Baker Hughes reports that the US oil and gas rig counts are stable this week.
Baker Hughes, a leading energy services company, said that the U.S. energy companies this week kept the number of oil rigs and natural gas rigs at a constant level. The number of oil and gas drilling rigs, which is a good indicator of future production, was 539 during the week ending August 15. Baker Hughes reported that oil rigs increased by one this week to 412 while gas rigs decreased by one to 122. Texas, which is the largest oil and gas producing state, saw its rig count drop by one, to 242, marking the lowest level since September 2021. In Wyoming, rig counts fell to 13 from 1, the lowest level since August 2024.
Baker Hughes reports that the US oil and gas rig counts are stable this week.
Baker Hughes, a leading energy services company, said that the U.S. firms held steady this week on the number of natural gas and oil rigs. The oil and natural gas rig count - an early indicator of future production - remained at 539 during the week ending August 15. Baker Hughes reported that oil rigs increased by one this week to 412, while gas-rigs decreased by one to 122. 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.
Angola aims to increase gas production as oil output stagnates despite OPEC's exit
Azule Energy, a company optimistic about Angola's gas potential and having had success with its first gas drilling campaign last month, is now considering another exploration. Angola is expecting gas production to increase by more than 20 percent in the next five year as the country targets increased exports to Europe, Asia and domestic demand. Its oil output will stagnate despite leaving OPEC. Angola, Sub-Saharan Africa’s second-largest oil producer after Nigeria is turning to natural gas as a way to drive its industrialisation program based on favorable investment terms.
Sources say that China's Zhenhua Oil has doubled its crude oil purchases from the UAE as part of a new agreement.
Three Chinese sources claim that China's Zhenhua Oil will double its oil purchases from Abu Dhabi National Oil Co, to 200,000 barrels a day. This is after the company took on a new leadership role in developing one of Abu Dhabi's most important oilfields. Sources said that in January, China's smallest state oil company replaced TotalEnergies, a French major, after a bid process for the asset leadership of Bu Hasa, United Arab Emirates' largest onshore oilfield. Sources said that Zhenhua, with its new role as the company responsible for the development of Bu Hasa and for meeting production and cost goals…
EIA expects Brent oil to fall below $60/bbl by Q4
The U.S. Energy Information Administration forecast Brent crude oil spot price will average less that $60 per barrel during the fourth quarter. This would be the lowest average price since 2020. In its August Short Term Energy Outlook, it stated that it expects Brent to be around $50 per barrel by 2026. The global benchmark closed Tuesday at just over $66. The U.S. Department of Energy's statistical arm forecasted a significant drop in oil prices, as the growth of global oil supply vastly exceeds the growth of demand for petroleum-based products. There's a great deal of uncertainty on the petroleum market.
Baker Hughes reports that US drillers have cut their oil and gas rigs in the US for a third consecutive week.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on oil and gas rigs for a third consecutive week. The number of oil and gas rigs, a good indicator of future production, dropped by one in the week ending August 8 to 539. Baker Hughes reported that oil rigs increased by one this week to 411, gas rigs decreased by one, to 123 and miscellaneous drilling rigs dropped by one, to five. The number of rigs in Texas, which is the largest oil and gas producing state, fell by two, to 243. This is the lowest level since October 2021. The number of rigs in the Permian Basin, located in West Texas and Eastern New Mexico, is down by three, to 256.
Baker Hughes reports that US drillers have cut their oil and gas rigs in the US for a third consecutive week.
Baker Hughes, a leading energy services company in the United States, said that U.S. firms have cut back on oil and gas rigs for a third consecutive week. The number of oil and natural gas rigs, a good indicator of future production, dropped by one in the week ending August 8th. Baker Hughes reported that oil rigs increased by one this week to 411, gas rigs decreased by one, to 123 and miscellaneous drilling rigs dropped by one, to five. Oil and gas rig counts declined by around 5% in 2020 and 20% in 2023, as lower U.S. gas and oil prices…
Sources say that the CO2 levels are crucial to BP-Petrobras' partnership in Bumerangue Block.
Three sources from the Brazilian state oil company told us that a possible partnership between BP, Petrobras and the British firm to develop BP's oil-and-gas find in Brazil's Pre-salt Layer would depend on the carbon dioxide levels of the reservoir. BP's chief executive Murray Auchincloss announced on Tuesday that BP would be looking for a partner to develop its Bumerangue Block discovery, which is considered by BP as its largest global find in 25 years. Brazil has become one of the largest oil producers in the world thanks to discoveries made nearly 20 years ago.
