California lawmakers pass bill to increase oil production
California lawmakers approved a bill this weekend to allow for the construction of thousands new oil wells in California each year. The goal is to keep fuel prices down for consumers and make oil more affordable for refineries. SB 237 would grant up to 2,000 oil permits per year in Kern County, which is rich in oil, starting January 2026. California oil producers are expected to supply up to 25% of crude oil to the state refinery complex, and reduce the cost of gasoline for consumers in the state. According to the California Energy Commission…
Alaskans fear higher energy prices as Trump drills
Alaskans spend nearly two times as much on electricity as the national average. Matt Goodnow, financial counselor at a hospital located in Homer, Alaska, a fishing village on the Kenai Peninsula, said that higher energy costs would be detrimental to the community. The Trump administration is not only planning to eliminate federal funding for renewable energy projects and to remove tax breaks, it also proposes to lift the limits set by former president Joe Biden regarding oil and gas drilling in Alaska. Renewable energy projects in Alaska have been halted or cancelled by leading companies.
Baker Hughes reports that US drillers added oil and gas rigs in the US for the second consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added natural gas and oil rigs this week for the second consecutive week for the first since April. The number of oil and gas drilling rigs, a good indicator of future production, increased by two in the week ending September 12. Baker Hughes reported that oil rigs increased by two this week to 416, the highest level since July. Gas rigs remained at 118. Oil and gas rig counts declined by around 5% in 2020 and 20% in 2023, as lower U.S. gas and oil prices…
Interior secretary: US wants to strengthen energy ties with Greece
Interior Secretary Doug Burgum told reporters in Athens that the U.S. is looking to strengthen its energy relations with Greece. This comes as the Trump Administration works to reduce Russia's gas and oil supplies to Europe. Burgum was in Europe this past week to sign energy deals that the U.S. believes will increase its influence in Europe while reducing Russia's. Greece announced on Wednesday that a consortium, including the oil giant Chevron, had bid for exploration of natural gas in their waters. Burgum, the US Secretary of State, told Greek Prime Minister KyriakosMitsotakis that "the Trump administration has several goals in relation to energy.
Analysts say that ConocoPhillips’ deep-seated layoffs demonstrate the need for capital discipline.
Investors and analysts have said that ConocoPhillips needs to focus more on its capital discipline and its investment priorities to be competitive against its peers, as oil prices are falling and revenues are also declining. This comes after the company announced it was laying off up to 25 percent of its staff in order to reduce costs. ConocoPhillips, the third largest U.S. oil company, has joined majors Chevron, BP and SLB, as well as the world's two largest oil service companies, Halliburton and SLB, in cutting its staff. The slump in crude oil prices is due to increased production from OPEC+, economic uncertainty caused by unpredictable U.S.
Iraq's Premier says he hopes that producers will reconsider the oil export quota
Iraq hopes that fellow producers will review its oil export quota in order to better reflect the country's production capacity. This rare comment from a senior Iraqi official was made by Prime Minister Mohammed Shia al-Sudani on Saturday. The Organization of Petroleum Exporting Countries is pressuring Iraq, the largest overproducer in the group, to reduce output as compensation for producing more than the agreed-upon volume. In April, it was one of the countries who submitted plans to reduce oil production to compensate for exceeding agreed quotas.
Conoco CEO: 'I blame myself for not paying attention'
ConocoPhillips' CEO Ryan Lance said to employees on Thursday, that he was forced to reduce the number of workers by up to 25 percent because the U.S. energy producer became less competitive due to its focus on acquiring smaller competitors. Lance spoke to employees at a town-hall meeting, a day after sending them a video informing them of the job cuts. The job cuts are part of a broader restructure focusing on cost reductions. The company announced that it would start laying off employees as soon as November 10 to those who watched the meeting live online or in person on Thursday morning at its Houston headquarters.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 7 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 seven weeks. The number of oil and gas rigs, a good indicator of future production, increased by one in the week ending September 5. Baker Hughes reported that despite this week's increase in rig count, the total number was still 45 rigs or 7.7% below what it was at this time last year. Baker Hughes reported that oil rigs increased by two this week to 414, while gas-rigs decreased by one to just 118. Oil and gas rig counts declined by around 5% in 2020 and 20% in 2023, as lower U.S.
