Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in four-weeks.
Energy services firm Baker Hughes reported on Friday that U.S. energy firms added oil and gas rigs this week for the first time since four weeks. Baker Hughes reported that despite this week's increase in rigs the total count is still 41 rigs or 7% lower than this time last year. Baker Hughes reported that oil rigs increased by four this week to 411, the highest since early February. Gas rigs, on the other hand, fell by two, to 132, which is their lowest level since early February. As U.S. crude oil prices fell, energy firms focused more on boosting shareholder returns, paying down debt, and reducing their debt than increasing production.
BP to perform maintenance on Central Azeri Platform in August
BP's regional president for Azerbaijan and Georgia, as well as Turkey, Giovanni Cristofoli, said that the company plans to perform scheduled'maintenance on the Central Azeri -platform in August 2026. He added that the shutdown would only affect the gas infrastructure of the platform, and oil production would continue. He added that maintenance usually lasts for 19 days. The shorter outage is possible because of the new technologies. BP is the largest foreign investor and operator in Azerbaijan’s oil and natural gas sector. The ?company operates Azerbaijan's largest oil and gas projects…
BP wants at least $3.7 Billion from Venture Global arbitration, a filing states
Venture Global's yearly report shows that BP wants at least $3.7billion from its arbitration victory against?Venture Global, in a case involving liquefied?gas (LNG). According to the report released this week, BP is seeking a range of'remedies', including damages ranging between $3.7 billion and potentially exceeding $6.0 billion as well as costs, interest, and attorney fees. BP declined to comment. A Venture Global spokesperson stated that the British 'oil majors' requested damages were "unserious" and "not supported by evidence or governing law". BP…
Former Shell CFO to leave, BP Chairman Manifold trims the board
BP Chairman 'Albert Manifold' announced on Friday plans for a slimmer board, as a s part of the resetting strategy by the british oil major. Former Shell Chief Financial Officer Simon Henry was among those leaving. Manifold has made other changes since he became chairman in October. Murray Auchincloss, who was appointed CEO in October, abruptly left the position in December. Woodside Energy's Meg O'Neill will take on that role from April. O'Neill was BP's?first external hire... for the post in more than a century. According to BP's annual report, she will receive a base salary of 1.6million pounds.
As the US-Iran war spreads, more tankers are attacked.
As the U.S. - Iran war escalated on Thursday, Iranian drones invaded Azerbaijan and threatened to spread the crisis?to other oil producers in this region. Initial assessments indicate that a?Bahamas flagged crude oil tanker anchored near Iraq’s Khor al Zubair Port was attacked by an Iranian remote-controlled boat loaded with explosives. After a large explosion, a second tanker anchored off Kuwait began to take on water and was spilling oil. Since the conflict between the U.S. and Israel broke out on Saturday, nine vessels have been attacked. Iran fired a barrage of missiles on Israel in the early hours of Thursday morning and sent drones to Azerbaijan. Four people were injured.
Sources say that BP's international staff was evacuated from the Iraqi oilfield when drones landed on the field.
Three Iraqi oil industry insiders said that foreign staff were evacuated from the 'giant Rumaila' oilfield in Iraq after two unidentified drones landed on the field Thursday. "We are constantly assessing the situation. We have been in communication with these people under our duty of care. On Tuesday, two Iraqi oil officials said that the country has cut oil production by almost 1.5 million barrels?a day. They added that these cuts could increase to over 3 million bpd in a matter of days as the country is running out?of?storage?and can't export crude because of the Iran war. Iraq produced about 4 million barrels per day in January.
Dutch far-right legislators argue that Groningen's gas field should not be permanently closed
The far-right party in the Netherlands announced on Thursday that it will propose a proposal to keep the Groningen Gas?field available as a reserve, despite its closure due to seismic risk in 2024. The JA21 plan would allow for the possibility of re-taping some wells. This is in contrast to the Dutch government’s?earlier promise to permanently seal wells with concrete and never reopening them. Other far-right politicians, such as?Geert wilders of the Freedom Party, have endorsed this proposal. Wilders stated that it was logical to keep our gas reserves as an emergency reserve, given the current geopolitical situation.
