Baker Hughes reports that US drillers added oil and gas rigs in the US for the second consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added natural gas and oil rigs this week for the second consecutive week for the first since April. The number of oil and gas drilling rigs, a good indicator of future production, increased by two in the week ending September 12. Baker Hughes reported that oil rigs increased by two this week to 416, the highest level since July. Gas rigs remained at 118. Oil and gas rig counts declined by around 5% in 2020 and 20% in 2023, as lower U.S. gas and oil prices in the last couple of years led energy firms to place more emphasis on increasing shareholder returns and paying off debt than increasing production. The U.S.
Interior secretary: US wants to strengthen energy ties with Greece
Interior Secretary Doug Burgum told reporters in Athens that the U.S. is looking to strengthen its energy relations with Greece. This comes as the Trump Administration works to reduce Russia's gas and oil supplies to Europe. Burgum was in Europe this past week to sign energy deals that the U.S. believes will increase its influence in Europe while reducing Russia's. Greece announced on Wednesday that a consortium, including the oil giant Chevron, had bid for exploration of natural gas in their waters. Burgum, the US Secretary of State, told Greek Prime Minister KyriakosMitsotakis that "the Trump administration has several goals in relation to energy. One of them is energy abundance.
Analysts say that ConocoPhillips’ deep-seated layoffs demonstrate the need for capital discipline.
Investors and analysts have said that ConocoPhillips needs to focus more on its capital discipline and its investment priorities to be competitive against its peers, as oil prices are falling and revenues are also declining. This comes after the company announced it was laying off up to 25 percent of its staff in order to reduce costs. ConocoPhillips, the third largest U.S. oil company, has joined majors Chevron, BP and SLB, as well as the world's two largest oil service companies, Halliburton and SLB, in cutting its staff. The slump in crude oil prices is due to increased production from OPEC+, economic uncertainty caused by unpredictable U.S. Trade Policy, and an increase in output.
Iraq's Premier says he hopes that producers will reconsider the oil export quota
Iraq hopes that fellow producers will review its oil export quota in order to better reflect the country's production capacity. This rare comment from a senior Iraqi official was made by Prime Minister Mohammed Shia al-Sudani on Saturday. The Organization of Petroleum Exporting Countries is pressuring Iraq, the largest overproducer in the group, to reduce output as compensation for producing more than the agreed-upon volume. In April, it was one of the countries who submitted plans to reduce oil production to compensate for exceeding agreed quotas. According to the Oil Ministry, Iraq exported an average of 3.38 million barrels of oil per day during August.
Conoco CEO: 'I blame myself for not paying attention'
ConocoPhillips' CEO Ryan Lance said to employees on Thursday, that he was forced to reduce the number of workers by up to 25 percent because the U.S. energy producer became less competitive due to its focus on acquiring smaller competitors. Lance spoke to employees at a town-hall meeting, a day after sending them a video informing them of the job cuts. The job cuts are part of a broader restructure focusing on cost reductions. The company announced that it would start laying off employees as soon as November 10 to those who watched the meeting live online or in person on Thursday morning at its Houston headquarters. Lance stated that he prioritized recent purchases over cost control.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 7 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 seven weeks. The number of oil and gas rigs, a good indicator of future production, increased by one in the week ending September 5. Baker Hughes reported that despite this week's increase in rig count, the total number was still 45 rigs or 7.7% below what it was at this time last year. Baker Hughes reported that oil rigs increased by two this week to 414, while gas-rigs decreased by one to just 118. Oil and gas rig counts declined by around 5% in 2020 and 20% in 2023, as lower U.S.
Conoco CEO: 'I blame myself for not paying attention'
ConocoPhillips' CEO Ryan Lance said to employees on Thursday, that he was forced to reduce the number of workers by up to 25 percent because the U.S. energy producer became less competitive due to its focus on acquiring smaller competitors. Lance spoke to employees at a town-hall meeting, a day after sending them a video informing them of the job cuts. The restructure was aimed at cost reductions. The company announced that it would start laying off employees as soon as November 10 to those who watched the meeting live online or in person on Thursday morning at its Houston headquarters. Lance stated that he prioritized recent purchases over cost control.