Conoco CEO: 'I blame myself for not paying attention'
ConocoPhillips' CEO Ryan Lance said to employees on Thursday, that he was forced to reduce the number of workers by up to 25 percent because the U.S. energy producer became less competitive due to its focus on acquiring smaller competitors. Lance spoke to employees at a town-hall meeting, a day after sending them a video informing them of the job cuts. The restructure was aimed at cost reductions. The company announced that it would start laying off employees as soon as November 10 to those who watched the meeting live online or in person on Thursday morning at its Houston headquarters.
Trump is in favor of nuclear energy because it's'more American than wind and solar', a US official claims
The director of the U.S. Energy Dominance Council stated on Thursday that the Trump administration would be more inclined to provide loan guarantees and tax incentives for nuclear energy than wind or solar, because it was "more American". Jarrod Agen is the director of this White House council. He said that nuclear power will be more likely made with U.S. parts than wind or solar farms. Agen said that the administration would be more inclined to provide financial assistance from the U.S. Loan Programs Office and encourage tax incentives. He said, "Nuclear energy is a new technology and we must invest in it if we want to succeed.
ConocoPhillips announces it will reduce its workforce by 20-25%. Shares fall
ConocoPhillips, the U.S. oil-and-gas producer, will reduce 20-25% its workforce in a restructuring that is expected to take place over the next few months, according to a spokesperson for the company. Five sources had previously reported that CEO Ryan Lance revealed his plans via a video message sent out early on a Wednesday morning. The shares of the third largest U.S. oil company fell 4.5%, to $94.55, compared with a 2.6% decline in the S&P 500 Energy Index. ConocoPhillips, as well as its competitors, have been under pressure from the fall in oil prices this year. They were forced to reduce staff, cut capital expenditure, and reduce drilling.
ConocoPhillips announces it will reduce its workforce by 20-25%. Shares fall
ConocoPhillips, the U.S. oil-and-gas producer, will reduce 20-25% its workforce in a broad restructuring. A company spokesperson confirmed this on Wednesday after five sources said that CEO Ryan Lance had detailed his plans in an early morning video message. The shares of the third-largest U.S. oil company fell 4.2% to $94.91, compared with a drop of 2.1% in the S&P 500 Energy Index. ConocoPhillips, and its competitors, have been under pressure to reduce staff, cut capital expenditure and reduce drilling this year due to the fall in oil prices. U.S. Oil service giant announced that it would be laying off 20% of its employees in February.
US LNG exports record highest ever in August
LSEG's preliminary data shows that U.S. LNG exports reached a record high in August, as plants completed planned maintenance and Venture Global’s Plaquemines plant continued to increase production. According to LSEG, August exports totaled 9,33 million metric tonnes, surpassing the previous monthly record of 9.25 millions tons set in April and exceeding the 9.1million tons exported in July. Plaquemines, the second largest LNG plant in the U.S., has a capacity to produce 27.2 million tonnes per year (MTPA). Its production has been increasing every month since its start-up in December 2024. This helps the U.S. remain the world's leading LNG exporter.
Guyana elects a leader amid controversy over oil wealth
Guyanese voters head to the polls Monday to elect members of parliament and the president who will decide how the hydrocarbon boom in the South American nation will be spent. Since ExxonMobil began pumping offshore oil late in 2019, Guyana has seen its economy grow at a rate of 7.5 billion dollars. Irfaan Ali is running for reelection as the leader of the People's Progressive Party. He has been in office since 2020. His government has used oil revenue to build roads, hospitals and schools. It also made studying at the state-run university free.
Egypt signs $340 million oil and gas exploration deal with global firms
The Petroleum Ministry announced on Saturday that Egypt had signed four agreements worth $340 million with international companies to explore for oil and gas along the Mediterranean and Nile Delta. The state-owned Egyptian Natural Gas Holding Company, or EGAS, has signed a deal that will see 10 wells drilled as part of efforts by the Ministry to increase exploration and production. Egypt, a once-prominent regional exporter, is increasingly importing to meet the rising demand at home, as production from old fields declines and investment in new ones lags.
