Shale Drilling News

Baker Hughes reports that US drillers added oil and gas rigs in the US for a second consecutive week.

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 February. The number of oil and gas drilling rigs, a good indicator of future production, increased by two in the week ending April 25. Baker Hughes reported that despite this week's increase in rigs, the total count is still 26 or 4% lower than this time last year. Baker Hughes reported that oil rigs grew by two this week to 483 while gas rigs grew by one to 98. Drillers reduced the number of operating rigs by five in April. This is the second consecutive month that the total has decreased.

Elliott, an activist investor, calls for a change in BP's strategy chief and organizational structure

A source familiar with this situation on Friday said that activist investor Elliott Investment Management is pushing oil major BP's strategy chief to be replaced and its structure changed to separate its upstream and downstream divisions to improve accountability. Elliott has a small stake in BP of a little over 5%. The strategy, sustainability, and ventures division of BP is headed by Giulia Chiarchia. She was a key architect behind the company's ill fated focus on renewables during the tenure of previous CEO Bernard Looney. Chierchia, who joined BP in 2020 from McKinsey & Company consultancy, rose quickly to the position of strategy chief.

US wants to increase offshore oil drilling through easing of pressure rules

The U.S. Interior Department announced on Thursday that it had implemented new guidelines regarding pressure differentials allowed in certain types of oil drilling, in part of Gulf of Mexico. The department expects the changes to boost U.S. output of oil. The Energy Dominance Council, led by Doug Burgum, Interior Secretary to President Donald Trump, is seeking ways to reduce costs for oil and natural gas producers, lower regulations, and increase oil production, which was at record levels during the tenure of former President Joe Biden.

African energy exploration company Rhino Resources discovers light oil offshore Namibia

Namibia got a boost Thursday after Rhino Resources found "high-quality" light oil at its latest well. U.S. oil company Chevron also announced that it is considering a drilling campaign for 2026 or 2027. The southern African nation, a global hotspot for exploration, aims to produce its oil by the end of the decade, following a series of recent discoveries by Shell, TotalEnergies, and Galp Energia. The African energy explorer Rhino Resource found light oil in Capricornus 1X, its second successful exploration, which was drilled off the coast of Namibia in the prolific Orange Basin.

Trump's emergency move is aimed at cutting approval time for energy projects from 28 days to 28

The Trump administration announced on Wednesday that it would implement a process of emergency permitting for energy and mining on federal land, cutting approval times from months or even years down to just 28 days. The U.S. Department of the Interior's move comes in response to the President Donald Trump declaration of a national energy emergency, which he issued on his first official day of office. This was to expedite the permitting process in an attempt to boost the domestic energy supply, lower fuel prices, and strengthen national security.

Enverus: Weak oil prices and limited shale acres will impact energy M&A by 2025

Enverus, an analytics firm, said that the U.S. Upstream Oil and Gas M&A Market is bracing itself for the most challenging conditions in the past decade, as oil prices plummet and prime acreage disappears, despite the fact that dealmaking surged last quarter, making it the second best start to the year ever, despite the fact that the number of deals jumped to the highest level since 2018. After a string of record-breaking takeovers of oil and gas companies in recent years that culminated with a $192 billion deal in 2023, the expected decline in mergers and purchases follows.

Baker Hughes' first-quarter profits beat expectations on the back of strong demand for natural Gas Technology

Baker Hughes, a U.S. oilfield technologies firm, beat Wall Street expectations for the first-quarter profits on Tuesday thanks to a robust demand for natural Gas technology. The positive results are coming as oilfield service firms prepare for the impact of the tariffs introduced by the President Trump. These are expected to increase costs and disrupt sourcing of materials that are used in equipment such as drill pipes and artificial lifting systems. As Big Tech invests billions in AI, demand for electricity has increased to power data centres. This demand for LNG is also increasing.

Elliott presses BP to boost free cash flow by 40% via spending reductions, FT reports

The Financial Times reported that Elliott Management, an activist investor, has urged BP a 40% increase in its free cash flow through spending cuts. Elliott wants BP to focus on achieving a $20 billion annual free cash flow target by 2027 instead of growing its oil business, according to a report citing sources familiar with the issue. BP has worked to increase its share price, which has lagged behind rivals Shell and Exxon in recent years. According to the report, the hedge fund suggests that BP sell its solar and offshore-wind power businesses.

Oil industry sources claim that Central Africa's new FX Initiative falls short of its target.

Two oil industry sources said that six Central African nations who were expecting to receive billions in foreign exchange from funds set aside for environmental restoration by oil companies may actually see less than 500 million dollars by the April 30 deadline. Bank of Central African States, the central bank of Cameroon and Gabon, Equatorial Guinea Central African Republic, Republic of Congo, Chad, Gabon and Chad, introduced rules in 2018 governing these funds that are mostly held by foreign banks. The funds in the BEAC-controlled…

Shell completes survey of Venezuelan gas field as winding down of license approaches

Shell, the oil and gas company, plans to finish a marine survey of the offshore Dragon gas field in Venezuela before the May deadline set by the United States to close all energy licenses in the country. According to LSEG vessel tracking data, the Colombian-flagged Dona Jose II survey vessel arrived in Venezuela sanctioned by the U.S. this month to collect data for Shell and Trinidad’s National Gas Company. Two sources said that the exploration work will be completed within the next few weeks and allow the company determine drilling locations as well as pipeline design…

