in gas and oil prices, as the Middle East war disrupted the global energy supply. Equinor's poll of 17 analysts predicted that the Norwegian group would earn $11.48 billion in the period from April to June, a significant increase over the $6.54 billion it earned a year ago. Equinor, the majority-owned state company, has seen its shares rise 54% in value year-to date, outperforming an increase of 30% among European energy stocks.
Kazakhstan's dispute with oil majors
Two sources told AFP that Kazakhstan had warned the head an oil consortium, which includes Exxon and Shell, about possible criminal charges if they did not pay a $5 billion fine for environmental damage. This is just the latest in a series of disputes that have seen international firms cede control?of giant oilfields in the country to the government?or pay cash settlements. Tengizchevroil operates the Tengiz Oilfield, which produces approximately 960,000 barrels per day. Chevron owns 50% of TCO while KazMunayGaz, the Kazakh energy company, holds 20%. Exxon Mobil has 25%, and Lukoil, 5%.
Halliburton falls on tepid forecast of revenue, Middle East recovery warning
Halliburton's shares dropped more than 6% Tuesday after the U.S. provider of oilfield services forecast lower third-quarter revenue and signaled uncertainty over the pace at which the Middle East is recovering. This year, the 'conflict in Middle -East' has dominated the energy markets. A major oil producing region remains on edge after repeated flare-ups. However, oil prices are not as high as expected when Israel and the U.S. went to war against Iran in February. Halliburton's Chief Operating Officer Shannon Slocum stated that activity in the area was returning to the highs of the conflict.
Baker Hughes reports that US energy companies have increased the number of rigs to their highest level since April 2025.
Energy services firm Baker Hughes reported on Friday that U.S. firms added rigs this week for a fifth consecutive week for the first since early June. The 'total count' now stands at its highest level since April 2025. The total rig counts, which are an early indicator of the future production, increased by seven in the week ending July 17. Baker Hughes reported that the total rig counts are up by?44 or 8% from this time last week. Baker Hughes reported that oil rigs increased by seven this week to 452, the highest level since May 2025. Gas rigs remained at 126, and other miscellaneous drilling rigs stayed at?10.
BP to sell stakes in the portfolio and close its venture arm
Verdane has agreed to buy minority stakes in over 10 companies from BP's portfolio. Meg O'Neill - the CEO of BP who took over the top position in April - said in a statement earlier this month that the company 'needs' to prioritize financial discipline, by simplifying their portfolio, cutting costs, and tightening up capital expenditures, while refocusing on its core investments in oil and gas. "We propose?to evolve our?management of interest in the few investments we will retain and to close the bp Ventures Team, subject to consultation, in line with local regulatory and legal requirements," a BP representative said in an email.
Shell plans to drill at Venezuela's offshore gas field in 2027, according to sources
Shell has started tendering drilling services for its Dragon off-shore gas project in eastern Venezuela. This is part of a plan to begin drilling four wells here?in the second quarter of 2027. People say that the contract should be awarded before the end of September. The contract will not be effective until a final investment decision has been made on the 4.2 trillion cubic-foot project. The requirement shows that the company has taken concrete steps to advance the development, which was delayed for years due to sanctions. The U.S. has changed its policy towards Venezuela, which has caused the Dragon project to be repeatedly halted.
Shell plans to drill at Venezuela's offshore gas field in 2027, according to sources
Shell has begun tendering drilling services for its Dragon off-shore gas project in eastern Venezuela. This is part of a plan to start drilling 'four wells in this area in the second quarter 2027. People familiar with the process say that the contract should be awarded before the end of September. The contract will not go into effect until a final investment decision has been made on the 4.2 trillion cubic-foot project. The requirement shows that the company has taken concrete steps to progress the long-delayed project after years of uncertainty due to sanctions. The U.S.
Ifax reports that Kashagan Oilfield Operator ordered to pay $4.9 Billion environmental fine
Interfax reported that Kazakhstan's Justice Ministry said that the operator of the?Kashagan oilfield is required to pay an environmental fine of 2.3 trillion tenge ($4.89 billion) by July 20. However, the company has filed a claim for arbitration against the penalty. Interfax reported that Daniyel Vaisov, deputy minister of justice in Kazakhstan, said the arbitration was being held in Washington D.C. The North?Caspian Operating Company, which is Kashagan’s operator, is a joint-venture between Shell, TotalEnergies,?ExxonMobil, and China’s CNPC. NCOC didn't?immediately respond to a comment request.
