“We had some very good talks with Iran yesterday and today, and let’s see what happens,” Trump told reporters on Sunday at the Morristown Airport in New Jersey on his way back to Washington. “I don’t know if I’ll be telling you anything good or bad over the next two days, but I have a feeling I might be telling you something good.”
Week on week, the U.S. offshore and inland water rig counts remained unchanged, and the country’s offshore rig count dropped by 10, the count highlighted. The U.S. oil rig count dropped by eight, its gas rig count dropped by two, and its miscellaneous rig count remained unchanged, week on week, the count showed. The U.S. horizontal rig count dropped by nine week on week, its vertical rig count dropped by two, and its directional rig count increased by one, the count revealed.
“Crude oil edged lower as the market contemplated the outlook for rising OPEC supply,” ANZ analysts said earlier today in a note, as quoted by Reuters. On the other hand, ING analysts noted President Trump’s concession to the EU, which delayed the entry into effect of 50% tariffs to early July in case the two failed to seal a new trade deal. Also on the bullish side, President Trump threatened Russia with more sanctions after intensified strikes on Ukraine that followed a large-scale Ukrainian attack on Russian territory.
Speaking at an industry event in Paris, GIIGNL President Anne-Sophie Corbeau noted that although long-term fundamentals remain strong, short- to medium-term demand projections are increasingly difficult to pin down due to volatile pricing, geopolitical fragmentation, and uneven economic recoveries in key Asian markets. GIIGNL’s annual report, also released today, underscores that while global LNG imports reached 405 million tonnes in 2024 — up from 401 million in 2023 — growth is slowing, and regional dynamics are diverging.
Launched in August 2021, this new phase called “Mero-4” will connect 12 wells to the new Alexandre de Gusmão FPSO (Floating Production, Storage and Offloading) unit, with a production capacity of 180,000 barrels of oil per day (bpd). This project has been designed to minimize greenhouse gas emissions, with reinjection of the associated gas into the reservoir and zero routine flaring.
Wafra Joint Operations is a 50-50 joint venture between Kuwait Gulf Oil Company and Saudi Arabian Chevron responsible for managing onshore activities in the Partitioned Zone between Saudi Arabia and Kuwait. The company is involved in the exploration, development and production of hydrocarbons in the region, with a focus on conventional oilfields.
First, Jubilee and TEN, where the partners are Tullow, Kosmos, Petro SA, Explorco and GNPC. They have recently announced that they are committed to invest $2billion, to drill up to 20 wells between now and 2040. They are starting the drilling campaign this month with two wells using the Noble Venturer drillship and between four to six wells in 2026.
First, the severity of the gas shortfall. If gas supplies are heavily constrained, the crude will be consumed faster and the projected 16-day window could shrink to 12 or 14 days. If the shortage is milder, the fuel could last slightly longer.
“The promoters of the project, African Refinery Group, had in 2016 won a competitive bid to co-locate a crude oil refinery within the site of the Port Harcourt Refinery Complex, and it executed an agreement to run and operate a 100,000 BPD refinery on 45 hectares of vacant land within the battery limit of the refinery complex”, the NCDMB said March 9, 2025, announcing its acquisition.
South Africa has officially launched the South African National Petroleum Company (SANPC), a new state-owned oil enterprise designed to consolidate and energize the country’s long-stalled hydrocarbons sector. Formed from the merger of PetroSA, iGas, and the Strategic Fuel Fund, SANPC will operate under the Central Energy Fund and is already integrating staff and assets to streamline operations. The aim? Reducing oil imports, bolstering energy security, and tapping into over R95 billion in potential investment.