December 5, 2025 – Oil & Gas 360

Equinor strikes gas in North Sea wildcat wells, opening new development potential

December 5, 2025

(World Oil) – Equinor and Aker BP have announced a new gas and condensate discovery in the North Sea after drilling two exploration wells at the Lofn and Langemann prospects, marking a promising start for Production Licence 1140. The wildcat wells—15/5-8 S and 15/5-8 A—were drilled about 7 km north of the Eirin field and roughly 240 km west of Stavanger using Odfjell Drilling’s Deepsea

Germany scales back offshore wind auctions after latest flop

December 5, 2025

(Oil Price) – Germany moved to reduce the capacity it will auction in its offshore wind tender in 2026, following the flop in the latest auction without a single bid made. The German Parliament approved legislation narrowing the capacity in the 2026 tender to just 2.5 gigawatts (GW) to 5 GW, compared with an earlier plan of auctioning off 6 GW of offshore

Digitalization may unlock $320 billion in oil and gas savings by 2030, analysts say

December 5, 2025

(World Oil) – The oil and gas industry could capture more than $320 billion in savings over the next five years by accelerating digital adoption across core operational domains, according to new analysis from Rystad Energy. The findings underscore how digital technologies—once considered optional enhancements—are rapidly becoming essential tools for efficiency, resilience and long-term competitiveness. Rystad identifies five priority areas

Heavy crude prices could surge as U.S.-Venezuela tensions escalate

December 5, 2025

(Oil Price) – A loss of Venezuelan oil production in case of a U.S. military intervention will materially impact global benchmark prices as the market will have to replace Venezuela’s heavy crude—the bulk of Caracas’ crude exports, according to Rystad Energy. Venezuela is estimated to pump about 1.1 million barrels per day (bpd) of crude oil at present. If the U.S.-Venezuela tension escalation

Chevron sets 2026 capex at $18–$19 billion, prioritizes high-return upstream growth

December 5, 2025

(World Oil) – Chevron Corp. has announced an organic capital expenditure (capex) range of $18–$19 billion for 2026, positioning next year’s budget at the lower end of its long-term guidance as the company emphasizes disciplined spending, efficiency improvements and high-return upstream development. Chairman and CEO Mike Wirth said the program is structured to expand cash flow and earnings while maintaining strategic flexibility.

U.S. rig count had an increase of 1 this week, at 585- oil and gas 360

U.S. rig count increased by 5 is at 549

December 5, 2025

This week’s Baker Hughes Rig Count shows that the U.S. increased by 5 last week, resulting in a total count of 549 rigs. Canada had an increase of 3 over last week, resulting in a total Canadian count of 191 rigs. Breakdown by region Of the regions tracked by Baker Hughes, no regions experienced an increase this week. Meanwhile, 1

Oil prices hold steady due to stalled Ukraine peace talks and supply outlook

December 5, 2025

(Investing) – LONDON – Oil prices were steady on Friday, supported by stalled Ukraine peace talks, though gains were offset by expectations of a supply glut. Brent crude was down 7 cents, or 0.1%, to $63.19 per barrel by 1255 GMT. U.S. West Texas Intermediate dipped 10 cents, or 0.2%, to $59.57 a barrel. For the week, Brent was largely stable and

TC Energy boss advises U.S. on speeding along oil and gas infrastructure

December 5, 2025

(BOE Report) – CALGARY – A Canadian pipeline boss led a new report advising the Trump administration on how to more quickly build new oil and gas infrastructure in the United States amid a push north of the border to do the same. U.S. Energy Secretary Chris Wright requested the study on permitting from the National Petroleum Council, which includes 200

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