EIA: US crude inventories drop as exports increase
NEW YORK - U.S. crude stockpiles declined last week, as exports increased, and gasoline and distillate stocks also decreased, according to the Energy Information Administration on Wednesday. The EIA reported that crude inventories dropped by 3 million barrels, to 423.7 million in the week ending August 1. This was higher than the analysts' polled expectation of a draw of 591,000 barrels. The EIA reported that crude exports increased by 620,000 barrels a day (bpd), to 3.3 millions bpd. Stockpiles fell. The net U.S. imports of crude oil fell by 794,000 barrels per day. Bob Yawger is director of energy futures for Mizuho.
Equinor's auction prospects are boosted by BP's large Brazil oil and gas discovery
The announcement by BP on Monday that it had made its largest oil and gas find in 25 years off the coast of Brazil in Santos Basin bodes well both for Equinor and for their nearby interests. It also shows a strong appetite to auction oil blocks in October in this region. Brazil became one of the largest oil producers in the world after discoveries were made nearly 20 years ago. The region is characterized by vast deepwater reservoirs under a layer of salt beneath the ocean's surface. If BP's Bumerangue Block proves to be viable, it would be…
Government sources confirm that Trinidad and ExxonMobil have agreed to terms on deepwater blocks.
Two senior government officials confirmed that Trinidad and Tobago has awarded ExxonMobil, the U.S. oil giant, acreage to explore for oil and natural gas in an ultra-deep area. Negotiations began earlier this year between the parties for the area off the coast of the Caribbean nation that ExxonMobil abandoned more than 20-years ago. The blocks are northwest of ExxonMobil’s Stabroek Block in Guyana where its consortium has confirmed that more than 11 billion bbls of recoverable resource can be recovered. According to people familiar with the negotiations who are not authorized to speak in public…
Castrol India's profit for the second quarter rises due to higher demand
Castrol India announced a 5.1% increase in its second-quarter profits on Tuesday. This was fueled by the steady demand for their automotive and industrial lubricants. The company, which is majority owned by BP and produces engine oil and industrial lubricants, reported a profit of $27.8 million after taxes for the quarter ending June 30. This was up from $23.2 billion rupees a few months ago. Total expenses increased 6.6% due to a 3.2% rise in raw materials costs. India's retail car sales increased nearly 5% on an annual basis during the third quarter. This boosted demand for companies such as Castrol, whose auto industry generates about 80% of their revenue.
BP will review assets and costs after profit exceeds expectations
BP said it will review its assets and look at further cost reductions as part of a push to improve shareholder value. The oil major announced this on Tuesday after reporting a second quarter profit that was well above expectations. Murray Auchincloss, the CEO of Murray Auchincloss announced earlier this year that he would reduce costs, buy back shares, and sell assets worth $20 billion by 2027. This was in response to pressure from Elliott, an activist investor, to improve profitability. He did not give any details, but he hinted that he might take further action on Tuesday.
BP discovers major oil and natural gas reserves in Brazil's Santos basin
BP announced on Monday that it had made an oil-and-gas discovery in Brazil's Santos Basin, a pre-salt zone in deep waters offshore believed to contain a large amount of oil and natural gas. BP plans to increase its global upstream oil production from 2.3 million to 2.5 million barrels equivalent per day by 2030. It said this was the largest discovery it had made in 25 years. The discovery coincides with BP's major reversal of strategy in an effort to improve a poor share performance. Pre-Sal Petroleo SA, a Brazilian state-owned company, is the manager of the production-sharing contract.
Baker Hughes reports that US drillers have cut back on oil and gas rigs in the US for a second consecutive 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 1. This is the lowest level since October 2021. Baker Hughes reported that the number of rigs is down 46, or 7.8% from this time last year. Baker Hughes reported that oil rigs dropped by five this week to 410, their lowest level since September 2021. Gas rigs, however, rose by two, to 124, the highest level since August 2023.
China certifies 147,000,000 barrels of oil in Sinopec's shale fields
Sinopec Corp., a Chinese company, announced on Thursday that the Chinese government had certified geological reserves of 20.1 millions metric tons (147 million barrels) in a new shale-play the company operates in Southwest China. Sinopec announced that the Ministry of Natural Resources has also certified 12,35 billion cubic meters of geological reserves at Fuxing Field, located in Chongqing's municipality. Fuxing, located on the southern rim of Sichuan Basin and with its first successful exploration well being drilled in 2021, marked a major breakthrough in shale exploration in an area traditionally rich in gas.
US crude, distillate inventories rise, gasoline draw down, EIA says
Updates include the price reaction and background data on refineries. The Energy Information Administration reported on Wednesday that U.S. crude oils and distillates inventories increased last week while gasoline stocks fell. The EIA reported that crude inventories increased by 7.7 millions barrels, to 426.7million barrels for the week ending on July 25. This was compared to analysts' expectations based on a poll of a 1.3million-barrel draw. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, rose by 690 000 barrels. Crude futures dipped after the large and unexpected buildup, but recovered.
