China taps deep shale deposits in Sichuan to boost its gas production
Sinopec experts and industry consultants say that China is increasing gas drilling in deeper, more ancient shale deposits of the Sichuan Basin, which could increase domestic production by over a third before 2035. State oil giants, whose shale-gas output is below government targets, and only 10% of China's gas production, are working to stop the slowdown by drilling 5,000 meters (16,400 feet) deep.
Equinor abandons target for renewable energy
In a Tuesday strategy update, the Norwegian oil and natural gas company Equinor announced that it had 'further reduced its ambitions in renewable energy,' dropping a target of 2030 installed capacity and cutting investment plans. This reflects a trend in the industry, as other companies, such as BP and Shell have recently abandoned plans to switch from oil and natural gas production to renewable energy.
Equinor Scales Back Renewable Capacity Target
Norwegian oil and gas group Equinor has further scaled back its renewable energy ambitions, dropping a 2030 installed capacity target and cutting back on investment, it said in a strategy update on Tuesday.The change reflects a wider industry trend, with peers such as BP and Shell in recent years scrapping ambitions to transition away from oil and gas towards renewable energy production.Equinor…
Syria, ConocoPhillips, Novaterra Sign Deal to Revive Gas Production
The Syrian Petroleum Company, U.S.-based ConocoPhillips, and energy firm Novaterra signed a deal in Damascus on Tuesday to develop new gas fields and expand production at existing fields, according to a joint statement.Syria's energy infrastructure was ravaged by the country's nearly 14-year civil war and now produces only a fraction of the electricity it needs. Domestic natural gas production…
Baker Hughes reports that US energy companies have added rigs to their fleets for the seventh consecutive week.
Baker Hughes, a leading energy services firm, said in its closely watched report published on Friday that U.S. firms added rigs this week for the seventh week 'in a row' for the first since May 202. The number of oil and gas rigs, a good indicator of future production, increased by one in the week ending June 5. It is now at its highest level since May 2025. Baker Hughes reported that the total number of rigs was up by four rigs or 1% compared to this time last year.
Premier says Australia's largest LNG producer is confident that export restrictions will not harm the state.
Roger Cook, the premier of Western Australia, said that Madeleine King had "assured him" on Wednesday that a new federal policy reserving 20 percent of gas output for domestic use would not harm his large 'LNG' industry. He said that Maddie King was a good friend and my local member. We've discussed this extensively, and she's determined to ensure it does not have a negative impact on Western Australia's established practices.
Baker Hughes reports that US drillers have added oil/gas rigs to their fleet for the fifth consecutive week.
Baker Hughes, an energy services firm, said in its widely-read report published on Friday that U.S. firms added oil and gas rigs this week for the 'fifth consecutive week' for the 'first time since February 2025. The number of oil and gas drilling rigs, a good indicator of future production, increased by seven in the week ending May 22 to 558, its highest level since June 2025. Baker Hughes reported that despite this week's increase in?rigs…
Shell's profits beat expectations by $6.9 billion and raise dividends by 5%
Shell's first-quarter profit surpassed estimates on Thursday and reached its highest level in two years, at $6.9billion, thanks to gains related to the Middle East War. This led the company to increase the dividend by 5%. It also slowed down its quarterly share-buyback programme from $3.5 billion, to $3 billion. This was to divert more cash to the balance sheet due to a short-term squeeze of liquidity after war-related disruptions in energy supply increased its debt.
PetroChina's profit for the first quarter is up due to increased gas and fuel sales
PetroChina, Asia's biggest oil and -gas producer, announced a 1.9% increase in its first-quarter profit on Wednesday. The company cited a rise in sales of refined fuel and natural gas, as well as improved margins within the chemical and refining sector. A filing at the Hong Kong Stock Exchange revealed that the Chinese state oil company's net profit was 48.33 billion Yuan ($7.07billion), up from 47.45billion yuan one year ago. Revenue dropped 2.2% to 736.4 billion yuan.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 3 weeks.
Baker Hughes, a closely watched energy services company, said in its report on Friday that U.S. firms?added oil & natural gas rigs this week for the?first time in three-weeks. The number of oil and gas rigs, a good indicator of future production, increased by one in the week ending April 24. This is its highest level since mid-April. Baker Hughes reported that despite the increase in rigs the total number of rigs was still 43 or 7% lower than this time last year.