Turkey looks to regional energy expansion as Black Sea Gas output increases

Alparslan bayraktar, the Energy Minister, said that the daily production of natural gas in Turkey's flagship Sakarya Field, located on the Black Sea, has reached 9.5 million cubic meters. The country is ramping up its energy ambitions at home as well as abroad. Bayraktar, a Turkish minister of energy, told reporters in Giresun province that the country aims to sign an agreement by the end of the month allowing TPAO to explore a Black Sea bloc off the coasts of Bulgaria and a foreign partner. "We're about to finalize an agreement…

Trump Administration kicks off plan to expand offshore drilling

The U.S. The U.S. Donald Trump ordered the government to find ways to increase U.S. oil production. He argued that previous administrations had curtailed drilling unnecessarily to combat climate changes. He also rescinded the efforts of former president Joe Biden to stop oil drilling in the Arctic, and large areas along the U.S. Atlantic Coast and Pacific Coast. In a recent press release, Interior Secretary Doug Burgum stated that "Under the leadership of President Donald J. Interior announced that it would begin the development of the five-year planning process by opening a 45-day period for public comments.

Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 4 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 four weeks. The number of oil and gas rigs, a good indicator of future production, increased by two in the week ending April 17 to 585. Baker Hughes published the rig counts report one day earlier on Thursday, due to Good Friday. Baker Hughes reported that despite this week's increase in rigs the total count is still 34 rigs or 5% lower than this time last year. Baker Hughes reported that oil rigs increased by one this week to 481 while gas rigs increased by one to 98.

BP's leadership is facing shareholder votes amid Elliott campaign and climate ire

BP's Board is up for reelection on Thursday at its annual meeting. The group will be facing activist shareholder Elliott Management, as well as climate-focused investors that have asked for a vote to remove Chairman Helge Lind. BP's stock, which has underperformed rivals Shell and Exxon in recent months, is under pressure to increase its share price. This comes after U.S. hedge funds Elliott Management have built up a stake of nearly 5%. CEO Murray Auchincloss, and Chairman Lund, supported the 2020 plan of former chief Bernard Looney to cut BP's output of oil and gas by 40% in this decade and heavily invest in renewables.

Elliott builds $1.5-billion stake in Hewlett Packard Enterprise

A person with knowledge of the matter confirmed on Tuesday that hedge fund Elliott Investment Management had built up a stake in Hewlett Packard Enterprise worth more than $1.5 Billion. Elliott, one the world's largest activist investors, is now among the biggest investors in the company and plans to engage the management, according to the person who wasn't allowed to discuss the campaign publically. It was not immediately clear what Elliott might be trying to convince HPE, a company valued at 20 billion dollars, to do. Bloomberg was the first to report on Elliott's campaign. This boosted HPE's shares by nearly 5%, to $14.98.

India auctions three coal bed methane block

Pallavi Govil, the Directorate General of Hydrocarbons' upstream regulator, announced Tuesday that India had launched an auction of three blocks of coal bed methane and 55 small discovered areas for exploration and production. Two coal bed methane blocks are located in West Bengal, and one is in Gujarat. Govil added that India has also signed contracts for oil and natural gas blocks offered in a licensing round held earlier this year. The third-largest oil consumer in the world is looking to increase its domestic output. Over 80% of the country's oil requirements of over 5 million barrels a day are imported.

Venture Global LNG starts commercial operations at Calcasieu Pass plant

Venture Global LNG announced on Tuesday that it has started commercial operations at the Calcasieu Pass facility in Louisiana. This comes more than three year after the company produced its first liquefied gas. The move to commercial operations means the Arlington-headquartered company has brought an end to the extended commission of the plant which resulted in its customers taking legal action to try and force it to provide them with their contracted cargoes. Many LNG plants take months to commission a plant or ensure that its systems work as intended.

TotalEnergies expects hydrocarbon production to be at the top of its guidance range for Q1

In a trading update, TotalEnergies said that it expects hydrocarbon output to be at the upper end of its range for the first three months. It said that the hydrocarbon production for the first quarter 2025 will be between 2.5 and 2.55 millions barrels of oil-equivalent per day (Mboe/d), an increase of 4% on a year-on-year. "Exploration-Production results should reflect this growth in production and the slightly more favourable price environment than in the fourth quarter of 2024," Total added. Total's European refinery margin was $29.4 per ton, a slight increase from $25.9 per ton in the previous quarter.

BP discovers oil off US Gulf Coast

BP announced on Monday that it had made an oil find at the Far South Field in the U.S. Gulf of Mexico. The energy giant is seeking to increase production as part of a new strategy, which was announced earlier this summer. Green Canyon Block 584 is located about 120 miles (203.12 km) from the coast of Louisiana. The initial well as well as a sidetrack both encountered oil. The company stated that preliminary data indicated a potential commercial volume of gas and oil. The company also announced that it would increase its output in the Gulf of Mexico by 400,000 barrels of equivalent oil per day by 2030.

BP warns about lower production in the first quarter and weak gas sales

Energy group BP said that it expects the first-quarter production of oil and gas to be lower than in the previous quarter. Lower gas output in Egypt and Trinidad and asset sales will offset gains in oil. The trading update provides an early look at BP's performance in its first quarter, as the company faces investor pressure on capital discipline, share repurchases and energy transition. This scrutiny has increased since activist investor Elliott Management purchased a stake. BP expects its earnings in the oil production and operation segment to remain roughly flat compared to the previous quarter.

Oil advocate withdraws nomination for US Land Bureau

Senator Mike Lee announced at a Senate Hearing on Thursday that oil industry lobbyist Kathleen Sgamma had withdrawn her nomination for the U.S. Bureau of Land Management. Sgamma was scheduled to appear before the Senate Committee on Energy and Natural Resources on Thursday morning to discuss her nomination. Lee announced the news at the beginning of the hearing. Sgamma issued a subsequent statement via Lee's office, which did not provide a reason as to why she resigned. Sgamma stated, "It is an honor that President Trump nominated me as the Director of the Bureau of Land Management.

