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.
Baker Hughes reports that US energy companies have added rigs to their fleets for the seventh consecutive week.
Baker Hughes, a leading energy services firm, said in its closely watched report published on Friday that U.S. firms added rigs this week for the seventh week 'in a row' for the first since May 202. The number of oil and gas rigs, a good indicator of future production, increased by one in the week ending June 5. It is now at its highest level since May 2025. Baker Hughes reported that the total number of rigs was up by four rigs or 1% compared to this time last year. Baker Hughes reported that oil rigs rose by two this week to 431, the highest level since June 2025. Gas rigs fell by one to just 124, which is the lowest level since January 2026.
Norway oil companies and unions reach wage agreement, averting a strike
Negotiators from both sides said that the Norwegian oil companies had agreed to a wage deal with three unions. This agreement prevented any strike action which could have disrupted production. The industry estimates that the strike would have reduced production by an initial 45.500 barrels equivalent per day. Union officials had warned that a strike could have expanded at any moment, and would have had a significant impact on production. Norway produces over 4 million barrels equivalent to oil per day. This is almost equally divided between crude oil and natural gas.
FT reports that BP has held discussions to sell North Sea assets for PS2 billion to Ithaca.
The Financial Times reported that BP had advanced 'talks' to sell its UK North Sea assets to Ithaca _Energy _in a??deal worth $2.69 billion, citing sources familiar with the situation. The report stated that despite the failure of the recent talks, BP is still exploring its options and could pursue a 'deal' with another competitor. Ithaca Energy?refused to comment while BP didn't immediately respond to a?request for comment. Bloomberg News reported that last month BP was weighing the sale of all or part of its UK North Sea Operations. According to its website, the energy giant operates five major production hubs, including the Clair oilfield - the largest on the UK Continental Shelf.
Amanda Blanc, an independent director, is tasked by BP to head the search for the next chairman.
Ian 'Tyler, the BP interim chair said that BP had asked Amanda Blanc, a senior independent -director to lead the scouting for the next chairman. Tyler stated that "as with previous searches, this will be an intense process involving all members of the Board. The Financial Times was the first to report this news. Multiple London financial figures, including major?investors and the former chairman of the oil giant, Albert Manifold was ousted just eight months after his appointment. Blanc, who is also the CEO of British insurer Aviva?, oversaw Manifold’s appointment last October.
WSJ reports that BP's ousted Chairman Manifold had a clash with the director over deal negotiations.
The Wall Street Journal, citing sources familiar with the situation, reported that BP's formerly ousted chairman Albert Manifold had a disagreement with a fellow director, Simon Henry, earlier this year, over the handling of sensitive discussions related to a possible deal. BP dismissed?Manifold Tuesday and expressed serious concern about his 'governance standards and oversight, and conduct. Manifold claimed he had been?removed with no warning' and denied the description of his conduct. The Journal reported that Manifold accused Henry privately of overstepping his authority and of excluding other directors from communication…
BP Gas and Low Carbon Chief William Lin to depart -memo confirmed as true by spokesperson
William Lin, BP's head of low-carbon gas and business, is preparing to leave as the oil giant reorganises. A BP spokesperson confirmed this after a Monday internal message was sent to thank Lin for his'services. BP CEO Meg O'Neill who was appointed in April told BP staff last month that a reorganisation of the business into two major?units - downstream and upstream – bundling production of oil and gas – would begin in June. This was to make BP more valuable and simpler. BP has three major business units. The gas and low-carbon unit covers gas production while the production and operations unit covers oil production, U.S. Onshore Business and refining.
BP begins commercial production of non-associated gas at Azerbaijan’s ACG field
British ?energy major BP said on Monday ?commercial production of non-associated gas ?has begun at the ?energy-rich Azeri-Chirag-Gunashli (ACG) ?field ?off the coast of Azerbaijan. Non-associated natural gas is gas that comes from wells where there is no crude oil. It's produced independently, rather than as a byproduct. BP stated that ACG has estimated non-associated gas reserves of 4 trillion cubic ft with a potential of 6 trillion cubic ft. BP is refocusing its efforts on fossil fuels after a push for renewable energy. Last week, citing sources in the industry, it was reported that BP would become the operator of 'the Babek Gas Field in Azerbaijan.
BP sells 5% of the Australian Browse LNG Project to South Korea’s GS Energy
GS Energy, a South Korean company, has agreed to buy 5% of BP's stake in Browse - a liquefied gas project in Western Australia. The deal leaves BP with a stake of 39.33% in the Woodside project. This project is estimated to cost A$48.7billion ($34.96billion) and aims to develop Australia’s largest untapped 'gas resource. "BP and its Partners continue to?see long-term value?? The North West Shelf is one of Australia's largest LNG export facilities. However, the progress has been slowed by regulatory approvals. BP sold its stake after Inpex, a Japanese company, announced last month that it would purchase PetroChina's 10% share in the 'project.
Baker Hughes reports that US drillers have added oil and natural gas rigs to their fleet for the sixth consecutive week.
Energy services firm Baker Hughes said that U.S. energy firms added oil and gas rigs in the United States for a sixth consecutive week. This is the first time since May '2022. The number of oil and gas drilling rigs, a good indicator of future production, increased by four in the week ending May 29 to 562, its highest level since May 2025. Baker Hughes stated that despite this week's increase in rigs, the total number of rigs was still down by one rig compared to this time last year. Baker Hughes reported that oil rigs increased by four this week to 429, the highest level since June 2025. Gas rigs were'stable' at 125, and miscellaneous rigs were'stable at 8'.
Export surge and record-low U.S. shale oil backlog slow production gains
U.S. shale producers have the lowest stock of drilled-but-uncompleted wells on record, limiting their ability to move ?quickly to boost crude output and replace rapidly depleted oil inventories after exports and refinery processing jumped to plug the shortfall in supply caused by the U.S.-Israeli war ?on Iran. Since the start of the conflict, US producers have increased their exports to Asia and Europe. Iran has effectively closed the Strait?of?Hormuz and stifled the Middle Eastern oil market. This has caused a rapid decline in U.S. oil stocks. According to data from the government, U.S.
Sources say that the ousted BP chair met with activist shareholder Elliott, without knowing other directors directly.
Two sources familiar with the situation said that former BP chairman Albert Manifold had met with activist shareholder Elliott Management while he was on the board, without telling his fellow members. Manifold was fired by BP this week, after?less that eight months as Chairman. This sent BP's share price plummeting and dealt a serious blow to the leaderships 'attempt' to prove they had stabilized the ship. BP cited conduct and governance issues as the reason for Manifold's dismissal. BP hired Manifold in the last year to oversee efforts to restore investor confidence following years of strategy, leadership and debt changes.
Sources say that Trinidad's Atlantic LNG has shut down its processing unit to perform maintenance.
Gerald Ramdeen, the Chairman of the National Gas Company of Trinidad and Tobago (NGC) and two other people familiar with the operation, said that the flagship?LNG?facility of Trinidad and Tobago shut down its Train 4 processing unit for planned maintenance on Tuesday. Sources said that the outage could last for nearly two months and affect as much as 50% of Atlantic LNG’s total production capacity. The Caribbean's liquefied natural gas supply is now more limited in the short-term due to the interruption. Global markets are already constrained by the loss of Qatari volumes.
