Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 3 weeks.
Energy services firm Baker Hughes said that U.S. firms added oil and gas rigs this week for the first time in 3 weeks. The number of oil and gas rigs, a good indicator of future production, increased by three in the week ending December 23.
Norway's oil and gas production in November beats expectations
Norwegian Offshore Directorate (NOD), a government agency, announced on Tuesday that Norway's combined oil and gas production in November exceeded an official forecast by 0.9%. Norway is Europe's biggest supplier of natural gases and oil.
Afreximbank and Heirs Energies sign a $750 million financing agreement to boost Nigeria's gas and oil output
The African Export-Import Bank and Heirs Energies Ltd signed a $750 million financing agreement on Monday to fund the 'field development program' in Nigeria and strengthen the capital structure of the energy firm.
Indonesia invites tenders for the purchase of eight new oil and natural gas blocks
An energy ministry document showed that Indonesia offered 'eight new blocks' to contractors on Monday as part of its efforts to increase the energy reserves. Indonesia's oil and gas production has declined…
Australian regulator expects a balanced gas market on the east coast in Q2; South will rely on Queensland
Australia's east-coast gas market will be in balance by the second quarter of 2026. Southern states are likely to rely heavily on?gas stored in Queensland and surpluses from Queensland to meet demand, according to the competition regulator.
Sources say that the head of Pemex’s production division will step down soon.
Three sources have confirmed that Mexico's state-owned oil company Pemex will replace its head of exploration and production just months after his return to the position. The company is struggling to stop a drop in crude output.
Goldman projects oil prices to decline and sees gold at $4900 by December 2026. Copper remains the preferred industrial metal.
Goldman Sachs believes that gold prices will rise 14% by December 2026 to $4,900 an ounce in its base scenario. However, the firm warned of upside risks due to potential diversification with private investors.
Why US producers are paying attention to Canada's most popular shale play
Executives, analysts, and advisors say that U.S. producers of oil and gas are seeking new drilling territories in Western Canada's Montney Basin, an enormous shale play in a remote area. The basin is already…
Dallas Fed energy survey shows little change in oil and gas production during Q4
According to a Federal Reserve Bank of Dallas survey, oil and?gas production in Texas, Louisiana, and New Mexico?edged down in the fourth quarter as executives expressed concerns about low oil prices, which are rendering some wells uneconomical…
EnQuest, a UK-based company, expects to exceed its production target for 2025
EnQuest, a North Sea oil producer, said on Wednesday that it expected to reach or even exceed its forecasted output of 40,000-45,000 barrels equivalents per day (boepd), as it increased expansion in Southeast Asia.
Canada announces new rules for reducing oil and gas methane emission
Canada has announced rules that have been promised for years to reduce methane emissions in the country's oil & gas sector. The regulations set out a way?for?Canada, the fourth largest oil producer in the…
China's crude oil imports in November rose 3.9% due to new import quotas
China's crude throughput increased 3.9% in November according to?data from the statistics bureau on Monday. This was due to a new batch of quotas for crude oil imports by?independent refining companies?to…
Baker Hughes reports that US drillers have cut back on oil and gas rigs a second time in the last three weeks.
Baker Hughes, a leading energy services company, said that U.S. firms cut back on the number of natural gas and oil rigs for a second consecutive week in its closely watched report published Friday. The oil and natural gas rig count fell to 548…
Carnelian, a buyout firm, raises eyebrows by trying to sell multiple assets in the energy sector.
Carnelian Energy Capital is selling six of its North American oil-and-gas production investments. This comes at a time when private equity firms are under increasing pressure to return more cash to investors and increase their exits.
Suncor trims budget and projects increased oil and gas production in 2026
Suncor Energy forecast lower spending for 2026, despite increased oil and gas production. The company will tighten?costs, and increase shareholder returns through an expanded buyback plan. Suncor's outlook is similar to that of Canadian Natural Resources…
Russia expects oil refining in 2025 to be flat with 2024
The Russian energy ministry announced on Thursday that the country's oil refinery, coal and gas?production?will remain largely unchanged in 2025, compared with 2024, despite repeated Ukrainian drone attacks against energy facilities.
Romania extends OMV Petrom Permits; Onshore royalty tax will jump
The coalition government of Romania announced on Wednesday that it had extended exploration and production licenses for energy group OMV "Petrom" (and agreed to increase its onshore royalties by approximately 40%).
Kyiv reports that Russia has hit the gas transport system of Ukraine's Odesa Region.
A senior Ukrainian official reported on Wednesday that Russian drones had 'hit the gas transport system' in Ukraine’s southern Odesa Region. This area contains several pipelines bringing U.S. Liquefied Natural Gas to Ukraine from Greece.
EIA: US natgas production and demand will reach record highs by 2025
The U.S. Energy Information Administration stated in its "Short-Term" Energy Outlook on Tuesday that U.S. Natural Gas output and demand would 'both rise to new record highs by 2025. EIA projects that dry gas…
Exxon predicts increased earnings and oil production by 2030
Tuesday, Exxon Mobil announced that it would target a $25 billion?earnings increase from 2024-2030. The company will also?increase its oil and gas production. Exxon's earnings forecast represents a $5-billion increase over its previous plan.