Mexico's Pemex increases its net profit in the second quarter
Mexico's energy state company Pemex reported Monday a change in net profit for the second quarter. The net profit reached 59.52 trillion pesos, up from 273.33 trillion pesos during the same period last year. It also reported in a filing to Mexico's main exchange that revenue fell by 4.4% between April and June to 391.62 billion Pesos. The heavily-indebted firm attributed the decline to lower crude oil prices and lower gasoline and diesel prices. The company reported that the EBITDA (earnings before interest, tax, depreciation, and amortization) was 76 billion pesos for the quarter. Pemex reported a debt of $98.8 Billion at the end the quarter.
Baker Hughes reports that US drillers have cut oil and gas rigs 12 times in 13 weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have cut back on the number of rigs for the 12th consecutive week. The number of oil and gas drilling rigs, a good indicator of future production, dropped by two in the week ending July 25. Baker Hughes reported that the number of rigs is down by 47, or 8 percent compared to this time last. Baker Hughes reported that oil rigs dropped by seven this week to 415, their lowest level since September 2021. Gas rigs, on the other hand, rose by five, to 122, reaching their highest level since August 2023. The combined rig number fell in July for the fifth consecutive month.
US gas producer CNX resources increases 2025 production estimate without additional spending
CNX Resources, a U.S. energy company, said in its earnings for the second quarter that it planned to produce more gas than expected this year to meet rising demand and spend the same amount. Two other major U.S. producers of gas, EQT, and Range Resources both announced in their second-quarter earnings earlier this week that they would also produce more energy by 2025 to meet the rising demand. Energy analysts predict that demand for liquefied gas for powering data centers and exporting to other countries will continue to reach record levels in the coming years. CNX, a company that focuses primarily in gas, has said it plans to invest $450-$500 millions of capital in 2025.
Chevron warns Hess employees to keep safety in mind while they wait for job updates
Two Hess workers who spoke to us said that Chevron leaders had told them to focus on safe operations, and they would hear from the company next week whether they'll still have jobs after the acquisition. Chevron closed the $55 billion purchase of Hess, the second largest U.S. producer of oil, on Friday, after winning a landmark court battle against Exxon Mobil, which had delayed the closing for over a year. Chevron CEO Mike Wirth needed the deal to improve his company's performance, as he was looking to reduce costs and address investor concerns over future growth.
Sinopec, a Chinese company, signs a contract with Algeria to explore saline gas blocks
Sinopec Group, China's oil and gas state major, announced that it had signed a contract for the exploration of a natural-gas block in Algeria which could hold a large shale-gas resource. Sinopec International Petroleum Exploration & Production Corporation, a subsidiary of Sinopec International Petroleum Exploration & Production Corporation, and Sonatrach, the state-run Algerian oil company Sonatrach signed a contract earlier this week. Sinopec was awarded by Algeria last month via an international bid to explore and develop the block Guern el Guessa II (GEG), which covers an area of 36 000 square kilometers in the Gourara - Timimoun Basin, in southwest Algeria.
US crude, gasoline stockpiles fall, distillates build, EIA says
The U.S. Energy Information Administration reported on Wednesday that crude oil and gasoline stocks in the United States fell last week. This was due to stronger demand and increased exports. Meanwhile, distillate inventories rose. The EIA reported that crude inventories dropped by 3.2 millions barrels, to 419,000,000 barrels for the week ending July 18. This was double the expectation of analysts in a survey who expected a 1.6-million barrel draw. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, rose by 455,000 barges in the past week. The EIA reported that U.S. oil exports increased by 337,000 barrels a day (bpd), to 3.86 millions bpd.
Azeri BTC oil loads at Ceyhan resumed after contamination scare
Azeri BTC crude oils loadings from Turkish port of Ceyhan resumed Wednesday after an increase in checks due to contamination issues had delayed loadings for the past few days, according to several industry sources. A port agent confirmed that the Aframax tanker Searanger was loaded on one of the berths of the BTC Ceyhan Terminal Wednesday morning, after it was determined that the tank storage had been cleaned of contaminants. Port documents show that Searanger arrived in Ceyhan, Turkey on July 19. Another tanker, scheduled to load yesterday, was still at anchor, waiting for clearance.
Sources say that ConocoPhillips is close to selling Oklahoma assets to Stone Ridge Energy.
Three people with knowledge of the situation said on Tuesday that ConocoPhillips, a U.S. oil producer and gas company, is in advanced discussions to sell assets in Oklahoma for $1.3 billion to Stone Ridge Energy. One source said that Oklahoma City's Flywheel Energy will manage the assets for Stone Ridge Energy. Sources cautioned, however, that there is no guarantee of a deal and the talks could end without an agreement. The sources also spoke under condition of anonymity in order to discuss private discussions. ConocoPhillips refused to comment.