Baker Hughes reports that US drillers have cut their oil and gas rigs a second time in a 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 29 to 536, the lowest level since August 2021. Baker Hughes reported that the total number of rigs is down 47 or 8.1% from the same time last year. Baker Hughes reported that oil rigs increased by one this week to 412, while gas-rigs decreased by three to 119. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S.
Ali, the Guyanan president, seeks a second term amid a oil boom
Guyanese will vote in general elections on Monday. They'll decide if President Irfaan Ali's People's Progressive Party, which controls the country's government, can keep its parliamentary majority. It's also a chance to determine if they want to continue leading one of the fastest-growing economies in the world. ExxonMobil's offshore discoveries have helped the South American nation, which is home to 800,000 people and has experienced double-digit growth in its economy for five straight years. Five parties that are challenging…
Trump's options for easing Russia sanctions are limited in comparison to Europe
Donald Trump, the U.S. president, could lift some sanctions against Russia quickly as a way to reward Moscow for successful peace talks with Ukraine. However only Europe can make the larger steps necessary to ease Russia's cash crisis. Trump has threatened to impose additional sanctions and tariffs against Russia and its oil buyers if there are no signs of progress in the three-and-a-half-year long war in Ukraine. If the talks are successful, Trump could start to ease some of his punitive measures. Trump has a number of options, including releasing Russian assets, reopening U.S. loans to Russian corporations and banks, and allowing U.S.
Mitsubishi abandons offshore wind farms in Japan
A senior official in the industry ministry said that Japan wants to re-auction as many offshore wind sites as possible as soon as they can, subject to local community consent. The trading house Mitsubishi Corp announced on Wednesday that it would no longer build wind farms in the prefectures of Akita and Chiba due to rising costs. In 2021, the first state-wide auctions were held to award the rights to construct and operate these farms. The farms have a total planned capacity of 1,76 gigawatts and were scheduled to begin between 2028 and 3030. Japan has already held three major auctions to increase its offshore wind power capacity.
CNOOC's first-half profits fall 13% due to lower oil prices
CNOOC, the Chinese offshore oil-and-gas major, reported a 13% drop in its interim net income as lower oil prices countered the impact of record oil and natural gas production. According to a Hong Kong Stock Exchange filing, the net profit attributable equity shareholders fell to 69.5 billion Yuan ($9.7billion) following a record-breaking interim profit in 2024. Sinopec, a domestic competitor, reported a 40% drop in earnings at $2.99 billion. PetroChina's net profit fell by 5.4% to $11.7 billion. CNOOC’s net production of gas and oil increased by 6%, reaching a record of 384.6 million barrels equivalent of oil during the period.
Mitsubishi is considering abandoning offshore wind energy projects in Japan
Mitsubishi Corp announced on Wednesday that it is considering withdrawing from 3 Japanese offshore wind projects. Three wind farms are owned by Mitsubishi-led consortiums in Japan's Chiba Prefecture and Akita Prefecture. The trading house announced in February it was reevaluating how to proceed given the "significantly altered" business climate. Mitsubishi recorded a charge for the projects of 52.2 billion Japanese yen (354 millions dollars) earlier this year. Mitsubishi released a statement saying that they were currently evaluating all options, including the possibility of withdrawing from the project. They added that no decisions had been taken.
Suriname's Staatsolie will launch an offer for offshore oil fields in November
Suriname's state-owned oil company Staatsolie announced on Tuesday that it will offer an "open door" in November for the exploration and evaluation of offshore areas. The small South American country is seeking partners and funding for an oil and natural gas boom, which they hope to achieve. The country is expecting to start offshore oil and natural gas production by 2028, following a successful investment decision for the flagship 12 billion dollar Gran Morgu project, between TotalEnergies, APA Corp, and Staatsolie. Suriname, unlike its neighbor Guyana where the Exxon Mobil consortium controls all production, wants to diversify its energy sector.
