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 leading energy services company, said that the U.S. added oil and gas rigs this week for the first time since three weeks. The number of oil and gas rigs, a good indicator of future production, increased by one in the week ending October 17. Baker Hughes reported that despite this week's increase in rigs the total count is still 37 rigs or 6% lower than this time last year. Baker Hughes reported that oil rigs remained at 418 rigs this week while gas rigs increased by one, to 121 rigs, the highest level since August. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S.
Maurel & Prom sales for 9 months fall as crude prices remain high
Maurel & Prom, a French oil and gas company, reported a drop of 13% in its sales for the nine months ending on Thursday. The decline was attributed to lower crude oil prices. The total sales from January to September fell by 15% to $489 millions, down from $559million. Crude oil prices also dropped to $70.6 per barrel. Crude oil prices fell in the second quarter, after the Organization of the Petroleum Exporting Countries (OPEC+), and its allies began to reverse their self-imposed production reductions totaling 2,17 million barrels of crude oil per day in April.
As US onshore oil growth slows, will improved drilling boost Gulf of Mexico offshore oil production?
Analysts and consultants predict that offshore investment will continue to grow as new technology and more friendly regulations encourage investment. In recent years, the offshore oil and natural gas sector has been overshadowed by shale because it requires more upfront investment and years of construction. The entry costs for shale were lower and the returns faster, so the rapid expansion of shale led to the U.S. becoming the top oil producer in the world. The U.S. president Donald Trump has introduced regulations that are friendly to the industry.
Oil executives warn of increased costs due to Trump's tariffs
Two oil executives warned this week about the impact of tariffs on the cost of energy production and investment decisions. TotalEnergies' CEO Patrick Pouyanne said at the Energy Intelligence Forum held in London on February 2 that tariffs on metals were driving up costs for LNG projects. Trump signed a proclamation in June that increased tariffs on imports of steel and aluminum to 50%. Lorenzo Simonelli told the same conference that Monday that tariffs will add between $100 and $200 million in costs to the company this year. However, the cost increase is likely to be closer to the lower range of the estimate.
BP expects higher upstream production in the third quarter, but weaker oil trade.
BP said that it expects to have a higher upstream production than last quarter, in a trading report released on Tuesday. Results are due on November 4. The company also noted BP's weak oil trading results. It had earlier guided for slightly lower output upstream than the second quarter, when it produced approximately 2.3 million barrels equivalent to oil per day. Brent crude oil averaged $69.13 a barrel in third quarter compared to $67.88 a barrel in second quarter. BP expects to see a $100-million drop in the price it receives for its low-carbon gas business compared to the previous three month period. BP reported that the average U.S.
The United States has experienced a number of deadly industrial accidents this century
Officials said that multiple people died in an explosion at a military explosives facility in Tennessee on Friday. They also reported the absence of 19 other people. Here are some of the most notable industrial explosions that have occurred in the United States during this century. An explosion on the 23rd of March 2005 at a BP Refinery in Texas City in Texas City left 15 workers dead and 180 others injured. The U.S. Chemical Safety Board reported that a series of explosions took place during the restarting a hydrocarbon-isomerization unit.
Baker Hughes reports that US drillers have cut back on oil and gas drilling for the first time in six weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have reduced the number of oil rigs in operation this week, the first time in six weeks. The number of oil and gas rigs, a good indicator of future production, dropped by two in the week ending October 10 to 547. Baker Hughes reported that the total number of rigs is down 39, or 7% from this time last. Baker Hughes reported that oil rigs dropped by four this week to 418, while gas-rigs increased by two to 120 – their highest level since August.
Baker Hughes reports that US oil and gas drillers have cut back on rigs in the US for the first time in six-weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have reduced the number of oil rigs in operation for the first time in six weeks. The number of oil and gas rigs, a good indicator of future production, dropped by two in the week ending October 10. Baker Hughes reported that oil rigs dropped by four this week to 418, while gas-rigs increased by two to 120 – their highest level since August. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S.