US no longer requires green analyses for oil and gas leases in Western States

The Trump Administration announced on Thursday that they will no longer be requiring environmental impact statements (EIS) for oil and natural gas leases in the U.S. West. This is a move to remove green barriers that will likely be challenged in court by environmental groups. Interior Department released a statement saying that its Bureau of Land Management will no longer be required to prepare environmental impact assessments for approximately 3,244 oil-and-gas leases in Colorado, Montana and New Mexico. Environmental impact statements provide a detailed analysis of the effects that federal actions will have on the environment.

Follow This, a group of climate activist shareholders, pauses the big oil campaign

Follow This, a climate activist shareholder group, said that a lack in investor interest has forced them to suspend their campaign to get major oil and gas companies to commit to reducing emissions. The campaign had been going on for nearly ten years. In 2016, the Dutch group began submitting climate resolutions to shareholder meetings. By 2017, it had achieved shareholder support of 80% for Phillips 66 and 60% for Chevron. The surge in oil prices caused by the Russian invasion of Ukraine, and lower than expected returns on investments in renewables have led shareholders to focus their attention back on oil and natural gas.

US refiners are unlikely to spend large amounts to process more domestic crude oil

It can be expensive and time-consuming to change refinery configuration. The margins and yields of refineries can be affected by using different types of crude. By Arathy S. Analysts and industry sources said that U.S. refiners do not plan to invest heavily to process more crude oil domestically and less oil imported from Canada and Mexico. This is a major obstacle to President Trump’s plan to increase oil production. Trump's pledge of unleashing U.S. production and lowering prices for consumers focused on increasing domestic drilling. Trump's tariff threats, however, have reduced imports of crude oil from Canada and Mexico.

US EIA delays short-term outlook report amid oil market downturn

Energy Information Administration (EIA) in the United States announced on Monday that it will delay publication of its "Short-Term Energy Outlook Report" (STEO), amid a drop in oil prices nearing four-year lows due to growing fears of a worldwide recession. EIA announced in an email that the report scheduled for publication on Tuesday, April 8 will now be released on Thursday, 10 April at 12:00 noon EDT (1600 GMT). The EIA has re-run the models for STEO forecasts in order to reflect recent market developments. The STEO monthly report provides the EIA’s predictions for U.S.

Petrobras has completed the animal care center needed for offshore license

Petrobras, Brazil's state-run oil firm, has finished the work required to get an environmental permit in order to drill offshore. The company announced this on Saturday. The Animal Care Center in Oiapoque in Amapa State is designed to help animals in case of an oil spill. Ibama, the Brazilian environmental agency, made this demand in response to Petrobras’ proposal to drill offshore near Foz do Amazonas. Amapa has issued the veterinary centre with an operating license, but Ibama must still approve it. Petrobras announced in a press release that it had informed the agency of the availability of the center for inspection beginning Monday.

As Trump tariffs cause demand concerns, refining stocks plummet to levels not seen in two years.

Investors were rattled by fears about a slowdown in oil and fuel consumption and a decline in refining margins after President Trump announced new tariffs. According to LSEG data, the market capitalization of top refiners Marathon Petroleum and Valero Energy, as well as Phillips 66, has dropped by more than 20 billion dollars since Trump announced new tariffs Wednesday afternoon. Alan Gelder is vice president for refining chemicals and oil markets, Wood Mackenzie. The price of crude oil futures was at its lowest level in four years, and headed for the biggest weekly percentage loss in over two years.

Baker Hughes reports that the US oil rig number has reached its highest level since June.

Baker Hughes, a leading energy services company, said that the U.S. firms cut back on the number oil and gas rigs for the second consecutive week, despite the fact that the number oil rigs was at its highest level since June. The number of oil and gas rigs, a good indicator of future production, dropped by two in the week ending April 4 to 590. Baker Hughes reported that oil rigs increased by five this week to 489, their highest level since June. Gas rigs, on the other hand, fell by seven to 96 - their lowest level since September - which is the largest weekly drop since May 2023.

British stocks plunge in worst day for 2020 as US-China Trade War intensifies

Investors avoided risky assets on Friday after China's retaliatory duties against the United States raised fears of a global economic recession. The blue-chip FTSE 100 reached a three-month-low, down almost 5% – its biggest daily drop since March 2021, when the world markets plummeted due to COVID-19. The midcap index fell 4.4% and closed at a record low of 16 months. Investors rushed to government bonds and sold stocks, causing the blue chip index and midcap index to see their largest weekly declines in 5 years. The trade war between two of the world's largest economies intensified when, currently facing tariffs of 54% on its exports to the U.S.

Spain's imports from Venezuela of oil are increasing as the US sanctions deadline approaches

Spain's crude imports from Venezuela increased by 59% in January and Februrary compared to a year ago as the deadline for a major sanctions imposed by President Donald Trump's Administration approaches. Cores, the energy and environment ministry of Spain, released data on Friday showing that in the first two months 2025, Spain imported 449,900 tons of Venezuelan crude oil, compared to 283,00 tons during the same period of last year. Last week, the U.S. government announced a 25% tariff for goods coming from countries that buy Venezuelan crude oil and gas.