Baker Hughes reports that US energy companies have added rigs to their fleets for the fourth consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added rigs this week for the fourth consecutive week for the first since early June. Baker Hughes normally releases the report around 1700 GMT on Fridays at?1 pm EDT. The report was released 49 minutes later. Baker Hughes officials did not comment on the cause of the delay. The number of oil and gas drilling rigs, which is a good indicator of future production, increased by one in the week ending July 10 to 581, its highest level since May 2025. Baker Hughes reported that the total number of rigs increased by 44, or 8% over this time last year.
BP CEO: Company must tighten its spending and maintain financial discipline
Meg O'Neill, BP's CEO, said that the British energy giant must prioritise its financial discipline, by simplifying their portfolio, cutting costs, and tightening up capital expenditure, while focusing on its core investments in oil and gas. O'Neill has worked to restore investor confidence by reducing costs and debt. She took over the role of CEO in April after Murray Auchincloss abruptly left the company last year. Albert Manifold was removed as chair in May over bullying accusations. Manifold denies the allegations. She said BP should be more selective with its investment decisions, as it resets its strategy after an unsuccessful push in renewables.
US EIA: Global oil production to return to pre Iran war levels by the end of this year
The U.S. Energy Information Administration stated on Tuesday that global oil production?and?trade flows will fully recover by the end this year after the disruptions caused due to the Iran War. The EIA reported that the global benchmark Brent crude oil price will average $74 per barrel on the spot market in the third quarter this year. This is down from an?average of $85 in June. Last month, the agency forecast Brent prices to average more than $101 per barrel in the third quarter. As a result of the months-long wartime blockade of Strait of Hormuz, refiners in Europe and Asia have been forced to cut fuel production.
US EIA: Global oil production to return to pre Iran war levels by the end of this year
The?U.S. Energy Information Administration says that global oil production and trade flows will?rebound completely by the end of the year from the disruptions caused the Iran war. Energy Information Administration?reported on Tuesday. The EIA reported that Brent crude oil, the global benchmark, will average $74 per barrel on the spot market in the third quarter, down from $85 per barrel on average in June. Last month, the agency forecast Brent prices to 'average over $100 a barrel during the third quarter. Millions of barrels per day of oil production from the Middle East have been halted by the months-long wartime blockade on the Strait of Hormuz…
BP withdraws from Bay du Nord oil projects, leaving Equinor the sole owner
BP and Equinor have agreed to sell their stakes in the Bay du Nord oil project off the coast of Canada. The British energy giant is now focusing on opportunities with higher returns. Equinor, a Norwegian company, will acquire BP's 37.2% share of Bay 'du Nord under the agreement. The companies did not disclose financial details. This agreement is another step for BP in its efforts to reshape their portfolio and refocus capital on 'higher-return oil & gas?projects. BP will keep its 100% ownership in two offshore exploration licences located in Newfoundland & Labrador, Canada.
Fiserv and service station operators, including BP, warn US stores about illegal vapes
Fiserv, a payments platform, and operators of service stations including BP have 'warned' their U.S. counterparts and store owners to not?deal with illegal vapes - or risk heavy fines. According to estimates, a coalition of state and city law enforcement officials in the U.S. are putting pressure on shippers, payment networks and e-commerce platforms to crack down on an illegal vape market worth up to $9 billion in sales annually. Shopify has banned vapes in recent weeks after a 'crackdown' that was backed by the attorneys general of states such as California…
Baker Hughes reports that US energy companies have added rigs to their fleets for the third consecutive week.
Baker Hughes, a provider of energy services, said that U.S. firms?added drilling rigs this week for the third consecutive week. The number of oil and gas rigs, a good indicator of future production, increased by 7 in the week ending July 2. This is its highest level since May 2025. Baker Hughes published the rig counts report one day earlier than normal due to the U.S. The 4th of July holiday is celebrated on Friday, 3rd July. Baker Hughes reported that 'this week, the increase brings the total rig counts up by 41 rigs or 7.6% over a year ago.
