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US drillers reduce oil and gas rigs at lowest level since November 2021, according to Baker Hughes
Baker Hughes, an energy services company, said Friday that U.S. firms have cut back on the number of natural gas and oil rigs for the fourth consecutive week, making it the lowest count since November 2021. The number of oil and gas drilling rigs, a good indicator of future production, dropped by 10 in the week ending May 23.
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Saudi Aramco is considering asset sales as a way to raise funds, according to sources
Two people familiar with the matter have confirmed that Aramco, Saudi Arabia's state-owned oil company, is looking at selling assets to raise funds as it expands internationally and deals with lower crude prices. Aramco, the largest oil company in the world and the primary source of Saudi revenue, is the biggest oil producer on the planet.
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US regulators approve construction of Venture Global CP2 liquefied natural gas plant in Louisiana
A document published by the FERC on Friday showed that US regulators had given Venture Global permission for construction to begin at its CP2 Liquefied Natural Gas plant in Louisiana. If built, CP2 would be the largest LNG export facility to the U.S. It will also help the U.S. remain the largest exporter in the world of supercooled gas.
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PREVIEW: Exxon and Hess will face off over Chevron's oilfield deal
Exxon Mobil, the top U.S. oil company, and Hess are scheduled to meet in court on Monday to decide whether Chevron will be able to complete its $53 billion purchase of Hess. This deal includes a stake in Guyana’s oil fields. This acquisition was announced in October of 2023 and is the largest deal in oil in recent years.
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Sources: SOCAR, Gunvor and Bin Butti will bid for refiner Italiana Petroli
Two sources familiar with the matter said that next week, State Oil Company of Azerbaijan SOCAR, global commodity trader Gunvor as well as Abu Dhabi's Bin Butti Group will be expected to make binding offers to acquire Italian oil refiner Italiana Petroli. UniCredit is advising IP, or API Group as it's also called, on the sale.
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Cochilco, Chile, raises its copper price forecast due to improved global outlook
The Chilean state copper commission Cochilco increased its average copper forecast for this and next year on Wednesday. It…
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Michael Kors-owner Capri posts quarterly revenue above estimates
Capri Holdings beat revenue estimates for the fourth quarter on Wednesday, as new designs and a renewed focus on its Michael…
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Freepoint Commodities sued by ex-analyst for alleged pressure to facilitate insider trade
Former senior analyst of U.S. trading firm Freepoint Commodities, a former senior analyst has filed a lawsuit against the company.
Latest news
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Exxon and Hess will face off over Chevron's oilfield deal
Exxon Mobil, the top U.S. oil company, and Hess are scheduled to meet in court on Monday to decide whether Chevron will be…
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Origin profits hit by Australia Pacific LNG price reduction for Sinopec
Origin Energy announced on Friday that Australia Pacific LNG had agreed to reduce the price of liquefied gas sold to Sinopec…
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US crude oil demand surges as traders prepare for OPEC+ pricing war
The Tank Tiger storage broker reported that the demand for crude oil in the United States has risen in recent weeks, to a…
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Gas producer Energean wants to copy the East Med model for West Africa
Energean, a gas producer, is interested in buying discovered gas fields that are not on the radar of larger rivals in West Africa…
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Australia's bid to be listed as a World Heritage Site for ancient rock art is stalled over pollution
The U.N. advisory panel warned that industrial pollution near the site could threaten its World Heritage status. The International…
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Australia approves Woodside's North West Shelf LNG Plant to operate until 2070
Australia approved Woodside Energy’s request on Wednesday to extend the lifespan of its North West Shelf Gas Plant until 2070.
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Australia approves Woodside's North West Shelf LNG Plant to operate until 2070
Australia approved Woodside Energy’s request on Wednesday to extend the lifespan of its North West Shelf Gas Plant until 2070.
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Alberta wildfire disrupts oil production and forces evacuations
Wildfires in Alberta, Canada forced the temporary shut-down of oil and gas production. Residents of a small community were also forced to evacuate.
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Saudi Aramco is considering asset sales as a way to raise funds, according to sources
Two people familiar with the matter have confirmed that Aramco, Saudi Arabia's state-owned oil company, is looking at selling…
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US drillers reduce oil and gas rigs at lowest level since November 2021, according to Baker Hughes
Baker Hughes, an energy services company, said Friday that U.S. firms have cut back on the number of natural gas and oil…
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The government claims that oil production in Guyana dropped to 611,000 barrels per day in April.
According to a government bulletin published on Friday, oil production in Guyana decreased to 611,000 barrels of oil per day (bpd) in April.
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Gas producer Energean wants to copy the East Med model for West Africa
Energean, a gas producer, is interested in buying discovered gas fields that are not on the radar of larger rivals in West Africa…
Exploration
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New Zealand Government plans to coinvest in new gasfield projects
The government of New Zealand announced its budget for Thursday that it will co-invest with other countries in developing new gas fields.
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The US claims that there are significant oil and gas reserves in Wyoming.
The U.S. Interior Department announced on Wednesday that a new federal assessment identified significant oil and gas reserves in Wyoming…
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Egypt's EFG Hermes reports Q1 revenue down 34% from previous FX gains
The revenue of Egyptian financial services firm EFG Holding decreased by 34% annually in the first quarter due to a gain…
Drilling
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OPEC+ targets US shale again with output increases
Saudi Arabia and Russia, the group's leaders, are also pushing a secondary objective behind OPEC+’s plan to increase oil…
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Norway Oil Drilling Unions Seek Mediation to Avoid Strike
Two unions have said that wage negotiations involving 7,000 oil drilling employees in Norway failed early on Wednesday. This…
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Minister: Estimated 6 billion-barrel shale oil reserves in southeast Turkey
The Turkish Energy Minister said that U.S. oil company Continental Resources estimated there to be 6.1 billion barrels of…
Production
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SBB, a debt-laden landlord, ends its losing streak in the first quarter with a profit
SBB, a Swedish landlord, announced on Tuesday that it had turned a profit before tax in the first quarter 2025, after 11 consecutive quarterly losses.
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Documents and sources indicate that Mexico's Pemex intends to reopen its wells in order to boost production.
According to four sources and two documents, the Mexican energy company Pemex is planning to reopen some old wells to increase production.
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EDP Renovaveis Expects Core Recurring Profit in 2025
EDP Renovaveis, the world's fourth largest wind energy producer, said on Thursday it expects core recurring profit to grow…