Oil companies reject Trump Administration's Alaska Offshore Auction
The Trump administration sold more than 400,000 acres (406,876 hectares) of land in Alaska's Cook Inlet on Wednesday, but no oil and gas drillers showed up. They refused to make a bid.The One Big Beautiful Bill Act of U.S. president Donald Trump, which was signed into law in 2017, mandates six Alaska offshore gas and oil auctions through 2032.Trump has sought ways to increase domestic oil and gas production, including in Alaska, where the industry has seen a decline in recent decades. Drilling in Alaska and the Arctic is a high risk endeavor that involves decades of effort and billions of dollars.The U.S.
Reeves, UK's Reeves, says that the Middle East crisis makes predicting when the oil and gas profit levies will end difficult.
The British Finance Minister Rachel Reeves told oil and gas executives on Wednesday that it was harder to predict the end of a tax on their profit due to the conflict in 'the Middle East, but that she was committed to eliminating it. Reeves spoke with representatives of the oil and gas sector, including BP and Adura. He also met with Offshore Energies UK and Offshore Energies UK, to discuss a sudden rise in energy costs following a U.S. and Israeli air strike against Iran. The windfall tax, introduced in 2022 in response to the surge in energy prices after Russia's invasion in Ukraine, increased the effective tax rate for North Sea producers from 78% to 78%.
NY court refuses overturn arbitral ruling that favors Venture Global over Shell
A state judge in New York rejected Monday the request of British oil giant Shell to overturn an arbitration award which favored Venture Global. The dispute was about Venture Global's alleged improper sales of liquefied gas by American company. Justice Joel Cohen, of the Supreme Court of California, determined that no further discovery was necessary because the court must defer to arbitral rulings. Shell has effectively lost its challenge against Venture Global for failing to supply it with LNG cargoes years after the plant first produced supercooled gas.
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, an energy services company, said that the U.S. cut back on the number of natural gas and oil rigs for the first time since six weeks. The number of oil and gas drilling rigs, a good indicator of future production, dropped by one in the week ending February 27. This is the lowest level since late January. Baker Hughes reported that the total number of rigs is down 43 or 7% from this time last week. Baker Hughes reported that?oil?rigs dropped by two this week to 407, their lowest level since December. Gas?rigs increased by one, to 134, the highest level since July 2023.
Shell is reportedly looking to sell some of its Shell Ventures portfolio.
Shell is examining the possibility of selling investments in some companies that are part of its Shell Ventures portfolio. One source said that the British oil giant will retain a large portion of its Ventures investment. The corporate venture fund has interests in early-stage companies and start-ups, focusing on sectors such as power, emissions control and mobility. Shell's CEO Wael Sawan aims to reduce the company’s low-carbon projects to concentrate on liquefied gas trading and upstream. Shell Ventures was established in 1996 and has an initial investment range of $2 to $5 million.
Saipem is poised to return to Venezuela following the easing of U.S. sanctions
Alessandro Puliti, the chief executive of Italian oil contractor Saipem, said that it is prepared to resume operations in Venezuela after the lifting of U.S. sanction - as they expect demand from "oil majors" later this year. "Things are changing in Venezuela very quickly." We have worked in Venezuela in the past and are prepared to return as soon a client requests it," Puliti stated in a call following results. Puliti stated that contracts could be awarded by both U.S. and international oil companies. These groups are currently assessing?the situation?and developing plans for Latin America.
Angola’s national oil company is looking to diversify its business into minerals that are critical.
Sonangol, the state-owned Angolan oil company, said Wednesday it wants to diversify its business into minerals that are critical for economic growth. Sonangol's executives told a press conference that the company made a net profit of over $750 million by 2025. This is compared to 736 billion kwanzas (about $807 million) in 2024. Conglomerate owns stakes in offshore oil and gas blocks, operates a fleet and refineries. Sebastiao Gaspar Martins, the Chief Executive of Sebastiao Gaspar, said that it also had seven concessions for uranium exploration, lithium exploration, and quartz exploration.