Helge Lound, BP chairman, to resign amid Elliott campaign

BP Chairman Helge Lund plans to step down in "likely 2026", and the process of selecting his successor has begun, BP announced on Friday. This comes amid a campaign from activist hedge fund Elliott to bring about more change within the company. Lund had backed BP’s 2020 strategy, which included an ambition to reduce its hydrocarbon production by 40% in this decade. This plan saw BP’s shares perform below their peers, such as Shell and Exxon. After taking gradual steps to move away from this strategy, devised by the then-CEO Bernard Looney who left BP 2023 when it was revealed that he hadn't disclosed relationships with his colleagues…

EIA: US crude and distillate stocks rise while gasoline inventories fall

The Energy Information Administration reported on Wednesday that U.S. crude and distillate oil inventories increased while gasoline inventories decreased last week. The EIA reported that crude inventories increased by 6.2 millions barrels, to 439.8million barrels for the week ending on March 28. This was compared to analysts' expectations based on a poll of a 2.1-million barrel draw. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, rose by 2.4 millions barrels. The crude prices have remained relatively unchanged despite the surprising build-up of inventories.

The LAPFF in Britain recommends voting against BP Chairman, annual report

The Local Authority Pension Fund Forum in Britain (LAPFF), recommended to shareholders on Monday, that they vote against the reelection of BP Chairman Helge Lund and BP's Annual Report, remuneration reports, as well as abstaining on whether BP Chief Executive Murray Auchincloss is reelected. Institutional Shareholder Services Inc. (ISS) as well as Glass Lewis, two influential proxy advisors, have advised that shareholders vote for the reelection of BP’s board of directors, management team and annual report during the annual general meeting on April 17.

Texas oil and gas upstream jobs increase in February, says industry group

The Texas Independent Producers and Royalty Owners Association, or TIPRO, announced on Friday that upstream oil companies increased hiring in February. This is the second consecutive month of growth. Hiring in upstream, which includes drilling and producing oil activities, can be an indicator of how the oil and gas sector is doing. More drilling could be expected if companies hire more staff. TIPRO represents more than 3,000 independent producers in Texas. The Permian Basin is home to some of the most prolific crude oil production in the United States, which, according to Energy Information Administration, accounts for less than half the total U.S.

BP approves Ginger Gas Project in Trinidad and Tobago

BP said that it has approved the Ginger gas project in Trinidad and Tobago. This is one of ten projects named by Murray Auchincloss, CEO, in a recent strategy overhaul to support BP's renewed emphasis on oil and natural gas. The company stated that Ginger will start production in 2027 and reach a maximum of 62,000 barrels equivalents per day. Trinidad and Tobago has encouraged BP and other producers of natural gas to increase production in order to meet demand for its flagship liquefied gas facility, Atlantic LNG and its petrochemical factories. LSEG preliminary data shows that BP owns 45% of Atlantic LNG.

China CNOOC 2024's net profit increases 11% on record production

CNOOC Ltd., a state-owned energy company in China, posted an increase of 11.4% on a record production in 2024 despite lower oil prices. The firm is continuing to focus on increasing its reserves and production. In a filing on Thursday to the Hong Kong Stock Exchange, offshore oil and natural gas specialist reported net profit of 18.99 billion dollars. Sinopec Corp, a domestic rival, reported a 16.8% drop in net income to 50.3 billion yuan. CNOOC achieved its high-end target by increasing oil and gas production 7.2%, to 726.8 millions barrels of oil equal (boe). The company's total production costs have remained low, at $28.52 per boe.

EIA: US crude stocks fall as refining increases.

The Energy Information Administration reported on Wednesday that U.S. crude inventories dropped last week, as refiners increased production. Gasoline and distillate stocks also fell. The EIA reported that crude inventories dropped by 3.3 millions barrels, to 433.6 million in the week ending March 21. This was a far cry from the 956 thousand barrels analysts had predicted in a survey. Refinery crude production increased by 87,000 barrels a day. The refinery utilization rate also rose, by 0.1 percent, to 87%, for the third consecutive week, as refiners finished their seasonal maintenance. Brent crude futures, and U.S.

Glencore refinery in South Africa invests in cleaner fuels

Astron Energy, an affiliate of the global commodity trader Glencore will invest up six billion rands ($328 million) in order to install new equipment, and to become compliant with South Africa’s cleaner fuel specification before a 2027 deadline. Astron officials have said that the foundations for a Gasoline Hydrotreating Process, which will reduce petrol to Euro 5 specifications has already been laid in the 100,000 barrels a day crude oil refinery near Cape Town. The Clean Fuels II regulation in South Africa, which stipulated that the sulphur content in petrol and diesel must be reduced to 10 parts-per-million (ppm)…

Suriname's Staatsolie raises 515.8 millions dollars through bond issue

Suriname’s state-owned energy firm Staatsolie raised $515.8 millions through the issuance of debt bond aimed at raising capital for the small South American country’s first offshore oil and gas project. Staatsolie must raise $2.4 billion in order to acquire a 20% stake of the $12 billion GranMorgu Project, which will be operated by TotalEnergies. The first production is expected in 2028. The company is in negotiations with foreign banks for up to $1.5billion in financing. This year. The company also put aside cash reserves.

Iraq plans to increase oil production above 6 million barrels per day by 2029

Iraq plans to increase oil production to 6 million barrels per days (bpds) or more by 2029. This was announced on Sunday by the Iraqi oil ministry, according to Iraq's state news agency. Bassem Mohammed Khodeir, the undersecretary of the Oil Ministry, told Reuters that Iraq aims at achieving its target by oil exploration and drilling activities across the country. He cited a recent agreement with oil giant BP for redevelopment of four Kirkuk oil fields and gas fields. Officials from the oil ministry say that Iraq's current production of oil is around 4 million barrels per day.