US Natural Gas Reach a One-Week High as Output Drops, LNG Exports Surge
U.S. natural gas futures edged up to a fresh one-week high on Monday on a drop in output over the past couple of weeks and forecasts for cooler weather and higher demand through early May than previously expected.Gas futures were also supported by near-record gas flows to U.S. liquefied natural gas export plants and a roughly 6% jump in crude futures on fears the U.S.-Iran ceasefire could collapse after the U.S. seized an Iranian cargo ship.
Baker Hughes reports that US drillers have cut oil and gas rigs three times in the last four weeks.
Baker Hughes, a renowned energy services firm, said that U.S. firms have cut the number of oil and gas rigs for the third consecutive week. The number of oil and gas drilling rigs, a good indicator of future production, dropped by three in the week ending April 10 to 545, the lowest level since late March. Baker Hughes reported that the total number of rigs is down by 38, or about 7% compared to this time last.
Shell reduces Q1 production forecast after Qatar disruptions citing conflict with Iran
Shell cut its first-quarter outlook for its integrated gas production on Wednesday to reflect the impact of the 'Middle East conflict' on Qatar. Shell said that its trading results, which include its oil trading desk in its chemicals and products division, will be "significantly" higher than the previous quarter. This is similar to the adjusted earnings of its marketing arm. Brent crude oil prices…
Basra Oil Chief: Iraq could return oil exports within a week to the pre-war levels if Hormuz is reopened.
The head of Iraq's state-run Basra Oil Company has said that the country could resume crude oil exports in a week, provided the?Iran war ends and the Strait?Hormuz is reopened. A study found that Iraq, the largest Gulf oil producer, has seen the greatest drop in its oil revenues as a result the closure of the Strait. This is because Iraq lacks other shipping routes. The country can restore its output quickly to the levels it was before the U.S.
Basra Oil Chief: Iraq could return oil exports within a week to the pre-war levels if Hormuz is reopened.
BASRA (Iraq), April 6 - Iraq's crude oil exports could be restored to around 3.4m barrels per day in a week if the Iran War ends and the Strait of Hormuz is reopened, according to the head of Basra Oil Company, the state-run company of Iraq. A study found that Iraq suffered the largest drop in oil revenues among 'Gulf' oil producers due to the closure of the Strait. This is because Iraq lacks other shipping routes.
PetroChina's net profit for 2025 drops 4.5% due to lower oil prices
PetroChina, Asia's biggest oil and gas producer said on Sunday that its 2025 net annual?profit fell 4.5% from the record set in 2024 as lower oil prices affected earnings. PetroChina reported in a filing with the Shanghai Stock Exchange that its net income was 157.3 billion yuan (22.76 billion dollars) in 2018, compared to 164.7 billion yuan (2024), while revenue fell 2.5% to 2,864.5 billion yuan.
Baker Hughes reports that US drillers have cut their oil and gas rigs a second time in a week.
Baker Hughes, an energy services firm, said that U.S. firms have 'cut back on the number of oil & /natural gas rigs for a second consecutive week for the first time since mid-January. The number of oil and gas rigs, a good indicator of future production, dropped by nine in the week ending March 27 to 543, the lowest level since January 16. Baker?Hughes stated that this week's decrease puts the total number of rigs down by 49 rigs or 8.3% from this time last year.
CNOOC 2025 net profit drops 11.5% despite record production
CNOOC, China's oil and gas giant, announced on Thursday that its net profit for 2025 fell by 11.5% compared to the previous year due to lower crude oil prices. This was despite record oil and natural gas production. According to a filing at the Hong Kong Stock Exchange, China's largest offshore oil producer has reported a net profit for 2025 of 122.08 billion yuan (17.69 billion dollars). CNOOC achieved its target range for oil and gas production by increasing it 7%…
Oil Production Impacts in the Middle East
Most western oil and gas majors have significant operations in the Middle East, where the U.S.-Israeli war on Iran has disrupted oil and gas shipping and halted some output.France's TotalEnergies, which has the biggest upstream exposure to the region compared with its global output, has said some 15% of its production is offline due to the war.Here are some details on the majors' production in the Middle East…
Baker Hughes reports that US drillers have added oil and gas rigs to their fleets for the second week running.
Baker Hughes, an energy services company, said in a closely-followed report on Friday that U.S. firms added oil and natural gas rigs this week for the second time in a row. The number of oil and gas drilling rigs, a good indicator of future production, increased by two in the week ending March 13 to reach 553 - its highest level since November 2025. Baker Hughes reported that despite this week's increase in rigs the total count is still?39 or 7% lower than this time last year.