EOG Resources exceeds profit expectations on the back of strong production and higher gas prices
EOG Resources beat estimates for the fourth quarter profit on Tuesday as higher natgas and output prices offset a drop in crude oil prices. U.S. Natural Gas Futures increased over 11% sequentially during the fourth quarter. This was due to stronger demand, and an increase in pipeline volumes. The rise ended a downward trend that began in the second quarter because of record U.S. Production. EOG said it produced approximately 1.40 million barrels per day of oil equivalent in the fourth quarter compared to 1.09 million boepd one year ago. EOG's purchase of Encino Acquisition Partners for $5.6 billion in May has helped to increase production in the Utica Shale…
Kazakh Kashagan oil field operators file arbitration for $4.6 billion fine
Shell, TotalEnergies, Eni and other shareholders in Kazakhstan's Kashagan oilfield, have begun arbitration proceedings to challenge a $4.6 billion environmental fine for 2023, according to a Shell spokesperson. This is the latest in an ever-growing web of legal disputes involving the hydrocarbon industry in Kazakhstan. Kazakhstan's government fined NCOC, a consortium of gas processing companies in Kashagan, 2.3 trillion Tenge ($5.4 billion) for environmental violations. This was a result of an inspection conducted the previous year. The authorities had claimed to have found excessive amounts of poisonous sulphur.
Indonesian Pertamina will continue to bid for US energy imports
Pertamina, the Indonesian state oil and gas company, said on Friday that imports of energy products from the U.S. will still be done 'through a competitive bidding process' following the conclusion of the trade agreement between the two nations. On Thursday, Indonesia and the U.S. signed a deal that reduced U.S. tariffs from 32% to 19%. Indonesia plans to import goods and services worth $38,4 billion from the U.S. This includes $15 billion in energy commodities. Crude oil, LPG and fuel products will be included in the planned energy imports. Pertamina CEO Simon Aloysious Mantiri told reporters that "regarding plans to import energy from the U.S.
Baker Hughes reports that US drillers have kept the number of oil and natgas drilling rigs unchanged for a second consecutive week.
Baker Hughes, a leading energy services company, said that the number of oil and gas rigs in the United States remained unchanged this week for a second consecutive week. The number of oil and gas drilling rigs, a good indicator of future production, remained at 551 during the week ending February 20. This is the same as the previous week. Baker Hughes reported that despite the lack of movement this week, there were still 41 rigs or 7% less than this time last year. Baker Hughes reported that oil rigs remained at 409 this week while gas rigs remained at 133. Although the total number of rigs did not change, some energy companies added rigs to certain?states while others removed them.
Shell claims US general exploration licenses in Venezuela will enable it to move forward with Dragon natural gas project
Shell's Dragon gas project will be able to move forward with the general licenses issued by the U.S. for oil and natural gas exploration in Venezuela this month, according to a Shell spokesperson on Thursday. As U.S. policies toward Venezuela have shifted, the project has been plagued by a series of starts and stops. The company spokesperson said that the recent general licences are a "positive signal" and allow for progress to be made on the Dragon project. Shell hopes to export gas from Venezuela through the Atlantic LNG facility located in Trinidad and Tobago. Shell spokesperson stated that the company doesn't 'generally' comment on possible dates for investment decisions.
Indonesian Pertamina will continue to bid for US energy imports
Pertamina, the Indonesian state oil and gas company, said on Friday that imports of energy products from the U.S. will still be done 'through a competitive bidding process' following the conclusion of the trade agreement between the two nations. On Thursday, Indonesia and the U.S. signed a deal that reduced U.S. tariffs from 32% to 19%. Indonesia plans to import goods and services worth $38,4 billion from the U.S. This includes $15 billion in energy commodities. Crude oil, LPG and fuel products will be included in the planned energy imports. Pertamina CEO Simon Aloysious Mantiri told reporters that "regarding plans to import energy from the U.S.