Baker Hughes reports that US oil and gas rigs have risen 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 drilling rigs, a good indicator of future production, increased by one in the week ending March 21. Baker Hughes reported that despite this week's increase in rigs the total count is still 31 rigs or 5% lower than this time last year. Baker Hughes reported that oil rigs dropped by one this week to 486, while gas-rigs increased by two to 102. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S.

Sources say that Elliott met with BP investors in order to discuss further changes.

Two shareholders have confirmed that Elliott Management, an activist investor in BP, has met with several of the company's largest shareholders to form a consensus on more changes. These could include cost reductions and a possible leadership reshuffle. BP's stock has performed worse than rivals Shell, Exxon and Shell in the past five years. Investors have blamed this in part on 2020 plan of the company to focus on its renewable business and cut oil and gas production. After watering down this plan, BP accelerated the pivot back to hydrocarbons with a new strategy last month.

UK's Energean terminates Carlyle deal

Energean, a UK-based gas company, announced on Friday that it had terminated its agreement with Carlyle to sell some of its assets because regulatory approvals were still pending in Italy and Egypt. In June 2024, the two companies struck a $945 million deal that would allow Carlyle to establish a new Mediterranean-focused oil and gas company, led by former BP CEO Tony Hayward, by utilizing Energean's assets in Egypt, Italy, and Croatia. "While I'm disappointed that Carlyle wasn't able to obtain the necessary approvals for Egypt and Italy…

Shell plans to deliver gas from Venezuela to Trinidad by 2026, according to sources

Shell Plc aims to start producing natural gas in Venezuela's Dragon field and export it to Trinidad and Tobago, an hour earlier than the initial 2027 start date. The project demonstrates the industry's hope that sanctions against Venezuela will remain in place despite recent tighter enforcement. The people stated that the partners intend to begin survey work in January and decide to drill three wells. They will also need to renew their U.S. licence later this year. U.S. sanctions are aimed at virtually the entire Venezuelan gas and oil industry which is controlled and owned by PDVSA, the state-owned company.

Russell: OPEC and IEA are focused on China's oil demand but it is the crude imports that matter.

What is more important to the crude oil market? Which is more important: the growth forecasts by major agencies of Chinese oil demand or the actual weakness of imports? The International Energy Agency (IEA), as well as the Organization of Petroleum Exporting Countries, (OPEC), both talk about the demand for oil when they forecast the future of the oil industry in China, the largest crude importer of the world. It is a practice that has been around for a while and is not challenged by the market. There is a disconnect in the fact that China's oil exports are actually declining.

Follow This, a BP activist investor, urges voting against Chair Lund on energy transition

BP activist investor Follow This intends to ask shareholders at the 17th April shareholder meeting to vote against Helge Lund being reappointed, claiming he had a duty to give investors a voice on the scrapping of energy transition targets. In a February strategy overhaul, CEO Murray Auchincloss announced that BP would cut spending on renewables while increasing investment in oil and natural gas. This was a revamp of the 2020 strategy, which had predicted a 40% reduction in its oil and natural gas output by 2030. The main criticism of Follow This is that the shareholders haven't been given a chance to vote directly on the new strategic direction.

Russell: OPEC and IEA are focused on China's oil demand but it is the crude imports that matter.

What is more important to the crude oil market? Which is more important: the growth forecasts by major agencies of Chinese oil demand or the actual weakness of imports? The International Energy Agency (IEA), as well as the Organization of Petroleum Exporting Countries, (OPEC), both talk about the demand for oil when they forecast the future of the oil industry in China, the largest crude importer of the world. It is a practice that has been around for a while and is not challenged by the market. There is a disconnect in the fact that China's oil exports are actually declining.

Mexico's Pemex has confirmed that it is in discussions with Slim regarding Ixachi investments.

Claudia Sheinbaum, president of the Mexican Energy Company Pemex, said that Pemex was in discussions with Carlos Slim's companies about an investment into Ixachi, Mexico's largest natural gas field. Last week, it was revealed that officials from Pemex's and Slim’s companies were considering an alleged mixed contract for Ixachi field in Veracruz and a joint operation agreement for deepwater Zama in the Gulf of Mexico. Sheinbaum said that GrupoCarso, which is one of Slim’s companies, was already involved with some aspects of Ixachi’s operation. It currently drills deep wells. Sources have said that mixed contracts would be used in Ixachi.

Mexican tycoon Slim targets two of Pemex’s key fields to gain clout within the energy sector

Sources familiar with the matter say that the Mexican state energy company Pemex has been in contact with Carlos Slim, and the billionaire could be asked to help fund two of the most promising crude oil fields and natural gas deposits in the country. These negotiations, which were not previously reported, show Slim's increasing influence in Mexico's energy sector. His business empire, which includes telecommunications and banking, retail, insurance, and hospitality, is expanding. Slim, who is one of the richest men in the world…

Executives say that AI will lead to cheaper and faster oil production. CORRECTED.

Executives at the CERAWeek Conference in Houston explained that artificial intelligence has accelerated oil and gas drilling, and has prompted companies to reconsider areas they previously deemed too expensive or difficult to develop. AI was a major topic in several sessions of the largest energy conference. Oil producers are looking for ways to stay profitable amid a plummeting price of oil and concerns that U.S. president Donald Trump's tariffs may slow down global energy demand. Ann Davies, BP’s senior vice-president of wells, revealed that the UK oil giant BP uses AI to predict problems and steer drill bits before they occur.