Kazakhstan continues to fine Kashagan consortium $4.4 billion
A source and an official document indicate that Kazakhstan's regional environmental department has imposed a fine of $4.4 billion on an international consortium working to develop the giant Kashagan oilfield. This is despite a long-running legal battle. The NCOC consortium which includes Eni Shell TotalEnergies ExxonMobil said that its shareholders strongly disagreed with any fine and would continue to pursue every avenue of recourse available against the decision. Kazakhstan's Government originally fined NCOC $5.4 billion…
RPT-Private Chinese firm producing oil in Venezuela under rare 20-year pact, source says
China Concord Resources Corp. has started developing two Venezuelan oilfields. The company plans to invest over $1 billion in an investment project that will produce 60,000 barrels of crude oil per day by the end of 2026. An executive involved directly in the project confirmed this. This is a rare private Chinese investment in an OPEC nation that has been struggling to attract foreign capital because of international sanctions against the government of President Nicolas Maduro. This is the first time that the investment amount and production plan have been reported. Beijing is a close ally of Maduro, and of his predecessor, late President Hugo Chavez.
Baker Hughes: US drillers have cut oil and gas rigs four times in the last five 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 fourth consecutive week. The number of oil and gas drilling rigs, a leading indicator of future production, dropped by one in the week ending August 22 to 538, the lowest level since mid-July. Baker Hughes reported that the number of rigs has dropped by 47 this week. Below this time last Year. Baker Hughes reported that oil rigs dropped by one this week to 411, while gas-rigs remained at 122. The number of rigs in the largest oil and gas producing state of the country,, fell by two, to 240.
Baker Hughes: US drillers have cut oil and gas rigs four times in the last five weeks.
Baker Hughes, a leading energy services company, said that the U.S. firms cut back on the number of natural gas and oil rigs for the fourth consecutive week in its widely read report. The number of oil and natural gas rigs, a good indicator of future production, dropped by one in the week ending August 22. This is the lowest level since mid-July. Baker Hughes reported that oil rigs dropped by one this week to 411, while gas-rigs remained at 122. Oil and gas rig counts declined by around 5% in 2020 and 20% in 2023, as lower U.S.
BP's Whiting refinery, Indiana, continues to flare up days after a severe thunderstorm
BP's Whiting refinery, which produces 440,000 barrels per day, has continued to flare up after flooding disrupted operations earlier this week. In a post on social media, the company stated that the facility continues to burn materials to maintain safe operation. They also added that floating barriers have been placed in Lake Michigan to act as a precaution due to the wind and wave conditions. The company stated that "there are no known impacts beyond the refinery" at this time. The Whiting refinery was affected by flooding earlier this week caused by a severe storm overnight. BP tried to restart the plant on Wednesday.
Indiana's BP Refinery restarts following severe flooding
IIR, a monitor of the industry, said that BP's Whiting refinery, which produces 440,000 barrels per day, is in the process to restart after flooding disrupted operations earlier in the week. The units will take several days for them to ramp up, IIR added. IIR stated that the facility will be running at full capacity by early next week. The refinery reported that it was experiencing flaring as a result of flooding from a severe storm. BP posted on social media on Wednesday that materials will be burnt in flares to maintain safety operations. The company added that teams from the response and operations have been at the site since Monday night.
BP confirms Whiting refinery operations have been affected by flooding
BP said on Tuesday operations at its 440,000-barrel-per-day refinery in Whiting, Indiana, were affected due to flooding caused by a severe thunderstorm overnight. BP has not said which units of the refinery were affected and if production was affected. A source cited by industry monitor IIR said that multiple units at Whiting refinery had been shut down on Monday night due to flooding. Source: The affected units include the primary crude processing units as well as the heavy distillate catalytic Cracker and Hydrotreater and middle distillate Hydrotreater. BP reported that response and operations crews are on site to manage the impacts of the storms.
Sources say that Raisa Energy is selling US oil and gas assets worth $1.5 billion, according to sources.
People familiar with the matter say that Raisa Energy, a private investment firm, is selling an oil and gas package across several U.S. Shale basins. The package could fetch up to $1.5 billion. These sources, who asked not to be identified because the process was confidential, said that the sale is still in its early stages and that the final price may fluctuate depending on the market conditions and other variables. TPH, a boutique advisory firm Perella Weinberg Partners' energy-focused investment bank, advises Raisa in this effort, according to the statement. Raisa declined to comment on a request for a statement.
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…