Baker Hughes reports that US energy companies have cut back on drilling for the first time in four-weeks.
Baker Hughes, a 'closely watched' energy services firm, said in its report on Friday that U.S. firms have lowered the number of operating rigs for the first four weeks. The number of oil and gas drilling rigs, a good indicator of future production, dropped by five in the week ending August 21. Baker Hughes stated that the total count is still up by 50 rigs or 9.3% from last year. Baker Hughes said oil rigs dropped by three this week to 452, while gas rigs decreased by one to 128, and miscellaneous or other rigs by one to 9. The rig count in the 'Permian', America's largest oil-producing shale region, has risen by two, to 267. This is the highest since June 2025.
SLB and Formentera executives claim that they are working on activating drilling rigs for Venezuela.
SLB, a private equity firm and oil?service provider, is working with?Formentera?Partners to either reactivate or import more oil rigs into Venezuela in the next few months. Blake London, managing partner of energy-focused Formentera, said that the company is in talks with international service providers about bringing oil drilling rigs to Venezuela. According to Baker Hughes data, only two onshore drill rigs were active in Venezuela by the end of July. This puts a 'cap on the production capacity, which according to official figures is currently at around 1.25million barrels per day.
Moscow's petrol stations restrict sales due to shortages
According to witnesses and fuel suppliers, Moscow's fuel stations have implemented new limits on gasoline purchases due to fuel shortages caused by Ukrainian drone attacks against refineries as well as strong seasonal demand. Fuel suppliers and witnesses have confirmed that fuel stations in Moscow have imposed limits on gasoline purchases due to fuel shortages linked?to Ukrainian drone attacks on refineries, as well as strong seasonal?demand. In May, shortages began to spread across most Russian regions. By July, however, fuel stations in Moscow had been able to lift restrictions imposed in June.
Baker Hughes reports that the US oil and gas rig counts have reached their highest level since March 2025.
Baker Hughes, a renowned energy services firm, said that U.S. firms added rigs this week for the second time within three weeks. The oil and gas rig counts, an early indicator for future production, increased by five in the week ending August 14. This is their highest level since March 2025. Baker Hughes reported that the number of rigs has increased by 54, or 10% over a year ago. Baker Hughes reported that oil rigs increased by one this week to 455?, the highest level since May 2025. Gas rigs also rose four to 128?, the highest level?since May 2026. Other miscellaneous drilling rigs remained at 10?.
Shell's Wild Coast exploration plan is blocked by South Africa's highest court
South 'Africa's Constitutional Court blocked Shell's offshore exploration along the 'country's' pristine Wild Coast on Friday, a'setback' for the oil giant after years of legal challenges from local communities and environmentalists. This ruling is just the latest in a long line of court decisions that have dampened interest from investors and delayed offshore exploration. The majority of the South African Supreme Court overturned a judgment from 2024 by the Supreme Court of Appeal. Justice Jody Kollapen stated that the order of 'Supreme Court of Appeal' is set aside.
BP awarded license for Venezuela Loran gas fields in partnership with XRG and UCC
BP has, in partnership with United Arab Emirates firm XRG, and a unit from Qatar's conglomerate UCC Holding secured a licence to explore and develop Venezuela's offshore Loran field's second phase, according to the British company's and government officials' announcements on Thursday.The agreement was signed in Caracas, and broadcast by the state?TV. It gives BP's group the right to produce 4 trillion cubic foot of gas in Loran.British Shell was awarded the license for the first phase in June. BP stated in a press release that both phases will be developed…
US offers 81 million acres of Gulf of Mexico oil leases
The Trump Administration will on Wednesday offer oil and gas drilling companies more than 81 million acres (32,8 million hectares), in the Gulf of Mexico. This is part of a plan to boost domestic energy production by establishing regular offshore lease sales. This is the second sale since the U.S. and Israeli war against Iran disrupted global oil flows, sending oil prices to four year highs. The sale is the third in a series of 30 required by President Donald Trump's tax cut and spending bill passed in 2025. The Interior Department will offer 15,100 unleased blocks between 4.8 and 372 kilometers (3 to 231 miles) offshore, on the U.S. Outer Continental Shelf.
CORRECTED - BP sells 20% stake in Manakin Gas Field to Trinidad's NGC
BP 'has agreed to sell a 20% stake in a block containing the Trinidad portion in the Cocuina Manakin natural-gas field across the border to the state-owned National Gas Company of Trinidad, the company announced on Monday via email. BP reported that BP and NGC had signed the agreement on?Monday. Cocuina and Manakin, which contain 1 trillion cubic feet in natural gas reserves, lie on the border between Trinidad and Tobago, Venezuela and Trinidad, and?the Cocuina segment is part of Venezuela's Deltana Platform undeveloped gas project. NGC holds a 20 percent stake in the Cocuina portion of the Venezuelan side.
BP sells 20% stake in Manakin Gas Field to Trinidad's NGC
BP announced on Monday that it had agreed to sell a 20 percent stake to the state-owned National Gas Company of Trinidad in a block containing the Trinidad portion the Cocuina Manakin natural 'gas field. BP reported that the NGC and BP signed the agreement on Monday. The Cocuina and Manakin fields, which contain 1 trillion cubic feet in natural gas reserves, lie on the border between Trinidad and Tobago, Venezuela and Trinidad, with the Cocuina portion forming part Venezuela's undeveloped Deltana Platform project. NGC holds a 20 % stake in the Cocuina section on the Venezuelan part.
Pacific Energy reports that Middle East buyers are interested in LNG cargoes coming from Canada.