Executives say AI will lead to cheaper and faster oil production.

Executives at the CERAWeek Conference in Houston explained that artificial intelligence has accelerated oil and gas drilling, and is prompting companies take a second glance at areas they previously deemed too expensive or difficult to develop. AI was a major topic in several sessions of the largest energy conference. Oil producers are looking for ways to stay profitable amid a plummeting price of oil and concerns that U.S. president Donald Trump's tariffs may slow down global energy demand. Ann Davies, BP’s senior vice-president of wells, revealed that the UK oil giant BP uses AI to predict problems and steer drill bits before they occur.

Financial Times – March 13,

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Intel named Lip-Bu Tan, a former board member who has worked in the chip industry for many years, as its new CEO on Wednesday. Pat Gelsinger was ousted by the board of the struggling U.S.-based chipmaker back in December. Keir starmer, the British Prime Minister, will pledge on Thursday to reshape government services by tackling a "cottage-industry of checkers and blocks" and using AI to achieve efficiencies. However Downing Street has insisted that he won't take a "chainsaw" to state. The U.S.

EIA: US crude oil inventories are rising, but fuel is being drawn down due to ongoing maintenance.

The Energy Information Administration (EIA), which tracks seasonal refinery maintenance, reported on Wednesday that U.S. crude stockpiles increased and fuel inventories decreased last week. The EIA reported that crude inventories increased by 1.4million barrels, to 435.2million barrels for the week ending March 7. This was compared to analysts' expectations in an online poll of a 2million-barrel increase. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 1.2 millions barrels in the past week. The report prompted a rise in oil futures. Oil futures rose after the report. This week, oil production was lower than expected.

BP CEO: It's time to increase U.S. production of gas

HOUSTON, 11 March - BP will increase U.S. Natural Gas production in its onshore shale operation following the recent rise of domestic gas prices. CEO Murray Auchincloss announced this on Tuesday. Auchincloss said at the CERAWeek Conference in Houston that "with rising gas prices, it is time for the Haynesville basin" in eastern Texas. As new LNG export terminals on the Gulf Coast ramped-up, the benchmark U.S. Natural Gas prices more than doubled in the last year to $4.4 per million British Thermal Units (mmBtu). BP's onshore U.S. shale operation produced 434,000 barrels equivalents per day last year.

Experts say that Trump's tariffs against steel and aluminum will increase costs for US energy companies

The proposed U.S. steel and aluminum tariffs will increase costs for U.S. Oilfield Services companies that rely on this metal for their operations. Oilfield service firms like ChampionX and Patterson UTI are the backbone for the North American oil and natural gas industry. They provide essential equipment and services to drill, produce and maintain. Steel is the lifeblood of these industries - drilling platforms, pipelines and refineries, compressors and storage tanks, offshore platforms, and offshore platforms. On Tuesday, Donald Trump doubled tariffs on Canadian aluminum and steel imports from 50% to 100%.

CERAWEEK - IEA chief sees investment needed in existing oil and gas fields

Fatih Birol said that the International Energy Agency in Paris, which is headed by Fatih Birol himself, has a responsibility to invest in oil and natural gas fields for the sake of global energy security. After years of pressure from fossil-fuel advocates, the pro-drilling campaign was relaunched. He said, "I would like to be clear... that there will be a requirement for investment. This is especially true to combat the decline of the existing fields." At the CERAWeek conference on energy in Houston. He said that there was a "need for upstream oil and gas investments".

CERAWEEK - Australia's Santos will increase investment in the US due to pro energy policy - CEO

Kevin Gallagher, CEO of Santos Australia, said that the company will increase its investments in the United States due to the energy-friendly policies of President Donald Trump and his administration. Trump wants to maximize the domestic oil and natural gas production, and has reverted many of Joe Biden's policies that were meant to encourage a shift to a low-carbon economy. Gallagher, in remarks made at the CERAWeek Conference in Houston, said: "We will increase our investment in the U.S. as it is a very attractive proposition. The U.S.

Baker Hughes, CERAWEEK: Oil producers are unlikely to spend more this year

Baker Hughes CEO Lorenzo Simonelli stated on Monday that U.S. producers of oil and gas are unlikely to increase their spending this year. Instead, the output will be boosted by improved efficiency rather than through new drilling. The U.S. administration of President Donald Trump has repeatedly urged the oil and gas industry to "Drill baby, drill" to maximize production and lower consumer energy costs. Even though oil prices are down, many producers continue to focus on capital discipline rather than uninhibited drilling. Simonelli…

US Supreme Court dismisses state climate lawsuits against oil companies

The U.S. Supreme Court on Monday rejected a bid from 19 Republican-led state led by Alabama, to stop five Democratic-led state from pursuing lawsuits against major oil companies for deceiving public about the role that fossil fuels played in climate change. The justices refused to hear a case filed directly at the Supreme Court by Republican attorneys general. This case targeted cases filed against Exxon Mobil and other companies such as Chevron, ConocoPhillips Shell, BP, Shell, ConocoPhillips. These lawsuits were brought by California, Connecticut Minnesota, New Jersey, and Rhode Island.

British Business – March 10,

These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. Britain advises Ukraine on how to handle peace talks with the United States, while President Zelensky is on his way to Saudi Arabia. He had said that Russia was responsible for hundreds of attacks against his people over the last week. BP CEO Murray Auchincloss said that a decision to increase fossil fuel output and abandon green energy goals is "resonating", as he races against time to convince investors that he can change the fortunes of the oil giant.

