The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday. The total rig count in the US fell this week to 546, according to Baker Hughes, down 39 from this same time last year.  The number of active oil rigs fell in the reporting period, according to the data, sinking to 414. Year over year, this represents a 65-rig decline. The number of gas rigs rose by 4 to 125, which is 23 more than this time last year. The miscellaneous rig count fell by 2…

Russian crude has accounted for a very small portion of supply for Indian state-run refiner Hindustan Petroleum Corporation Limited (HPCL) as oil from Russia has not been economical to run at the refinery, HPCL chairman Vikas Kaushal said on the company’s earnings call. The call took place as Indian refiners are scrambling this week for alternative supply after the U.S. sanctions on Russia’s major oil firms.  Russian crude has not been economical for HPCL regardless of grades, the executive said.  Therefore, of all the crude…

A lack of oil discoveries is causing Colombia’s economically crucial petroleum reserves and production to deteriorate, sparking speculation that the industry is trapped in a death spiral. President Gustavo Petro’s bid to reduce dependence on fossil fuels by banning oil exploration and hydraulic fracturing is only accelerating the industry’s demise. This is severely impacting government income, exports, and the economy at a time when Bogota is particularly exposed to financial and geopolitical risks. Time is fast running out for…

One of Africa’s biggest oil producers, Angola, will sign next week an exclusive agreement with Shell under which the supermajor will explore and potentially develop several offshore blocks, Angola’s oil and gas agency ANPG has said.  “This event marks a historic moment for the Angolan oil sector, consolidating Shell's presence in Angola, an ANPG statement said, as carried by Reuters. Under the agreement Shell will explore Blocks 19, 34, and 35 and several ultra-deepwater blocks as Angola looks to revive its exploration and…

One of Africa’s biggest oil producers, Angola, will sign next week an exclusive agreement with Shell under which the supermajor will explore and potentially develop several offshore blocks, Angola’s oil and gas agency ANPG has said.  “This event marks a historic moment for the Angolan oil sector, consolidating Shell's presence in Angola, an ANPG statement said, as carried by Reuters. Under the agreement Shell will explore Blocks 19, 34, and 35 and several ultra-deepwater blocks as Angola looks to revive its exploration and…

The global energy system is witnessing the next greatest transition, standing on the cusp of a new energy era championed by clean electricity and the increased adoption of electrification across the board. Rystad Energy is pleased to announce the release of its flagship annual report, Global Energy Scenarios (GES) 2025, which provides in-depth degree scenarios toward 2100 and a newly developed nationally determined contribution (NDC) scenario to 2035. Clean electricity and electrification are expanding faster than any shift in modern history, with…

Like a lot of people, I have an inherent dislike and distrust of companies that have been through bankruptcy. It is often an indication of mismanagement for one thing, but it also leaves a bad taste in the mouth of any trader or investor when stockholders bear the brunt of bad decisions and failure. Less logically, that dislike and distrust is heightened when a bankrupt company continues operating, but under another name. It just feels like they are trying to hide something and con unsuspecting new investors. I know that as a supporter of capitalism…

WTI crude oil futures remained under pressure this week, as bearish fundamental forces overshadowed temporary bullish drivers. Despite a larger-than-expected U.S. inventory draw and de-escalating U.S.–China trade tensions, crude failed to hold gains as traders priced in persistent oversupply risks, diminishing geopolitical risk premiums, and cautious macroeconomic signals. Heading into Friday’s session, WTI is on track to post a weekly decline unless a fresh catalyst emerges. US Crude Inventory Draws Offer Bullish Data, But Traders…

The government of Mozambique may not agree with the latest estimate for an LNG project led by TotalEnergies, which said earlier this week the price tag for the facility had gone up by $4.5 billion. The French supermajor attributed the cost increase to the four years, during which work on Mozambique LNG was suspended following a deadly attack by Islamist militants that promoted a force majeure. TotalEnergies lifted the force majeure this week but said the delay had caused a significant cost increase and asked the local government to extend the construction…

India’s biggest state-held refiner, Indian Oil Corporation (IOC), has acquired five December-arriving cargoes of Russian crude from non-sanctioned entities, trade sources told Reuters as India scrambles to replace sanctioned Rosneft and Lukoil deliveries.  The U.S. sanctions Russia’s top two producers sent Indian refiners rushing to replace volumes from these exporters and their affiliates with barrels from other countries, and apparently with Russian barrels moved by unsanctioned entities.  IOC early this week vowed that…