Venture Global sinks after BP's arbitral win raises concerns over pending disputes
Venture Global's shares fell by about 20% Friday, after the U.S. exporter of LNG lost an arbitration against BP for failure to meet a long-term contract. This stoked fears of similar verdicts with other customers who are suing for billions of dollar compensation. The recent victory of Venture Global in an arbitration against Shell was a shock to BP. BP wants more than $1 billion plus interest and legal fees in damages. The final amount will be determined at a separate hearing scheduled for 2026. Venture Global, second largest U.S.
Petrobras to meet 20% of the country's nitrogen fertilizer demand in 2026
Magda Chambriard, CEO of Petrobras, said that the company will be able meet about 20% percent of the total nitrogen fertilizer demand in Brazil next year once it restarts its operations at three plants. According to Petrobras' strategic plan, the Bahia plant and the Sergipe plant, located in Brazil's northeastern area, will supply 5% of the national market for urea, and 7% respectively. The unit in Parana, in the southern part of Brazil, has resumed operation and is aiming to meet 8% of Brazil's urea needs. The three plants had previously been offline.
BP wins arbitration against Venture Global regarding LNG cargoes
Venture Global announced on Thursday that BP had won the arbitration case it brought against Venture Global for failing to deliver liquefied gas to Venture Global under a contract with BP, which was supposed to begin in late 2022. Venture Global announced to the market that the International Chamber of Commerce International Court of Arbitration had found Venture Global in breach of its obligations to timely declare commercial operations at the Calcasieu Pass Plant and to act as "reasonable, prudent operators". BP's ruling is in contrast to a similar decision made by Venture Global in August, where they won a similar case from Shell.
US crude stockpiles rise, fuel inventories fall, EIA says
The Energy Information Administration reported on Wednesday that U.S. crude stockpiles increased while gasoline and distillate stocks fell. The EIA reported that crude inventories increased by 3.7 millions barrels, to 420.3million barrels for the week ending October 3. This was a far cry from the 1.9 million barrels analysts had predicted in a recent poll. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 763,000 barges in a week. The U.S. crude futures remained positive despite the higher-than-expected increase in inventories.
The rising tungsten price is a major concern for oil drillers.
U.S. shale drilling companies are paying higher prices for tungsten. This rare metal is used in industrial tools such as drillbits. Chinese export controls have slowed down the supply of tungsten. This threatens President Donald Trump's plans to increase America's fossil-fuel production. Tungsten is used in up to 75% of drill bits deployed in oilfields. The price of the metal has risen to more than $600 per unit metric ton from $330-$340 when Trump first imposed tariffs on Chinese products. Beijing responded by imposing a ban on five metals including tungsten.
The rising tungsten price is a major concern for oil drillers.
U.S. shale drilling companies are paying higher prices for tungsten. This rare metal is used in industrial tools such as drillbits. Chinese export controls have slowed down the supply of tungsten. This threatens President Donald Trump's plans to increase America's fossil-fuel production. Tungsten is used in up to 75% of drill bits deployed in oilfields. The price of the metal has risen to more than $600 per unit metric ton from $330-$340 when Trump first imposed tariffs on Chinese products. Beijing responded by imposing a ban on five metals including tungsten.
The rising tungsten price is a major concern for oil drillers.
U.S. shale drilling companies are paying higher prices for tungsten. This rare metal is used in industrial tools such as drill bits. Chinese export controls have slowed down the supply of tungsten. This threatens President Donald Trump's plans to increase America's fossil-fuel production. Tungsten is used in up to 75% of drill bits deployed in oilfields. The price of the metal has risen to more than $600 per unit metric ton from $330-$340 early in February. This was after Trump imposed 10% tariffs on Chinese goods, and Beijing responded by curbing exports of critical metals including tungsten.
The rising tungsten price is a major concern for oil drillers.
U.S. shale drilling companies are paying higher prices for tungsten. This rare metal is used in industrial tools such as drill bits. Chinese export controls have slowed down the supply of tungsten. This threatens President Donald Trump's plans to increase America's fossil-fuel production. Tungsten is used in up to 75% of drill bits deployed in oilfields. The price of the metal has risen to more than $600 per unit metric ton from $330-$340 early in February. This was after Trump imposed 10% tariffs on Chinese goods, and Beijing responded by curbing exports of critical metals including tungsten.
