This week’s Baker Hughes Rig Count shows that the U.S. increased by 5 last week, resulting in a total count of 554 rigs. Canada had an increase of 7 over last week, resulting in a total Canadian count of 195 rigs. Breakdown by region Of the regions tracked by Baker Hughes, the Granite Wash, the Marcellus, and the Permian regions
(World Oil)– The Trump administration is eliminating Energy Department offices focused on clean energy and renewables and, instead, creating units dedicated to hydrocarbons and fusion energy. The changes are part of an agency reorganization unveiled Thursday. The plan made no mention of staffing reductions as part of the realignment, and the agency didn’t immediately respond to a request for
Investing – LONDON -Oil prices fell on Friday, extending declines for a third session as the United States pushed for a Russia-Ukraine peace deal that could swell global supply while uncertainty over interest rates curbed investors’ risk appetite. Brent crude futures dropped by $1, or around 1.6%, to $39 a barrel by 1417 GMT. U.S. West Texas Intermediate crude (CLc1) was down
(Oil Price)– The $5-billion East African Crude Oil Pipeline (EACOP), which is planned to export crude oil from Uganda via a port in Tanzania, is now 75% complete, moving landlocked Uganda a step closer to becoming an oil exporter. EACOP, a controversial pipeline project that has seen a lot of environmental opposition and planning and construction delays, is now about
(Oil Price)– A massive fire has erupted at a crude oil upgrader project in Venezuela after an explosion was heard near the distillation tower, workers on site and sources at state oil firm PDVSA told Reuters. The Petrocedeno project in Venezuela’s Orinoco Belt, operational since 2000, was one of the four original projects in the heavy crude oil belt in the
(World Oil)– TotalEnergies has issued a detailed response to a complaint filed this month with France’s National Anti-Terrorist Prosecutor’s Office (Pnat), rejecting accusations that the company or its Mozambique LNG project were complicit in alleged war crimes and abuses committed by Mozambican security forces in 2021. The complaint—filed against persons unknown and the company—follows a September 2024 Politico article asserting that Mozambican
(Investing)– Oil prices edged up on Thursday after falling in the previous session, boosted by a bigger than expected draw in U.S. crude stockpiles and a broader equities rally. Brent crude futures were up 43 cents, or 0.7%, at $63.94 a barrel by 1400 GMT. U.S. West Texas Intermediate crude futures gained 42 cents, or 0.7%, to $59.86. Both benchmarks rebounded
(Oil Price)– China’s crude oil imports last month remained elevated, with purchases from some countries hitting all-time highs, according to customs data cited by Reuters. Imports from the UAE, for instance, rose from 2.05 tons a year ago to 3.82 million tons last month, while purchases from Kuwait went up from 970,000 tons to 2.36 million tons, the data showed. Imports
(World Oil) – Chevron Corp., the only major U.S. oil company left in Venezuela, wants to remain in the sanctioned country for the long-term and sees a role in rebuilding its economy when the time is right. “The kinds of swings that you see in places like Venezuela are challenging but we play a long game,” Chief Executive Officer Mike Wirth
(Oil Price) – Alaska’s production outlook is shifting for the first time in nearly a decade, with the U.S. Energy Information Administration (EIA) on Wednesday projecting that North Slope crude output will rise by some 13% next year as two large fields move into high-volume phases. This would mark the strongest annual increase since the 1980s and a rare break from the long
(World Oil) – Pakistan Petroleum Ltd., a state-owned energy company, is reclaiming land from the sea to create a launchpad to ramp up oil and gas exploration. The artificial island will come up about 30 kilometers (19 miles) off the coast of the southern Sindh province, near Sujawal, PPL’s General Manager Exploration and Core Business Development, Arshad Palekar, said on the
(Investing) – LONDON-Oil prices fell sharply on Wednesday after a report of a U.S. proposal to end the Russian war in Ukraine and as oversupply concerns continued to weigh on prices. Brent crude futures fell $1.72, or 2.65%, to $63.17 a barrel by 1421 GMT after gaining 1.1% the previous session. U.S. West Texas Intermediate crude futures were down $1.65, or 2.72%,