Cumberland Farms files US IPO in a market that is booming for new listings
Cumberland Farms, a convenience?store retailer in the United States, filed for an initial 'public offering (IPO) on Thursday. This is adding to a busy stock market summer as favorable market conditions have swelled a swollen IPO pipeline. After nearly three years in which the U.S. IPO Market was subdued, due to higher interest rates and market volatility, many companies stayed away from the market. In 2026 the market is expected to recover, with companies of all sectors returning. Cumberland Farms, known for its coffee, snacks, and fuel, operates in densely populated areas, such as Pennsylvania, Ohio Colorado, and Florida.
Norway offshore workers and employers enter mediation to avoid strike
Norwegian unions representing workers on offshore drilling rigs and floating platforms entered wage negotiations with the state on Wednesday. They hoped to avoid a strike that was scheduled for Friday, which could have affected a part of Norway's oil and natural gas industry. Styrke Safe and DSO have all said that more than 600 workers could walk out at first, with the potential for an escalation. The wage agreement is for about 7,500 employees in total. The first strike will affect the Encourage rig of Transocean, Odfjell Technology's Linus platform, AKOFS Seafarer, and Equinor Gullfaks.
Norway offshore workers and employers enter mediation to avoid strike
On Wednesday, Norwegian unions representing offshore drilling platform and 'floating platform' workers began wage negotiations mediated by the state. The aim was to avoid a strike that would have taken place on?Friday and could affect parts of?the oil and gas industry in Norway. Styrke Safe and DSO have all said that more than 600 workers could walk out at first, with a possibility of an escalation. The wage agreement is for?roughly 7,500 workers. The first targets of any strike are Transocean’s Encourage platform, Odfjell Technology’s Linus rig and the AKOFS Seafarer vessel.
BP announces that Carol Howle, deputy CEO and head of trading at BP, will retire.
BP announced on Tuesday that its deputy CEO and chief trading officer Carol Howle would retire. This announcement was part of a broader leadership reshuffle, which has already seen a new CEO named and the 'chairman' removed in the past few months. The company announced that Sam Skerry will replace Howle, who led BP's mergers & acquisitions business from 2022 to 2022. These changes are a result of the appointment in April of Meg O'Neill, former Woodside Energy CEO as BP Chief Executive after Murray Auchincloss resigned. In May, the board removed Chairman Albert Manifold over governance and conduct issues. He disputes this.
Sources: Oil rig explosion in Venezuela causes at least 17 injuries to workers
Three sources said on Monday that an explosion occurred late Sunday at a rig operated by the state-owned?oil 'company PDVSA, in Venezuela's central region of Los Llanos. At least 17 workers were injured, two of whom suffered severe burns. Accident occurred on PDVSA’s Colven '02 rig located in Apure state. According to sources, some of the injured workers were taken to Colombia for medical attention, and others to the nearby town of Guasdualito. Photos and videos on social media showed tall yellow flames with a plume black smoke.
Australian energy firms increase their exploration
Australia is the No.2 liquefied natural gas producer in the world. This increase is due to domestic gas demand, a more favourable investment climate and improving technology. Australia, the world's No. Geoscience Australia has provided a summary of drilling activity, including estimates of contingent resources as of October 20, 2025, except where otherwise noted. The Beetaloo Sub-basin lies in the Northern Territory around 500 km (310 mi) south of Darwin. The Northern Territory Government estimates that the gas reserves are over 7 trillion cubic foot (Tcf). Santos plans to drill up to 12 appraisal wells within the sub-basin in this and the next year.
Baker Hughes reports that US energy companies have added the most rigs per week in a row since June 2022.
Baker Hughes, an energy services company, said in its report on Friday that the U.S. energy companies?had experienced their largest weekly increase of rigs since June 2022. The number of oil and gas rigs, a good indicator of future production, increased by 10 during the week ending June 26. This is the biggest weekly increase in the last four years. Total rig count reached 573, its highest level since May 2025. Baker Hughes said this week's rise in rig counts puts the total up by 26 rigs or 5% over this time last. Oil rigs rose by seven this week to 440, the highest level since June 2025. Gas rigs increased by?three, to 125.
