Baker Hughes reports that US drillers have added oil and gas rigs to their fleets for the second week running.
Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for the second consecutive week for the first since September. The number of oil and gas drilling rigs, a good indicator of future production, increased by two in the week ending October 24 to reach 550, its highest level since June. Baker Hughes reported that despite this week's increase in rigs the total number of rigs was still 35 rigs or 6% lower than this time last year. Baker Hughes reported that oil rigs increased by two this week to 420, while gas-rigs remained at 121.
SNB divests from extractive industries with new divestment.
Swiss National Bank sold its stake in Anglo Australian miner Rio Tinto, adding to a recent series of divestments by companies in the extractive industries. LSEG data show. Unsere (Our) SNB is a group of 200 SNB shareholders that includes environmental groups. They claim the Rio Tinto divestment represents the entire stake in the SNB and values it at $227 millions. The SNB sold the 3.8 millions shares between June 2 to July 21. Rio Tinto and SNB declined comment. According to an analysis of LSEG company filings based on data, the SNB sold oil and gas stocks worth more than twice what it invested in the sector since 2024.
The US opens up the Alaska Wildlife Refuge to oil and Gas Development
The Trump administration announced on Thursday a series steps to open the Alaskan wilderness for energy and infrastructure development. This includes resuming leasing of oil and gas in remote Arctic National Wildlife Refuge. The Interior Department said in a statement that it will reopen the full 1.5-million-acre (0.6-million-hectare) Coastal Plain of the ANWR to leasing, reversing moves by former President Joe Biden's administration to restrict drilling in the area. The Department will also restore canceled leases of oil and gas to the Alaska Industrial Development and Export Authority.
FTSE 100 closes at record high, boosted mainly by oil and earnings
The London Stock Exchange Group, Rentokil and oil stocks helped lift the FTSE 100 index to a new record high. The FTSE 100, a commodity-heavy index, rose up to 0.8% during the session and reached a new record high of 9594.82 before falling back down to 0.7%. Shell and BP, two of the world's largest oil companies, gained 3,2% and 3.8% each after U.S. sanctions were imposed on Rosneft (a major Russian supplier) and Lukoil (a major Russian supplier). The London Stock Exchange Group's earnings jumped 6.7%, after the exchange operator announced it would sell 20 percent of its post-trade business.
FTSE 100 reaches record high thanks to oil stocks and positive earnings
The London FTSE 100 reached a record intraday high on Thursday, boosted by oil stocks and positive earnings from blue-chip companies such as LSEG Rentokil. The index, which is heavily influenced by commodities, rose up to 0.7% and reached a new record of 9,579.07 point. By 1200 GMT, it was up 0.6%. Shell and BP each gained 3% as crude prices jumped over 5% following the U.S. imposing sanctions on Rosneft, Lukoil and other major Russian suppliers because of the Ukraine conflict. The London Stock Exchange Group's earnings jumped 6.7%, after the exchange operator announced it would sell 20 percent of its post-trade business.
Qatar Energy Minister: Gas producing countries must be clear about their opposition to trade barriers
Qatar's Energy minister Saad Al-Kaabi stated on Thursday that gas-producing countries should make it clear that they are against trade barriers and "discriminatory" measures that disadvantage energy products. He didn't clarify to what he referred. Qatar and the United States put pressure on the European Union, however, to reduce a law that could fine violators of sustainability rules 5% on their global revenue. Al-Kaabi said last week that Qatar would not be able do business with the EU, and will even not be able supply liquefied gas, if the corporate sustainability rules of the EU are not changed.
Japan claims that replacing LNG from Sakhalin-2 in Russia would be expensive.