US drillers reduce oil and gas rigs in the US for the first time in six-weeks - Baker Hughes

Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have cut back on the number of oil rigs for the first six weeks. The number of oil and gas rigs, a good indicator of future production, dropped by one in the week ending March 7 to 592. Baker Hughes reported that the total number of rigs is 30 or 5% lower than it was at this time last week. Baker Hughes reported that oil rigs remained unchanged at 486 rigs this week while gas rigs dropped by one to 101. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S.

UK replaces windfall oil tax with consultation on clean energy future

Britain announced that it will end the windfall taxes on North Sea oil producers by 2030, and replace them with a new mechanism for responding to price increases. It is pushing ahead with its plan to turn the North Sea into an energy hub. On Wednesday, the government held two consultations. One was on how to transform the North Sea into a clean-energy area, while another focused on how taxes would be applied when energy prices were high. This will give producers more certainty about future tax rates. Oil and gas producers claim that the windfall tax, which was introduced three years ago, when prices were surging, has wiped out profits.

BP and Mauritania claim leak found at gas project offshore West Africa

The British company BP and the Mauritania Environment Ministry announced on Wednesday that a gas leak had been detected in a well at the Greater Tortue Ahmeyim Gas Project operated by BP off the coasts of Senegal and Mauritania. BP stated that the impact of the leak on the environment was expected to be minimal and the incident will not disrupt production. The first gas was produced by the project, developed by BP in partnership with Kosmos Energy of the United States. In a press release, the Mauritania Environment Ministry…

Reliance India says the oil ministry demanded $2.81 billion in gas dispute case

Reliance Industries, an Indian company, said Tuesday that the Petroleum and Natural Gas Ministry of India has demanded $2.81 billion in a dispute over gas drilling from the company and BP Exploration and Niko. A division bench of the Delhi High Court ruled on February 14 against Reliance in a dispute over the extraction of gas from a deepwater block in India's KG-D6 block, located in the Krishna Godavari Basin in the eastern coast. Reliance, in a filing on the exchange, said that it has received legal advice that the division bench judgement and this provisional request are not sustainable and is now taking steps to contest the judgment.

Sinopec certifies reserves of 1.3 billion barrels at East China Shale Oil Plays

Sinopec Corp announced on Monday that the Chinese government had certified new geological resources of about 180 million tons or 1.3 billion barrels at two of their shale-oil plays. Sinopec announced that the new reserves had been tapped in the Xinxing Field in the Jiyang trough in the Bohai Bay Basin and in the Qintong Field in the Subei Basin. The shale formations of Xinxing are buried between 2,900 and 4,000 metres beneath the surface, while those in Qintong are buried 3,430 to 4,560 meters deep. Sinopec said that both fields have demonstrated high-volume production from single wells with a long-term stable output.

Trump's tariffs threaten Canada's oil and natural gas drillers

Canada's oilfield services and drilling sector has already begun to show signs of slowing down due to the threatened tariffs by U.S. president Donald Trump. This has sparked fears that a rebound in this industry could be halted if these levies are implemented. The Canadian drilling industry lost thousands of jobs between 2014 and 2020 as a result of low oil prices, and the COVID-19 pandemic. Industry representatives say that activity has increased since 2020. However, Trump's threat of imposing a 10% tariff for the 4 million barrels a day (bpd), or Canadian crude imported to the U.S., could change this.

Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the fifth consecutive week.

Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for a fifth consecutive week for the first since May 2022. In the week ending February 28, the oil and gas rig counts, an early indicator for future production, increased by one, to 593, its highest level since June. Baker Hughes reported that despite this week's increase in rigs the total count is still 36 rigs or 6% lower than this time last year. Baker Hughes reported that oil rigs dropped by two this week to 486, while gas-rigs increased by three to 102.

Petrobras will commission four additional ships by 2026, bringing the total to 48.

Magda Chambriard, the Chief Executive of Petrobras, said that four new support vessels would be ordered by the company by 2026. This will bring its total number of ships to 48. Petrobras is bolstering its fleet in anticipation of a higher oil production offshore over the next few decades, as it brings new production units online at Buzios. The field expects to produce 2 million barrels of oil per day by 2030. The oil giant's commissioning of the new vessels follows the President Luiz inacio Lula da S Silva's plan to revitalize the shipbuilding industry by using the firm to create jobs and fuel demand.

Expand Energy is on track to increase US natgas production to meet the growing demand

Expand Energy, previously known as Chesapeake Energy, and the largest natural gas producer in America, announced on Thursday that it is on track to increase output by over 5% from the levels expected in 2020, as long as the market conditions allow for such an action. The CEO of Expand, Nick Dell'Osso, told analysts on the company's earnings call for the fourth-quarter that the company was ready to increase output from 6.4 billion cubic foot equivalents per day (bcfed), in the fourth quarter 2024 to 7.1 bcfed by 2025 or 7.5 bcfed by 2026 depending on the market conditions.

Pemex's fourth-quarter loss is $9.1 billion

According to a filing on Thursday with Mexico's principal stock exchange, the state-owned oil company Pemex posted a 190.5-billion-peso (about $9.1 billion) net loss for the fourth quarter, after posting profit during the same period last year. Revenues for the government-run oil firm during the period of October to December totaled 436.6 bn pesos. This is an increase of almost 3% when compared with the fourth quarter of 2023. Pemex reported earnings of 14.6 billion pesos for the fourth quarter before interest, tax, depreciation, and amortization. This metric is used to measure operating performance.

