Baker Hughes reports that US energy companies have added the most rigs per week in a row since June 2022.
Baker Hughes, an energy services company, said in its report on Friday that the U.S. energy companies?had experienced their largest weekly increase of rigs since June 2022. The number of oil and gas rigs, a good indicator of future production, increased by 10 during the week ending June 26. This is the biggest weekly increase in the last four years. Total rig count reached 573, its highest level since May 2025. Baker Hughes said this week's rise in rig counts puts the total up by 26 rigs or 5% over this time last. Oil rigs rose by seven this week to 440, the highest level since June 2025. Gas rigs increased by?three, to 125. Other miscellaneous drilling rigs remained at eight.
Chevron to continue securing deals for US data centers
Chevron has been negotiating additional data-center deals in the U.S. including the Midwest, Rockies and Gulf Coast following its two-decade contract to power a Microsoft Data Center in West Texas. Chevron, Exxon Mobil and other oil and gas companies are looking to capitalize on the unprecedented electricity demand created by Big Tech’s AI-driven expansion of data centers. They offer their natural gas as well as experience in developing large-scale and complex energy projects. Chevron announced on Monday that it had signed an agreement for the development of a natural-gas-fired facility called Project Kilby.
BP signs a concession agreement with ADNOC and partners for Bab Gas Cap Project
BP announced on Thursday that it had'signed a concession -agreement' with ADNOC and partners for the development of the Bab Gas Cap Project in the UAE. BP will take a 10% share, marking its first access to Abu Dhabi upstream gas resources. The project will consist of three?reservoirs within the Bab Field onshore and is expected to produce up to 1,5 billion cubic feet per day. BP says that the project will help meet UAE gas and feedstock needs, as well ADNOC's plans to expand liquefied gas exports. ADNOC owns 60% of the concession. Other partners, including TotalEnergies CNPC, INPEX China ZhenHua Oil, and GS Energy, will hold the remaining 40%.
Executive says TotalEnergies will begin drilling in Suriname in the next year
The vice president of exploration for the Americas at TotalEnergies, a French energy producer, said that the company expects to start a new drilling campaign in Suriname next year in order to expand its exploration targets. TotalEnergies’ largest project in?Suriname is the $10.5 billion Gran Morgu off-shore project. It is expected to start oil production in 2028. This is a major milestone for the small South American country, as all crude is produced onshore. Daniel Larranaga, at an energy event in Paramaribo's capital, said that the company would "start a multiwell campaign" next year if rigs are available.
Azule Energy approves $5.1 billion offshore Angola project
Azule Energy - a 'joint venture' between BP, Eni and?Their partners - has approved the $5.1 Billion Greater PAJ offshore oil projects in Angola. This was announced by company and government officials at a Monday signing ceremony. The project is Angola’s first integrated cross block development. Partners include Norway’s Equinor and Angola’s oil and Gas agency ANPG, as well as the state-owned company Sonangol. Azule is the company that operates this development. This investment is the latest in a series of expansions by Azule, Angola’s largest independent oil and gas producer.
Norway Oil Service Firms Threaten Lockout to End Strike
Offshore Norway announced on Monday that it would lock out the Safe Labour?union?oil service employees?from 27th June?in response to a strike going on over wages. In a press release, the group representing oil service companies stated that the lockout would impact 1,272 members of Safe out of the roughly 1,770 covered under the wage agreement. However, some workers will be exempted to maintain safety critical subsea emergencies preparedness. A spokesperson for the group said that the lockout would 'further delay drilling operations, already affected by strike. At least two rigs have halted their work.
Petrobras will resume construction at Tres Lagoas Fertilizer Plant by September
Petrobras, the state-owned 'oil' company in Brazil, plans to restart construction of a fertilizer plant in Mato Grosso do Sul by September. This is part of an effort to reduce 'the country's dependency on imports', said William 'Franca on Thursday. The construction of Tres Lagoas' UFN-III Fertilizer Plant, which is expected to cost $1 billion, has been put on hold since 2015. Franca, Petrobras director of industrial process and products, said that the company plans to start operations in 2029. The nitrogen fertilizer plant will be able to produce 3,600 tons of urea per day and 2,200 tons of ammonia per day.