Bloomberg News reports that Exxon is planning to return to Iraq in order to explore the Majnoon oilfield.
Bloomberg News, citing sources familiar with the situation, reported that Exxon Mobil may re-enter Iraq after nearly two years by signing agreements to lay the foundation for exploring the Majnoon oil field. Majnoon Oil Field is located 60 km from Basra, in southern Iraq. It has an estimated 38 billion barleys of oil. The report stated that Exxon intends to sign a heads-of-agreement with Basra Oil, Iraq's State Oil Company, and SOMO in the next few days. In an email to Bloomberg News, the company said: "Exxon Mobil has been in talks with the Iraqi Oil Ministry.
Peru Minister touts Saudi mining interests and Chevron offshore Potential
A top minister announced on Tuesday that Peru is seeking major investments from Saudi Arabia, as well as the U.S. oil company Chevron, to develop its energy and mining resources. This is part of a broader strategy to revitalize this sector. Peru, the third largest copper producer in the world, is pushing to jumpstart investments, which have slowed down over recent years due to political unrest and social conflict. In an interview with the, Energy and Mines minister Jorge Luis Montero stated that he expects to sign a Memorandum of Understanding with Saudi Arabia by November for developing projects for lithium and strategic minerals.
OMV reduces investment targets and cuts back on spending for renewables until 2030
Austria's OMV announced on Monday that it would cut sustainable investments, and reduce its target for organic capital expenditures yearly by 1 billion euro ($1.2 billion). This was also to reflect Borealis' deconsolidation following a merger. The group has set a new organic capital spending goal of 2.8 billion euro per year. This is down from its previous projections of 3.8 billion euro. The oil, gas and chemicals group has set its new organic capital expenditures goal at 2.8 billion euros per year, down from the previously projected 3.8 billion euros.
Baker Hughes reports that US oil and gas drillers have reported the same number of rigs for the week, 549.
Baker Hughes, a leading energy services company in the United States, said that this week U.S. firms kept the number oil and gas rigs almost unchanged. In the week ending October 3, the rig count, including a miscellaneous group, which is an early indicator of future production, remained at 549. Baker Hughes reported that the total number of rigs was 36, or 6.2% lower than this time last. Baker Hughes reported that oil rigs dropped by two this week to 422 while gas rigs increased by one to be at 118. Oil and gas rig counts declined by approximately 5% in 2020 and 20% in 2030 as lower U.S.
Wall Street Journal, October 3,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. - A multibillion-dollar deal to send Nvidia's artificial-intelligence chips to the United Arab Emirates is stuck in neutral nearly five months after it was signed, frustrating CEO Jensen Huang and some senior administration officials. Google announced that it would build a $4 Billion data center in Arkansas on more than 1000 acres, creating hundreds and thousands of jobs in construction as well as operations. The U.S. Food and Drug Administration has approved a generic version of the pill used to end pregnancies.
BP seeks partner for Brazil Bumerangue Block
BP's Brazil Chief Andres Guevara de la Vega announced on Thursday that the oil giant will look for a partner in order to evaluate the discovery made at Brazil's Bumerangue Block. It could also reach a deal with a partner before making a final decision about investing in the project. In August, the British company, who currently own 100% of this block, announced that Bumerangue was its largest oil and natural gas discovery in over 25 years. Vega, speaking at an event in Rio de Janeiro, said that the search for a new partner would take place over the next year or two.
Nigeria increases oil production and drilling activity in response to reforms that attract investment
Nigeria's daily crude oil production has increased from between 1.7 and 1.83 millions barrels, and the number active drilling rigs have increased from 31 in January to fifty by July. This is due to the reforms implemented under President Bola Tinubu to open up the petroleum sector to investment. The figures were announced by Senator Heineken Lopobiri (Minister of State for Petroleum Resources, Oil) during his keynote speech at the Africa Energy Week, Cape Town. He was speaking on behalf of President. He said that the "Project One Million Barrels", launched in October 2020, is driving the recovery in the upstream industry.