ADNOC signs LNG supply contract with Japan's Osaka Gas

Abu Dhabi National Oil Company announced on Thursday that it had signed an agreement for 15 years to supply Japan’s Osaka Gas liquefied gas from the Ruwais Project. The agreement to supply LNG up to 0.8 mtpa is the fourth contract signed for the Ruwais LNG Project, where energy giants Shell, BP TotalEnergies, and Japan's Mitsui all have a 10% share. ADNOC stated in a press release that the LNG will primarily come from the Ruwais LNG Project, which is due to be completed in 2028. ADNOC, a state-owned company, has ambitious plans to develop the LNG and natural gas industries…

US oil licenses and authorizations for Venezuela

Since the United States first imposed sanctions against Venezuela's energy industry in 2019, it has granted licenses to certain oil companies, allowing them to export Venezuela's oil into specific destinations. Washington imposed sanctions after international observers reported irregularities at elections which have kept Nicolas Maduro on the throne repeatedly. Donald Trump, the U.S. president, announced on Wednesday that he would revoke a license for a U.S. oil producer Chevron Corp. He accused Maduro of not making progress in electoral reforms or migrant return. According to data from vessel monitoring, in January crude exports via active U.S.

EIA: US crude stocks fall as refining increases, fuel inventories increase

The Energy Information Administration (EIA), which released its report on Wednesday, said that U.S. crude stockpiles dropped unexpectedly as refining activity increased, while gasoline and distilate inventories showed a surprise build. The EIA reported that crude inventories dropped by 2.3 millions barrels, to 430.2 million in the week ending February 21. This was in contrast with the analysts' polled expectations of a rise of 2.6 million barrels. Cushing, Oklahoma's delivery hub for U.S. Crude Futures, saw its stocks rise by 1.3m barrels. They now total 24.6m barrels. This is the highest level since November. The U.S.

BP changes course by increasing fossil fuel investments while cutting back on renewable energy

BP announced on Wednesday that it would increase its annual oil and natural gas investment by $10 billion. This will return the focus to fossil-fuels as part of Murray Auchincloss’ efforts to improve financial performance and boost returns. The oil giant has slashed its planned annual investment into transition businesses by over $5 billion compared to the previous forecast. It now expects to invest between $1.5 and $2 billion annually. "We will increase upstream production and investment to enable us to continue producing high-margin energy for many years.

British Business – February 26

These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch their accuracy. BP, the oil major in Iraq, and the Iraqi government have agreed to allow the energy group work on the redevelopment and exploitation of four large gas and oil fields in Kirkuk. Unilever's board of directors has decided to part ways with Hein Schumacher, Chief Executive Officer. They have chosen a new leader they feel will operate at a quicker pace. British Ministers plan to offer concessions in their plans for AI companies that will make it easier to use work protected by copyright.

Iraq and BP agree on four Kirkuk oil fields

Iraq and oil giant BP signed a contract to redevelop Kirkuk's four oil and gas fields. BP announced the deal on Tuesday. This is a major breakthrough for Iraq where production has been hampered by war, corruption, and sectarian tensions. The signing takes place a day before BP updates investors on its strategic plan. It is widely expected that BP will reduce investments in renewable energies and return to investing more in oil and natural gas. A senior Iraqi oil official said in early February that BP expects to spend as much as $25 billion on the project over its lifetime.

Italy's Saipem and Norway's Subsea 7, to create a leader in energy services

Saipem, an Italian company, has agreed to merge its Norwegian competitor Subsea 7 into a global leader in offshore energy services. The deal is a 100% share transaction. The two companies announced that the combined group will be called Saipem7. It will have a backlog of orders of over 45 billion euros, revenue of around 20 billion and core earnings exceeding 2 billion. Saipem shares rose more than 5% before falling more than 4.2%. Subsea 7's stock was up 3.2% at 1324 GMT. Analysts raised concerns during a conference call with top management of the two companies about the antitrust risks and the long timeline for the completion of the merger.

Italy's Saipem and Norway's Subsea 7, to create a leader in energy services

Saipem, an Italian company, has agreed to merge its Norwegian competitor Subsea 7 into a global leader in offshore energy services. The deal is a 100% share transaction. The two companies announced that the combined group will be called Saipem7. It will have a backlog of orders of over 45 billion euros, revenue of around 20 billion and core earnings exceeding 2 billion. Saipem shares rose more than 5% before falling more than 4.5%. Subsea 7's stock was up 3.2% at 1324 GMT. Analysts raised concerns during a conference call with top management of the two companies about the antitrust risks and the long timeline for the completion of the merger.

BP abandons renewables targets and returns focus to fossil fuels

BP's CEO will abandon a goal to double renewable energy generation by 2030 and return the focus to fossil energies as part of a new strategy announced on Wednesday in response to investor concerns about earnings. BP shares have been underperforming their rivals over the past few years, and it has already abandoned its goal to reduce oil and gas production by 2030. Two sources familiar with the situation said that on Wednesday, at BP's capital markets day, Murray Auchincloss would tell investors that the company has abandoned its goal to increase renewable generation capacity by 20 times between 2019 and 2030, to 50 gigawatts.

ExxonMobil’s Esso, Mitsui and Woodside to Invest $200M in Gas Project Off Australia

ExxonMobil’s Australian subsidiary Esso Australia Resources and its partners have announced a nearly $200 million investment in the Kipper 1B project which will bring online additional gas supply from the Gippsland Basin.The project, which was approved by Esso Australia, and its co-venturers, MEPAU A (Mitsui), and Woodside Energy, will utilize the Valaris' jack-up rig VALARIS 107 to drill and install one subsea well into the Kipper field, and involve significant upgrades to the West Tuna platform.Drilling into the Kipper field is set to begin later this year…