Baker Hughes says US energy companies have added rigs eight times in nine weeks.
Baker Hughes, a widely followed energy services company, said Thursday that U.S. firms added rigs this week for the eighth time in nine weeks. The oil and gas rig count rose to 563, its highest level since early June, in the week ending June 18. Baker Hughes released its report one day earlier than usual due to the "U.S. The Juneteenth holiday falls on Friday. Baker Hughes reported that the total rig count had increased by nine rigs or 2% over this time last week. Baker Hughes said that oil rigs remained at 433 in this week. Gas rigs increased by one to 122, the highest level since early June. Other miscellaneous rigs remained at eight.
China taps deep shale deposits in Sichuan to boost its gas production
Sinopec experts and industry consultants say that China is increasing gas drilling in deeper, more ancient shale deposits of the Sichuan Basin, which could increase domestic production by over a third before 2035. State oil giants, whose shale-gas output is below government targets, and only 10% of China's gas production, are working to stop the slowdown by drilling 5,000 meters (16,400 feet) deep. Sinopec, the state oil giant, announced last month that it had discovered 236 billion cubic meters (bcm), or proven gas reserves in the Ziyang Dongfeng Project located 4,500 metres below the surface. This is a major breakthrough for ultra-deep shale.
Equinor abandons target for renewable energy
In a Tuesday strategy update, the Norwegian oil and natural gas company Equinor announced that it had 'further reduced its ambitions in renewable energy,' dropping a target of 2030 installed capacity and cutting investment plans. This reflects a trend in the industry, as other companies, such as BP and Shell have recently abandoned plans to switch from oil and natural gas production to renewable energy. Equinor, who?on Monday raised its oil-and-gas output forecast?, has dropped the 2030 renewable capacity goal in favor of an outlook on power generation that includes nonrenewable technologies. "We do not replace one business with another.
Equinor abandons target for renewable energy
In a Tuesday strategy update, Equinor, the Norwegian oil and gas group, announced that it had further'scaled back' its renewable energy ambitions. It has dropped a 2030 target for installed capacity and cut investment. This change reflects a broader industry trend. In recent years, peers like BP and Shell have abandoned ambitions to transition from oil and natural gas production towards renewable energy. Equinor has dropped its 2030 renewable energy goal and instead provided a 'power generation outlook, including non-renewable technologies for electricity production. "We do not replace one business with another.
Trump's controversial plan to price minerals is met with skepticism from the G7 and a divided industry
According to diplomatic sources, and an analysis of corporate policies, the Trump administration's plan to increase critical?minerals by regulating prices has been met with skepticism from G7 allies, and a divided industry. Negotiations for a Western Trading bloc have stalled over concerns regarding cost and governance. The trading bloc was first proposed by U.S. vice president JD Vance back in February. It aims to wean the West off China which has become the world's biggest minerals producer through operating at a deficit and dampening the prices of the?building block for semiconductors, computers servers, military equipment, and a myriad of other products.
Baker Hughes reports that US energy companies have cut back on drilling for the first time in eight-weeks.
Baker Hughes, a well-respected energy services company, said that U.S. firms had 'cut back on the number of operating rigs for the first time in 8 weeks. The number of oil and gas rigs, a good indicator of future production, dropped by one to 562 during the week ending June 12. Baker Hughes reported that the decline this week has pushed up the total number of rigs by 7, or 1.3%, when compared with this time last year. Baker Hughes reported that the number of oil and gas rigs increased by 2 this week to 433, the highest total seen since June 2025. Gas rigs, however, fell by 3 to just 121, the lowest level since October 2025.
Sources say that BP has begun the process of selling stakes in Gulf of Mexico projects.