Iraq signs contract with BP for development of Kirkuk oilfields; initial target is 328,000 bpd
Iraq's oil ministry announced on Thursday that it has signed a contract with BP for the development of Kirkuk oilfields. The initial production target is 328,000 barrels a day. The agreement was signed in early this year and involves BP and Iraq's North Oil Company and North Gas Company working together to rehabilitate the Baba and Avana Domes of the Kirkuk Field, as well the Jambour Bai Hassan and Khabbaz field. Iraq's Oil Minister Hayan Abdel Ghani stated in a press release that the contract has a target production of 328,000 barrels / day with future increases anticipated through field development.
The new BP chair says the strategy is correct but it needs to be implemented faster
A memo obtained by revealed that Albert Manifold, the new BP chair, told employees on Monday that the group’s portfolio was “overly complex” and that it needed to implement its strategy to shift focus back to oil & gas quicker. Manifold became the new chairman of BP on Tuesday. Helge Lund was criticized by investors for his close relationship with former CEO Bernard Looney who led BP's disastrous foray into renewables. BP has pledged to sell assets worth $20 billion in order to reduce its net debt from $26 billion down to between $14 and $18 billions by the end 2027.
Diamondback CEO says US crude production growth will slow down with $60/bbl.
The CEO of Diamondback Energy - one of the top oil producers in the United States - said that the growth of U.S. crude oil production will slow down if oil prices remain near $60 per barrel. Fewer drilling sites can be profitable at this level. Kaes van't Hof, speaking at a conference on energy in Austin, said "There are only so many Tier 1 rocks" in reference to the best locations for drilling. It's hard to imagine growth at $60 oil. At $50, it's even more difficult. On Wednesday morning, U.S. crude oil futures were trading at around $61.50 per barrel.
EIA: US crude and fuel stocks rise due to lower demand
The Energy Information Administration reported on Wednesday that U.S. crude, gasoline, and distillate inventory levels increased last week, as demand and refining activity slowed. The EIA reported that crude inventories increased by 1.8million barrels, to 416.5million barrels for the week ending September 26. This was compared to analysts' expectations in an online poll of a one-million barrel increase. According to the EIA, crude stocks at Cushing, Oklahoma's delivery hub dropped by 271,000 barrels during the past week. The oil futures continued to fall following the higher-than-expected increase in stocks.
US Crude Oil Production Hits Record, says EIA
The Energy Information Administration reported on Tuesday that U.S. crude production reached a new monthly record of 13,64 million barrels of oil per day in the month July. This is up 109,000 barrels per days from June's previous record.The EIA reported that the oil output of Texas, the top producer, rose to 5,8 million barrels per day (bpd) in July. This was the highest level since October 2024. New Mexico, the second largest producer, reached a record 2,28 million bpd.The data also showed that the gross natural gas production of the Lower 48 States of the United States reached a record-high of 121.62 trillion cubic feet per day…
BP and Total Deepen Commitments to US with Major Projects
BP and TotalEnergies, two European oil and natural gas companies, deepened their commitments towards the United States on Monday. BP approved a $5 billion offshore field for oil production and TotalEnergies bought into a gas field onshore. The goal of U.S. president Donald Trump to capitalize on hydrocarbon resources in the United States is aligned with increased investment in U.S. production of oil and gas. BP is increasingly reliant upon the United States for its oil and natural gas business, following a February strategic overhaul that shifted spending from renewables towards hydrocarbons. BP has pledged to increase U.S.
BP approves $5 billion Tiber Guadalupe project in US Gulf
British oil giant BP announced on Monday that it would move forward with a $5 Billion offshore drilling project called Tiber-Guadalupe in the U.S. Gulf of Mexico. This marks another step in BP's new strategy to refocus its oil and gas core business. The project is expected to start oil and gas production by 2030. It will include a floating platform that can produce 80,000 barrels per day of crude oil. BP, which has been underperforming its rivals Shell and Exxon Mobil with increasing debt in recent years, announced in February…
Baker Hughes reports that the US oil and gas rig counts have reached their highest level since June.
Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for the fourth consecutive week for the first since February. The number of oil and gas drilling rigs, a good indicator of future production, increased by seven in the week ending September 26 to 549, its highest level since June. Baker Hughes reported that despite this week's increase in rigs the total count is still 38 rigs or 6% lower than this time last year. Baker Hughes reported that oil rigs increased by six this week to 424, the highest level since July. Gas rigs, on the other hand, fell by one, to 117, which is their lowest level since July.
Baker Hughes reports that the US oil and gas rig count has reached its highest level since June.
Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for a fourth consecutive week for the first since February. In the week ending September 26, the oil and gas rig counts, a leading indicator of future production, increased by seven, to 549, its highest level since June. Baker Hughes reported that oil rigs increased by six this week to 424, the highest level since July. Gas rigs, on the other hand, fell by one, to 117, which is their lowest level since July. Oil and gas rig counts declined by around 5% in 2020 and 20% in 2023, as lower U.S.
PetroChina says it has added 1.15 billion barrels to its shale oil reserves at a pilot project.
PetroChina proved another 158 millions metric tons of shale-oil reserves, or approximately 1.15 billion barrels in a northeast China pilot project, Chinese state media reported Friday. State television reported that the Daqing project in Heilongjiang Province, northeast China, covers an area of 2,778 sq km and pumps 3,500 tons or 25,550 barrels per day. The project began testing production in 2022 and is one of several pilot shale-oil projects being undertaken by national oil companies to increase drilling for hydrocarbons that are harder to develop in order stop the decline in domestic oil production.
BP expects oil demand to grow until 2030, due to a slowdown in energy efficiency gains
BP announced on Thursday that it expects the global oil demand will grow until 2030. This is five years later than their forecast a year earlier. They attributed this to slowed energy efficiency efforts and global carbon emission reductions. Two scenarios are modeled in the latest Energy Outlook from Shell, an annual report on energy trends to 2050. The "Current Trajectory' scenario is based upon existing policies and commitments. The "Below 2 Degrees" scenario, which refers to the goal of limiting global heating to less than two degrees Celsius…
Chevron anticipates a quarterly impact of up to $400 Million from the Hess Deal
Chevron, the U.S. energy giant, said it expected to suffer a loss of between $200 million and $400 million during the third quarter due to the Hess transaction. Chevron completed its $55 billion purchase of Hess, after winning a landmark court battle with larger rival Exxon Mobil in order to gain access the largest oil find in decades. Earnings adjusted for severance and other costs associated with the deal are expected to range between $50 million to $150 million. The U.S. Energy Major also expects that the deal will add $1 billion to 1,25 billion dollars to its capital expenditure for the current quarter.
BP delays oil demand peak forecast to 2030 from 2020
BP announced on Thursday that it expected global oil demand growth to continue until 2030. This is five years longer than the forecast made a year earlier. It also highlighted slowed energy efficiency efforts. Two scenarios are modeled in the latest Energy Outlook of oil major, an annual study on energy trends to 2050. The "Current Trajectory " scenario is based upon existing policies and commitments. In its "Below 2 Degrees" scenario, it envisions a 90 percent drop in carbon emission levels by 2050 compared to 2023. The burning of coal, oil and natural gas is the main cause of emissions.
Enverus, an analytics firm, says that US shale costs will rise to $95/bbl in the mid-2030s.
Energy analytics firm Enverus stated on Tuesday that the marginal cost of producing U.S. shales oil could rise as much as 15 dollars a barrelle to $95 per barrel within 10 years as stagnant production forces companies to drill at locations with less proven resources. Enverus reported that the average cost of producing a barrel in the United States is $70. According to a Dallas Federal Reserve survey, many producers need oil prices above $65 per barrel to make a profit. However, prices have been below this level all year. Alex Ljubojevic is a director of Enverus Intelligence, an Enverus unit. He said that as the U.S.
Sources say that Exxon has signed an initial agreement with Rosneft in order to map out a possible route to recover Russian losses.
