UK PM Burnham will use North Sea Oil pragmatically following Trump's comments
British Prime Minister Andy Burnham has said that he will take a "pragmatic approach" to the development and use of oil and gas in the North Sea. This is his response to U.S. president Donald Trump's statement that the basin will be opened. Burnham, the British Prime Minister who took office on July 20, spoke with Trump shortly afterward. Trump told reporters on June 23 that Burnham planned to continue drilling in the North Sea. Burnham said to reporters that he had told Trump in their phone conversation that he would adopt a pragmatic approach when it came to the North Sea. This is his intention as we move forward. There is a source there. You can't ignore people who are struggling.
Energy profits boost European earnings by 20.8%
LSEG data on Thursday showed that estimates for blue-chip companies in Europe's second quarter?earnings? have risen. Profit growth is now expected to be 20.8% compared to a year earlier. However, a large part of the increase will come from the energy sector. Energy companies are expected to double their profits, and this will be a major factor in the earnings recovery. The overall growth rate for STOXX companies, excluding the sector, is expected to be 10.3%. According to data from 225 companies, and market estimates of those who have not yet reported, revenue is expected to rise 11.7%. This will end four consecutive quarters of decline.
Emails show that BP will cut 700 jobs to simplify the company.
BP is planning to 'cut 700 employees from its global workforce according to an internal e-mail seen by. The oil major has been focusing on boosting profits and returns. Email showed that the reductions would affect around 8% the 8,500 roles which were historically part of production and operations. The email stated that frontline roles included operators,?technicians, and maintenance roles. BP did not expect to see any changes in its frontline teams. The email stated that "if your role is affected, it could mean that 'it doesn't exist in the new organization or changes materially.
Sources: Energean and Carlyle are among the bidders for BP's gas assets offshore Egypt
Three sources familiar with the process say that Dragon Oil, Carlyle Group, 'Energean' and Artemis Energy will be among a group of groups bidding this week on BP’s?West Nile Delta natural gas development off Egypt. British oil giant BP is trying to simplify its portfolio, reduce debt, and lower costs. It produces 60% of Egypt's gas through joint ventures on the East Nile Delta and fields in the West Nile Delta. Sources did not provide any details on the bids that are to be submitted before the end of the week. BP and 'Carlyle' declined to comment. Energean Artemis, and Dubai's Dragon Oil have not responded to comments immediately.
Baker Hughes predicts lower oil and gas spending in 2026
Baker Hughes announced on Monday that it expects global oil and gas spending to be down modestly in 2018. The company said this is due to a decline in spending in Europe, the Middle East, and offshore Africa. The energy markets have been affected by the repeated flare-ups in the conflict between Iran and the U.S., which has forced producers to adopt a more cautious approach instead of increasing drilling activities. Lorenzo Simonelli, CEO of the company after it reported its earnings on Sunday, said that customers are still focused on maximising production while maintaining flexibility to "respond to changing market conditions".
Baker Hughes predicts lower oil and gas spending in 2026
Baker Hughes announced on Monday that it expects global oil and gas producers to reduce their annual spending modestly in this year. The growth in Latin?America and offshore Africa will be offset by lower spending in?European and Middle Eastern countries. This year, the Middle East conflict has dominated the energy market. The repeated escalation of tensions between Iran and the U.S. forced producers to adopt a more cautious approach instead of increasing drilling activities. On a call with analysts, CEO Lorenzo Simonelli stated that customers are focused on maximising?production? from existing assets and preserving flexibility in order to respond to changing market conditions.
Apollo Global to invest $1.5 billion in Keppel oil rig fund
The two companies announced on Monday that Apollo Global Management will invest $1.5 billion into Keppel, a Singaporean company. This fund will own six oil rigs in operation. The deal will allow Keppel to monetise non-core assets, unlock capital and invest in new projects. Apollo can tap into the offshore energy market of the region, which has high utilization rates and long-term demand trends. Keppel plans to sell 10 oil rigs owned by Rigco Holding Pte for S$3.7 billion (2.87 billion) to reduce debt, reward shareholders and free up money for new investments. Keppel is expecting to receive $478 million in cash from the sale of six oil rigs for S$1.2billion.
Baker Hughes, a provider of oilfield services, beats Q2 earnings estimates
Baker Hughes reported a stronger-than-expected second quarter as the oilfield ?services and energy technology company benefitted from brisk demand ?for LNG equipment, gas infrastructure and power generation projects tied to ?growing electricity needs. Earnings per'share' were 64 cents. This was higher than the 50 cents expected by analysts compiled by LSEG. The adjusted earnings before taxes, depreciation, and amortization (a measure of operating profit) rose by 2%, to $1.23billion, exceeding the upper end of the company's guidance. The company has raised its order outlook for the full-year Industrial and Energy Technology segment…
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, while gas-fired rigs climbed by one to 127 - the highest level since mid May - and miscellaneous or other rigs remained at 10.
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, in a bid to reduce debt and boost profit and reinvestment after an ill fated foray into renewables under its previous CEO.
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. The state-owned Egyptian Natural…
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.
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.
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. However, she cautioned the pace of recovery would depend on the day-today events.
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%.
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. This reflects Equinor's position as Europe's largest supplier of oil, gas, and natural gases, with no direct exposure towards the Middle East.
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.
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.