India’s biggest state-held refiner, Indian Oil Corporation (IOC), has acquired five December-arriving cargoes of Russian crude from non-sanctioned entities, trade sources told Reuters as India scrambles to replace sanctioned Rosneft and Lukoil deliveries.  The U.S. sanctions Russia’s top two producers sent Indian refiners rushing to replace volumes from these exporters and their affiliates with barrels from other countries, and apparently with Russian barrels moved by unsanctioned entities.  IOC early this week vowed that…

The world’s largest international oil firms are ramping up production even as crude prices have weakened this year and global supply growth continues to outpace the demand increase, setting the stage for a glut in the coming months.   The European majors are back to investing in exploration and new oil and gas field developments after years of trying – and mostly failing – to generate profits and good returns from low-carbon energy projects, including renewable electricity, green hydrogen, and biofuels. Big Oil Output…

Oilfield service companies have faced challenges in their core OFS business due to declining markets in the U.S. and around the world. Low prices for much of the last decade and increases in efficiency have caused rig counts to plummet, and have led some companies to look in new directions for revenue and profit. Companies like Schlumberger, (NYSE:SLB), and Halliburton are refocusing away from equipment rentals and manpower in their traditional core oil related services, to AI led digital subscription revenue sources. These companies are also leveraging…

Big Oil is reporting third-quarter results this week and next. No surprises are expected—Big Oil has been having an eventful year featuring tariffs, sanctions, and glut predictions—and these events will be reflected in financial reports. Yet analysts are already looking ahead to 2036 and what Big Oil plans to do next. So far, two big oil companies have reported third-quarter figures: Norway’s Equinor and Italy’s Eni. Both demonstrated the dominant trends in the industry, likely to be seen in the reports of BP, Shell, TotalEnergies,…

In the ongoing digital transformation of the energy industry, artificial intelligence (AI) has emerged as one of the most discussed — and misunderstood — tools available to operators. While the promises of AI often stretch toward the speculative, the technology’s most immediate and profound impact is already visible in how companies organize, interpret, and act upon data. For national oil companies (NOCs), this impact is potentially transformative. Unlike many private firms, NOCs sit atop immense, often underutilized data reservoirs…

Previously, we reported that Saudi Arabia is digging in for a "long and shallow" oil price war as it looks to regain market share from rivals like U.S. shale producers and OPEC+ members who have been exceeding their production quotas. This comes after Saudi Arabia made significant production sacrifices to support prices for over three years, which allowed competitors to increase their output. Saudi Arabia has also been hedging its oil price bets by rapidly diversifying its economy away from fossil fuels in recent years, expanding into areas such…

The U.S. Army Corps of Engineers has approved a controversial proposal by Canadian oil and gas giant Enbridge (NYSE:ENB), to reroute an aging oil pipeline around a Wisconsin tribal reservation, saying the project "complied with all applicable federal laws and regulations." Enbridge proposed the 41-mile reroute to remove the pipeline off land held by the Bad River Band after a court ordered in 2023 that the pipeline should be removed from the tribal land by June 2026.  The judge also ordered Enbridge to pay the tribe over $5 million for trespassing.…

The global hydrogen industry came into view, specifically from importing countries’ perspective, at European Hydrogen Week earlier this month in Brussels. There was a palpable sense of frustration with what many consider an overbearing regulatory framework causing delays. But also a sense of inevitability, with hydrogen mandates in place and pipeline construction now underway. Europe is set to be the world’s largest demand center for low-carbon hydrogen. There was also a sense of determination in the face of a growing number of project…

Kazakhstan’s government has reopened talks with ExxonMobil about expanding the Kashagan oil field—the massive Caspian Sea development once hailed as the world’s biggest oil discovery in 30 years. The discussions reportedly include tapping undeveloped western sections of the reservoir and could be linked to Exxon’s Tengiz license, which expires in 2033. The timing is interesting. Kazakhstan just spent the better part of this year in court with the same group of Western oil majors that operate Kashagan—Eni, Shell, Exxon,…

Joe Biden famously declared that he wanted the US to be zero emissions by 2050. According to an AI Overview, zero emissions means a process or vehicle produces no waste products or pollutants, such as no tailpipe emissions from a car. The more conservative “net-zero emissions" means all human-caused greenhouse gas emissions are balanced by removing an equivalent amount from the atmosphere through methods like reforestation or carbon capture technology. The Guardian colorfully describes what an America that achieves this goal could…