According to sources familiar with these talks, U.S. oil giant Exxon Mobil signed an initial non-binding agreement to help Exxon recover a $4.6 billion loss it took on its Russian activities in 2022 due to Moscow's invasion in Ukraine. The agreement is a first step in repairing the commercial ties between the two nations, but little progress will be made until Moscow has made enough progress towards a peace accord in Ukraine and the United States and European Union have relaxed their sanctions against Russia. Terry Wade, spokesperson for Exxon, declined to comment.
NGSA: US natgas production to reach record levels this winter
According to the Natural Gas Supply Association’s Winter Outlook 2025-2026, U.S. Natural Gas production will reach record levels this winter. This will help meet domestic demand and a growing liquefied gas export market. This winter, the U.S. Natural Gas Market faces a balance act: increasing supply versus growing demand. The NGSA stated that while production and storage is strong, wildcards could cause price pressure. The total gas demand for this winter is expected to increase by 4,2 billion cubic feet per days (bcfd), mainly due to LNG exports which will rise by 3,8 bcfd, as new liquefaction capacities come online. NGSA predicts U.S.
BP abandons plans for Rotterdam biofuels facility
A company spokesperson announced on Monday that BP had stopped working on its Rotterdam Biofuels Plant. This is the latest in a series of abandoned biofuels by oil companies like BP and Shell due to weak demand. BP announced in February that, after a disastrous foray into the renewables sector in 2020, it would redirect its spending to oil and gas projects. The company also dropped its goal to produce 100,000 barrels of biofuels per day by the end the decade. In recent months, BP has halted its plans to build standalone plants for biofuels at its Kwinana plant in Australia.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the third consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for the third consecutive week for the first since February. In the week ending September 19, the oil and gas rig counts, a good indicator of future production, increased by three, to 542. This is its highest level since July. Baker Hughes reported that despite this week's increase in rigs the total number was still 46 rigs or 8% lower than this time last year. Baker Hughes reported that oil rigs increased by two this week to 418, the highest level since July. Gas rigs remained at 118.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleets for the third consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for the third consecutive week for the first since February. Oil and gas rig counts, an early indicator for future production, increased by three in the week ending September 19. This is their highest level since July. Baker Hughes reported that despite the increase in rigs this week, the total number of rigs was still 46, or 8%, below what it was at this time last. Baker Hughes reported that oil rigs increased by two this week to 418, the highest level since July. Gas rigs remained at 118.
Ecopetrol will beat its 2025 drilling target and may even best the output target, says executive
Rafael Guzman said that Colombian state energy company Ecopetrol will exceed its goal of drilling 10 oilwells in 2025 by 20% to 40%. It has been reported that the company drilled six successful wells during the first half of this year. Guzman said on the sidelines the Acipet Energy Conference in the Caribbean city Barranquilla, "I think we'll do more than 10 times the amount planned. Ecopetrol’s daily production, which is 751,000 barrels per day (bpd), is just a little bit above the upper limit of the company's target of 750,000 bpd by 2025. Guzman stated that "it's going very well" to reach our goal of between 740,000 and 750,000 barrels.
Ecopetrol will beat its 2025 drilling target and may even best the output target, says executive
Rafael Guzman said that Colombia's state energy company Ecopetrol will likely exceed its goal of drilling ten oil wells in 2025 by 20% to 40%. It has been reported that the company drilled six successful wells during the first half of this year. Guzman said on the sidelines the Acipet Energy Conference in Barranquilla, a Caribbean city. "I think we'll do more than 10 (wells), and I think that it could be between 20% and 40% more," Guzman said. Ecopetrol’s daily production, which is 751,000 barrels per day (bpd), is just a little bit above the upper limit of the company’s target of 750,000 bpd by 2025.
Anti-trust agency: Indonesia's unsubventioned fuel policy may harm consumers and create unfair practices
The Indonesian anti-trust agency said that its import restrictions on fuels sold by private companies without subsidies have reduced consumer options and could lead to an unfair competition environment. Shell and BP AKR, which operates BP's petrol stations, have reported that they are experiencing inventory shortages of some gasoline products. This has been happening since late August. Shell has made a number of other products. Gas stations are located all over the country. Private fuel distributors who only sell unsubsidised petrol have a small market share compared with those owned by Pertamina.