Trump is in favor of nuclear energy because it's'more American than wind and solar', a US official claims
The director of the U.S. Energy Dominance Council stated on Thursday that the Trump administration would be more inclined to provide loan guarantees and tax incentives for nuclear energy than wind or solar, because it was "more American". Jarrod Agen is the director of this White House council. He said that nuclear power will be more likely made with U.S. parts than wind or solar farms. Agen said that the administration would be more inclined to provide financial assistance from the U.S. Loan Programs Office and encourage tax incentives. He said, "Nuclear energy is a new technology and we must invest in it if we want to succeed.
ConocoPhillips announces it will reduce its workforce by 20-25%. Shares fall
ConocoPhillips, the U.S. oil-and-gas producer, will reduce 20-25% its workforce in a restructuring that is expected to take place over the next few months, according to a spokesperson for the company. Five sources had previously reported that CEO Ryan Lance revealed his plans via a video message sent out early on a Wednesday morning. The shares of the third largest U.S. oil company fell 4.5%, to $94.55, compared with a 2.6% decline in the S&P 500 Energy Index. ConocoPhillips, as well as its competitors, have been under pressure from the fall in oil prices this year. They were forced to reduce staff, cut capital expenditure, and reduce drilling. In February, U.S.
ConocoPhillips announces it will reduce its workforce by 20-25%. Shares fall
ConocoPhillips, the U.S. oil-and-gas producer, will reduce 20-25% its workforce in a broad restructuring. A company spokesperson confirmed this on Wednesday after five sources said that CEO Ryan Lance had detailed his plans in an early morning video message. The shares of the third-largest U.S. oil company fell 4.2% to $94.91, compared with a drop of 2.1% in the S&P 500 Energy Index. ConocoPhillips, and its competitors, have been under pressure to reduce staff, cut capital expenditure and reduce drilling this year due to the fall in oil prices. U.S. Oil service giant announced that it would be laying off 20% of its employees in February. It is also reducing its workforce.
US LNG exports record highest ever in August
LSEG's preliminary data shows that U.S. LNG exports reached a record high in August, as plants completed planned maintenance and Venture Global’s Plaquemines plant continued to increase production. According to LSEG, August exports totaled 9,33 million metric tonnes, surpassing the previous monthly record of 9.25 millions tons set in April and exceeding the 9.1million tons exported in July. Plaquemines, the second largest LNG plant in the U.S., has a capacity to produce 27.2 million tonnes per year (MTPA). Its production has been increasing every month since its start-up in December 2024. This helps the U.S. remain the world's leading LNG exporter.
Guyana elects a leader amid controversy over oil wealth
Guyanese voters head to the polls Monday to elect members of parliament and the president who will decide how the hydrocarbon boom in the South American nation will be spent. Since ExxonMobil began pumping offshore oil late in 2019, Guyana has seen its economy grow at a rate of 7.5 billion dollars. Irfaan Ali is running for reelection as the leader of the People's Progressive Party. He has been in office since 2020. His government has used oil revenue to build roads, hospitals and schools. It also made studying at the state-run university free. Tanya Mohabir is a 30-year old meteorologist who said that the PPP had invested in education and skill development throughout Guyana.
Egypt signs $340 million oil and gas exploration deal with global firms
The Petroleum Ministry announced on Saturday that Egypt had signed four agreements worth $340 million with international companies to explore for oil and gas along the Mediterranean and Nile Delta. The state-owned Egyptian Natural Gas Holding Company, or EGAS, has signed a deal that will see 10 wells drilled as part of efforts by the Ministry to increase exploration and production. Egypt, a once-prominent regional exporter, is increasingly importing to meet the rising demand at home, as production from old fields declines and investment in new ones lags. According to the Joint Organisations Data Initiative, gas production in May decreased by more than 40% compared to March 2021.