Japan's Industry Minister said that replacing the liquefied natural gas from Russia's Sakhalin-2 Project would be expensive and lead to higher electricity rates. Scott Bessent, U.S. Treasury secretary, has urged Tokyo, ahead of U.S. president Donald Trump's trip to Japan next Monday, to cease its Russian energy purchases. These mainly include LNG, which accounts for 9% or Japan's fuel imports. Ryosei Takazawa, 64-year old trade veteran, appointed minister of economy and trade under the new prime minister Sanae Taichi, said to reporters that Asia's market for LNG was expected be tight. Akazawa led the recent Japan-U.S. talks that resulted U.S. tariff cuts on imported goods from Japan.
US upstream oil and natural gas dealmaking falls for the third consecutive quarter amid low prices
Enverus, an analytics firm, said that the persistently low oil price kept buyers away from the sector during the third quarter. According to Enverus's latest report, merger and acquisition activity is down for the third consecutive quarter. This marks a dramatic departure from the blockbuster deals of recent years, such as Exxon Mobil's $60 billion deal with Pioneer Natural Resources, which will close in 2023, and Chevron’s $53 billion purchase by rival Hess this year. Enverus reports that the total value of deals in 2023 was a record-breaking $192 billion. This figure dropped to just $105 billion by 2024. U.S.
Petrobras and Equinor have acquired the majority of blocks at Brazil's presalt auction
The oil regulator ANP announced on Wednesday that Brazil's Petrobras, the state-run oil company, and Norway's Equinor had won a block in Brazil's Pre-salt Area. They each acquired one and partnered up to acquire a third, according to ANP. Karoon Energy, based in Australia, also purchased a block. CNOOC of China and Sinopec have formed a consortium for the acquisition of another. The signing bonus was fixed in this auction, and the winning bidders were the ones who offered the largest percentage of oil that would be transferred to the Brazilian government. The oil will then be sold back to oil companies, which generates revenue for Brazil's Government.
JERA Nex BP halts US Beacon Wind Project as Costs Soar
JERA Nex BP is a joint venture formed by Japan's largest power generator JERA, and BP. It plans to halt the development of the U.S. Beacon off-shore wind power project, and layoff its U.S. workers in the next few months, according to a press release. The decision is the latest blow to the U.S. Offshore Wind Industry, which has already been hurt by rising costs due to supply chain disruptions, inflation, and President Donald Trump's opposition against such projects. JERA Nex BP stated that they did not believe the Beacon Project could be developed in the current climate and would therefore close their operations in the United States.
JERA Nex BP halts US Beacon Wind Project as Costs Soar
JERA Nex BP is a joint venture of Japan's largest power generator JERA with BP. The company plans to stop development of the U.S. Beacon off-shore wind power project in the next few months and layoff its U.S. workers, according to a press release. The decision is the latest blow to the U.S. Offshore Wind Industry, which has already been hurt by rising costs due to supply chain disruptions, inflation, and President Donald Trump's opposition against such projects. JERA Nex BP stated that they did not see a viable way to develop the Beacon Project in the current market and concluded that they could no longer invest in this market.
Venture Global to add natural gas to final part of Plaquemines LNG Plant, a filing shows
Venture Global asked federal regulators to allow it to inject natural gas into the final section of its Plaquemines Liquefied Natural Gas plant by Thursday, according to an official filing made on Monday. Venture Global, if the Federal Energy Regulatory Commission gives the permission, will be producing LNG soon from its entire Plaquemines facility, and more than a full year before it's expected to deliver its first batch of long-term customers their contracted quantities of gas. The Plaquemines Export Facility in Louisiana, once completed, will reach its maximum capacity of 27,2 million metric tonnes per year (mtpa).
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. As the Permian field, one of the largest fields in the world, is depleted, the most productive shale regions are being tapped.
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. Darren Woods is the chief executive officer of ExxonMobil, a major U.S.
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. The report stated that the explosions happened when a distillation unit was flooded with hydrocarbons, and then over-pressurized.
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. The Permian Basin, which is the largest oil-producing shale production formation in the United States, saw its rig count drop by one this past week, to 250.
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. gas and oil prices in…