Chevron to continue securing deals for US data centers
Chevron has been negotiating additional data-center deals in the U.S. including the Midwest, Rockies and Gulf Coast following its two-decade contract to power a Microsoft Data Center in West Texas. Chevron, Exxon Mobil and other oil and gas companies are looking to capitalize on the unprecedented electricity demand created by Big Tech’s AI-driven expansion of data centers. They offer their natural gas as well as experience in developing large-scale and complex energy projects. Chevron announced on Monday that it had signed an agreement for the development of a natural-gas-fired facility called Project Kilby.
BP signs a concession agreement with ADNOC and partners for Bab Gas Cap Project
BP announced on Thursday that it had'signed a concession -agreement' with ADNOC and partners for the development of the Bab Gas Cap Project in the UAE. BP will take a 10% share, marking its first access to Abu Dhabi upstream gas resources. The project will consist of three?reservoirs within the Bab Field onshore and is expected to produce up to 1,5 billion cubic feet per day. BP says that the project will help meet UAE gas and feedstock needs, as well ADNOC's plans to expand liquefied gas exports. ADNOC owns 60% of the concession. Other partners, including TotalEnergies CNPC, INPEX China ZhenHua Oil, and GS Energy, will hold the remaining 40%.
Executive says TotalEnergies will begin drilling in Suriname in the next year
The vice president of exploration for the Americas at TotalEnergies, a French energy producer, said that the company expects to start a new drilling campaign in Suriname next year in order to expand its exploration targets. TotalEnergies’ largest project in?Suriname is the $10.5 billion Gran Morgu off-shore project. It is expected to start oil production in 2028. This is a major milestone for the small South American country, as all crude is produced onshore. Daniel Larranaga, at an energy event in Paramaribo's capital, said that the company would "start a multiwell campaign" next year if rigs are available.
Azule Energy approves $5.1 billion offshore Angola project
Azule Energy - a 'joint venture' between BP, Eni and?Their partners - has approved the $5.1 Billion Greater PAJ offshore oil projects in Angola. This was announced by company and government officials at a Monday signing ceremony. The project is Angola’s first integrated cross block development. Partners include Norway’s Equinor and Angola’s oil and Gas agency ANPG, as well as the state-owned company Sonangol. Azule is the company that operates this development. This investment is the latest in a series of expansions by Azule, Angola’s largest independent oil and gas producer.
Norway Oil Service Firms Threaten Lockout to End Strike
Offshore Norway announced on Monday that it would lock out the Safe Labour?union?oil service employees?from 27th June?in response to a strike going on over wages. In a press release, the group representing oil service companies stated that the lockout would impact 1,272 members of Safe out of the roughly 1,770 covered under the wage agreement. However, some workers will be exempted to maintain safety critical subsea emergencies preparedness. A spokesperson for the group said that the lockout would 'further delay drilling operations, already affected by strike. At least two rigs have halted their work.
Petrobras will resume construction at Tres Lagoas Fertilizer Plant by September
Petrobras, the state-owned 'oil' company in Brazil, plans to restart construction of a fertilizer plant in Mato Grosso do Sul by September. This is part of an effort to reduce 'the country's dependency on imports', said William 'Franca on Thursday. The construction of Tres Lagoas' UFN-III Fertilizer Plant, which is expected to cost $1 billion, has been put on hold since 2015. Franca, Petrobras director of industrial process and products, said that the company plans to start operations in 2029. The nitrogen fertilizer plant will be able to produce 3,600 tons of urea per day and 2,200 tons of ammonia per day.
Baker Hughes says US energy companies have added rigs eight times in nine weeks.
Baker Hughes, a widely followed energy services company, said Thursday that U.S. firms added rigs this week for the eighth time in nine weeks. The oil and gas rig count rose to 563, its highest level since early June, in the week ending June 18. Baker Hughes released its report one day earlier than usual due to the "U.S. The Juneteenth holiday falls on Friday. Baker Hughes reported that the total rig count had increased by nine rigs or 2% over this time last week. Baker Hughes said that oil rigs remained at 433 in this week. Gas rigs increased by one to 122, the highest level since early June. Other miscellaneous rigs remained at eight.