The president of Woodfibre's LNG project in Canada said that buyers in the Middle East were looking for liquefied gas from Canada to hedge against geopolitical turmoil. Ratnesh Bedi is the president of Singapore's?Pacific?Energy, which holds a 70% stake on Canada’s Pacific Coast, near Squamish in B.C. In an interview, Bedi said that his company has received inquiries from Middle Eastern customers even though the project’s 2.1million tonnes per year capacity is already contracted to BP. This interest is part of a larger trend among global LNG purchasers who are looking to diversify their supply sources following the disruptions caused by the Strait of Hormuz and the Iran war.
Baker Hughes: US energy companies leave rig count unchanged for the latest week
?U.S. Energy firms have left the total rig count unchanged for the last week, according to a closely watched report by energy services firm Baker Hughes on Friday. The number of oil and gas drilling rigs, a good indicator of future production, remained unchanged at 588 during the week ending August 7, compared to the previous week. Baker Hughes reported that the total number of rigs was up by?49 or 9% compared to this time last. Baker Hughes reported that oil rigs increased by three this week to 454 - their highest level since May 2025. Gas rigs, on the other hand, fell by three - to 124 – their lowest level since July 2026.
The financial week in five charts - Yenterventions, refinery windfalls, and SpaceX's splurge
Open Interest (ROI), every Friday, distills the previous five days' financial data into five charts that highlight the major trends, surprises, and overlooked movements. JAMIE MCGEEVER is a columnist for ROI Markets. The U.S. Treasury has not made its first FX intervention, and it won't make its last. It was a very unusual move. Not least because of the preparations, which included the "to-do list" of U.S. Treasury Sec. Scott Bessent for the yen purchases. The Treasury purchased the yen using euros, not dollars. This could be a sign that Washington is unwilling to sell any dollar-denominated assets…
BP will acquire Woodside's Calypso stake
BP announced on Thursday that it had agreed to 'acquire' Woodside Energy, based in Australia, 70% of its interest in the Calypso Gas Project in Trinidad and Tobago. This will give BP full ownership over the early-stage deepwater gas discovery. The 3.5-trillion-cubic-foot Calypso natural gas discovery is off the shore ?of Trinidad and Tobago and could help ease the twin-island country's ?natural gas shortage. Woodside will also be leaving the region, having sold assets from its offshore oil and?gas project in Trinidad and Tobago last March. Meg O'Neill, BP's CEO, took over the role in April. She was previously chief executive of Woodside.
Fars News Agency reports that Iran's state oil company has frozen its bank accounts due to debt.
A state-owned lender has frozen the National Iranian Oil Company’s bank accounts due to mounting debts, according to the semi-official Fars News Agency. This highlights the pressures being felt by Iran’s largest source of revenue. Fars reported that the Bank of Industry and 'Mine didn't provide any details?on a?the amount owed, or the affected accounts, despite the fact that Iran’s budget law deferred the repayment of certain NIOC NIOC until the end the Iranian calendar year, in March 2027. Separately the head of National Development Fund (NDF) said NIOC wouldn't be able to?repay the fund a debt of nearly $17 billion using proceeds from Azadegan…
BP sells Gelsenkirchen Refinery to BP as the overhaul continues
BP completed the sale of its Gelsenkirchen refining plant to Klesch Group. The oil major expects a?$1?billion reduction underlying 'operating expenses as it simplifies its operation. The London-listed firm has implemented sweeping changes in the last year to improve profitability. It is pursuing a new strategy after an ill-fated venture into renewables. BP announced last week that they 'want to sell their North Sea assets. The value of the 'Gelsenkirchen' deal was not disclosed. However, BP stated that the transaction increases?free?cashflow and transfers assets and liabilities relating to Klesch.
Baker Hughes says US energy companies have added rigs six times in the last seven weeks.
Baker Hughes, a leading energy services company, said that U.S. firms added rigs this week for the sixth time in 7 weeks. The number of oil and gas drilling rigs, which is an early indicator of future production, increased by one in the week ending July 31. Baker Hughes stated that the increase of 48 rigs or 9% over this time last week is a result of this week's increases. Baker Hughes reported that oil?rigs increased by one this week to 451 - their highest level since mid-July. Gas rigs were unchanged at 127, and miscellaneous other rigs?remained at 10. The Eagle Ford Shale in South Texas saw a rig count increase of two, to 49. This is the highest since March 2025.
Mexico's Pemex posts Q2 net profits of $1.03 billion
According to a filing at the Mexican stock exchange, Mexican state energy firm?Pemex posted a net profit of $1.03 billion in its second quarter. The earnings before interest taxes, depreciation, and amortization (EBITDA), for one of the largest companies in the country, during the period April to June, totaled 144.23 billion pesos. Pemex and its partners produced 1,66 million barrels per day (bpd), or crude oil and condensate, during the third quarter. This was short of the government's target of 1.8 millions bpd, despite efforts to increase output from mature fields and bring in new projects.
BP sells its North Sea business as CEO urges overhaul
BP launched a formal process to sell its North Sea operations on Friday as the new CEO Meg O'Neill accelerates a portfolio overhaul aimed reducing debt and simplifying BP. The British Prime Minister Andy Burnham had said earlier that he would "take a pragmatic" approach in developing and using the oil and gas resources of?the North Sea. He was expressing his position following Donald Trump's announcement that this basin would be?opened up. The North Sea is still a vital part of the UK's energy system. As we 'focus our portfolio and direct our capital to our most-valued opportunities'…
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.