Halliburton profits slump on weak drilling demand in North America and the Middle East
Halliburton announced a 33% drop in profits for the second quarter Tuesday due to weak demand in North America, Saudi Arabia, and Kuwait. The company warned of a negative impact on earnings in the second quarter due to President Donald Trump’s tariffs, and lower oilfield activities in North America. This was because producers analyzed drilling and completions with low oil prices. Halliburton CEO Jeff Miller stated in a press release that the oilfield services market would be weaker than he had anticipated over the short-to-medium term. North America's quarterly revenue dropped 9%, to $2.26 Billion.
Sources: BP chartered tanker leaves sanctioned Nayara Energy port without loading oil
According to five sources in the industry and shipping data from LSEG, oil tanker Talara chartered by energy giant BP has left Vadinar, India's newly-sanctioned refiner Nayara Energy, without loading diesel, as planned. LSEG data indicated that the vessel was to load 60,000 metric tonnes (447,000 barrels), of ultra-low sulphur fuel on July 21, with cargo bound for Africa. BP and Nayara, which is owned in part by Russia's biggest oil producer Rosneft did not respond immediately to comments. Sources declined to name themselves as they weren't authorised to talk to the media.
BP appoints Albert Manifold chairman amid restructured strategy
BP announced Albert Manifold as its new Chairman on Monday. The company is looking to address investor concerns over its strategy and poor share performance. Manifold has never held a senior role in the energy industry before. He will replace Helge Lind from October, as BP embarks on a major strategic overhaul under persistent takeover or breakup speculation. During Manifold's tenure at CRH its shares nearly fivefolded. During his 11-year tenure as CEO of CRH the Irish company reshaped their portfolio by buying assets and moving its primary listing from New York to 2023. BP shares rose 0.5% in London's early trading to 402.05pence.
Baker Hughes reports that US drillers have added oil/gas rigs to their fleet for the first time in twelve 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 12 weeks. The number of oil and gas rigs, a good indicator of future production, increased by seven in the week ending July 18, its largest weekly increase since December. Baker Hughes reported that despite this week's increase in rigs the total count is still 42 rigs or 7% lower than this time last year. Baker Hughes reported that oil rigs dropped by two this week to 422 - their lowest level since September 2021 - while gas rigs increased by nine – the largest weekly increase since 2023 – to 117 — their highest since March 2024.
BP will sell its US onshore wind business for an undisclosed amount to LS Power
BP announced on Friday that it had agreed to divest its U.S. Onshore Wind business to U.S. based power grid operator LS Power as part of its ongoing strategy to divest. The energy giant did not disclose the deal's value. Investors have criticized BP for its poor performance in recent months. This has led to a new strategy that promises to reduce debt, increase cashflow and a pivot to oil and natural gas following a disastrous foray into alternative energy. The company aims to dispose of $3 billion to $4 million in assets by the end this year. Murray Auchincloss, the CEO of the company, has committed to selling $20 billion in assets by 2027.
SLB beats quarterly profit estimates on steady oilfield services demand
SLB, a leading oilfield services company, narrowly beat Wall Street's expectations for the second quarter profit on Friday as resilient demand from parts of its global business offset the drilling slowdowns in North America and Mexico. SLB was the first among the Big Three U.S. oilfield service providers to announce quarterly results. It had already reported a weakening drilling activity in Saudi Arabia, Latin America and the Middle East, with demobilized rigs and a slowdown of short-cycle projects. In a recent statement, CEO Olivier Le Peuch stated that the market was navigating multiple dynamics…
Maurel & Prom revenue drops in first half due to falling oil prices
Maurel & Prom, a French oil company, reported a 30 percent drop in revenue for the first half of its fiscal year on Thursday. The fall in oil prices was to blame. The average price of oil products fell 16% on an annual basis to $70.90 per barrel. Crude oil prices dropped in the second quarter, as OPEC+ (made up of the Organization of Petroleum Exporting Countries, and its allies, such as Russia), began to undo the self-imposed production reductions of 2,17 million barrels a day that were imposed in April. TotalEnergies, a French oil company listed on the London Stock Exchange…
EIA: US crude stocks fall as exports increase; fuel demand falls
EIA reports that crude exports have risen to 3.5 million barrels per day. CHICAGO, 16 JULY - The Energy Information Administration reported on Wednesday that crude oil stocks in the United States fell last week, as exports increased, and gasoline and distillate stockpiles also rose. This has led to some concern about fuel demand. The EIA reported that crude inventories dropped by 3.9 millions barrels, to 422.2 million in the week ending July 11. This was compared to analysts' expectations based on a poll of a 552,000 barrel draw. The EIA reported that crude exports increased by 760,000 barrels a day, to 3.5 millions bpd. Meanwhile, net U.S.