Baker Hughes reports that US drillers have cut their oil and gas rigs a second time in a week.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on oil and gas rigs for the second consecutive week. The number of oil and gas drilling rigs, a good indicator of future production, dropped by two in the week ending August 29 to 536, the lowest level since August 2021. Baker Hughes reported that the total number of rigs is down 47 or 8.1% from the same time last year. Baker Hughes reported that oil rigs increased by one this week to 412, while gas-rigs decreased by three to 119. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S.
Ali, the Guyanan president, seeks a second term amid a oil boom
Guyanese will vote in general elections on Monday. They'll decide if President Irfaan Ali's People's Progressive Party, which controls the country's government, can keep its parliamentary majority. It's also a chance to determine if they want to continue leading one of the fastest-growing economies in the world. ExxonMobil's offshore discoveries have helped the South American nation, which is home to 800,000 people and has experienced double-digit growth in its economy for five straight years. Five parties that are challenging the PPP in the race for…
Trump's options for easing Russia sanctions are limited in comparison to Europe
Donald Trump, the U.S. president, could lift some sanctions against Russia quickly as a way to reward Moscow for successful peace talks with Ukraine. However only Europe can make the larger steps necessary to ease Russia's cash crisis. Trump has threatened to impose additional sanctions and tariffs against Russia and its oil buyers if there are no signs of progress in the three-and-a-half-year long war in Ukraine. If the talks are successful, Trump could start to ease some of his punitive measures. Trump has a number of options, including releasing Russian assets, reopening U.S. loans to Russian corporations and banks, and allowing U.S.
Mitsubishi abandons offshore wind farms in Japan
A senior official in the industry ministry said that Japan wants to re-auction as many offshore wind sites as possible as soon as they can, subject to local community consent. The trading house Mitsubishi Corp announced on Wednesday that it would no longer build wind farms in the prefectures of Akita and Chiba due to rising costs. In 2021, the first state-wide auctions were held to award the rights to construct and operate these farms. The farms have a total planned capacity of 1,76 gigawatts and were scheduled to begin between 2028 and 3030. Japan has already held three major auctions to increase its offshore wind power capacity. It aims to reach 10 GW in 2030 and 45 GW in 2040.
CNOOC's first-half profits fall 13% due to lower oil prices
CNOOC, the Chinese offshore oil-and-gas major, reported a 13% drop in its interim net income as lower oil prices countered the impact of record oil and natural gas production. According to a Hong Kong Stock Exchange filing, the net profit attributable equity shareholders fell to 69.5 billion Yuan ($9.7billion) following a record-breaking interim profit in 2024. Sinopec, a domestic competitor, reported a 40% drop in earnings at $2.99 billion. PetroChina's net profit fell by 5.4% to $11.7 billion. CNOOC’s net production of gas and oil increased by 6%, reaching a record of 384.6 million barrels equivalent of oil during the period. Gas was up by 12% on an annual basis.
Mitsubishi is considering abandoning offshore wind energy projects in Japan
Mitsubishi Corp announced on Wednesday that it is considering withdrawing from 3 Japanese offshore wind projects. Three wind farms are owned by Mitsubishi-led consortiums in Japan's Chiba Prefecture and Akita Prefecture. The trading house announced in February it was reevaluating how to proceed given the "significantly altered" business climate. Mitsubishi recorded a charge for the projects of 52.2 billion Japanese yen (354 millions dollars) earlier this year. Mitsubishi released a statement saying that they were currently evaluating all options, including the possibility of withdrawing from the project. They added that no decisions had been taken.
Suriname's Staatsolie will launch an offer for offshore oil fields in November
Suriname's state-owned oil company Staatsolie announced on Tuesday that it will offer an "open door" in November for the exploration and evaluation of offshore areas. The small South American country is seeking partners and funding for an oil and natural gas boom, which they hope to achieve. The country is expecting to start offshore oil and natural gas production by 2028, following a successful investment decision for the flagship 12 billion dollar Gran Morgu project, between TotalEnergies, APA Corp, and Staatsolie. Suriname, unlike its neighbor Guyana where the Exxon Mobil consortium controls all production, wants to diversify its energy sector.