Four people familiar with the matter have confirmed that BP has begun a process of selling stakes in its Gulf of Mexico project. This would be Meg O'Neill's very first move as CEO. BP is one of the biggest operators in the Gulf 'Mexico. It has been weighing a possible sale of minority stakes to Tiber and Kaskida projects since a little over a year. Each project is estimated to be worth billions to the company. Four people who spoke on the condition of anonymity did not disclose the value of the stakes BP was looking to sell. BP refused to comment on the matter. Oil and gas companies often offer minorities in projects under development in order to release capital.
Sources say that BP has begun the process of selling stakes in Gulf of Mexico projects.
BP, the British 'oil major, has begun a 'process' to sell stakes in its Gulf of Mexico project, according to four sources with knowledge of this matter. This would be Meg O'Neill's very first move as CEO. BP is one of the biggest operators in the Gulf of Mexico and has been weighing a sale of a minority stake in both the Kaskida project and the Tiber project for over a year. Each of these projects are estimated to be worth billions of dollar to the company. Four people who spoke to Reuters on condition of anonymity did not disclose the value of the stakes BP was looking to sell. BP refused to comment on the matter.
Venezuela signs pacts with Shell to develop Loran gas field
Venezuela signed five agreements ?with ?British oil major Shell on Thursday to advance oil and gas projects, including the company's participation in the coveted 7-trillion-cubic-feet Loran offshore gas field, the government said. Shell had already signed agreements with Venezuela for these projects and others earlier this year. Shell is one of the few large foreign companies to have taken advantage of Venezuelan energy investment opportunities after President Nicolas Maduro was captured by the U.S. in January. The parties also agreed to a technical alliance that would allow for the expansion of oilfields in Monagas North and the procurement of equipment and parts.
Bayer wants to accelerate biofuel production plan in response to the energy crisis caused by the Iran War
Bayer, a drug-making giant and crop science company, said that it hopes to accelerate a plan in order to facilitate the?North American production?of biofuel feedstocks such as camelina following the?Iran war. The war has caused a'surge' in fossil fuel prices, which in turn has led to renewed interest in the use of biofuels. These are typically made using locally grown crops such as sugar and corn. They can be used to increase energy security and reduce energy costs. When fossil fuel prices increase, biofuels that are typically blended with gasoline or used to replace diesel become more cost-effective.
BP's upstream unit will be headed by Gordon Birrell and downstream by Richard Harding
BP announced on Tuesday that Gordon Birrell, a company veteran, will lead the upstream?unit and Richard Harding is the interim head of its downstream?unit. This change was part of BP's earlier announced restructuring into?two major business segments. BP fired its former Chairman Albert Manifold 'last month due to bullying allegations. It is now trying to rebuild investor confidence by cutting costs and reducing debt while focusing on its core oil & gas businesses. Upstream, which follows a traditional?integrated oil-and-gas company structure, will bring together BP’s oil and natural gas activities including exploration…
FT reports that BP investors want clarity on the ousting of the chair.
The Financial Times reported that top BP investors and ex-executives'said that they were in the dark as to the 'exact circumstances which led to the departure of a former?chair Albert Manifold. BP didn't immediately respond to a request for a statement outside of regular business hours. Manifold was ousted by BP's Board in May, expressing serious concerns over his governance standards and oversight, as well as his?conduct. This caused the share price to drop as much as 10%. Manifold acknowledged that he "pushed hard" to make changes, but denied any wrongdoing. A BP spokesperson told FT the company is firmly focused 'on cost discipline and delivering shareholder value.
Eni and Petronas establish joint gas venture in Southeast Asia
After signing an agreement for investment in November, Eni of Italy and Petronas of Malaysia have created a joint venture that combines energy businesses throughout Indonesia and Malaysia. This move is part Eni's "satellite strategy" to separate specific assets and develop them independently with the assistance of a partner. In a joint announcement, the companies stated that the new company named Searah will begin with a production base of more than 300,000 barrels per day and aim to reach 500,000 boe/d within three years. It will have a portfolio of 19 assets for?gas production and development, with 14 in Indonesia and 5 in Malaysia.
