The drill is the fifth and last of a series of class B jackup rigs that Seatrium has built for Bor Drilling. The first three were delivered in 2022 and 2023 and novated by Borr to ADNOC Drilling, while the fourth was delivered in August 2024.
China has been the focus of oil traders’ attention for years thanks to its seemingly insatiable demand for the fuel. Now, the country is about to cast itself as the star of the natural gas show as well.
Wright, who advocates for “better human lives by expanding access to abundant, affordable, and reliable energy,” does not have political experience, but is being endorsed by his peer executives to be the next U.S. Secretary of Energy.
he National Energy System Operator (NESO) flagged the EGL1 as essential to the UK’s 20030 clean energy goals, as it will transport electricity generated from North Sea wind farms from East Lothian to Country Durham.
Steep gasoline and diesel inventory draws in the United States have helped offset the overwhelmingly bearish sentiment in the oil market, although it wasn’t enough to halt the decline in oil prices. With China posting its seventh successive month of refinery run declines and Jerome Powell cooling down expectations on U.S. interest rate cuts, Brent below $72 per barrel feels justified.
After years of speculation surrounding the former Dutch colony’s petroleum potential, with discoveries in neighboring offshore Guyana pointing to the deeply impoverished country possessing billions of barrels of crude, the first oil recently took a big step closer.
The options for non-VIPs aren’t plentiful. Taking public transport is time-consuming and tight security around the venue means that participants have to walk a half-hour or more before they stand a chance of finding a taxi.
Crude oil prices fell 2.5% this week due to softening demand projections, a strong U.S. dollar, and rising supply expectations. Amid global economic uncertainty, reports from the U.S. Energy Information Administration (EIA), the International Energy Agency (IEA), and OPEC are collectively highlighting a bearish outlook, particularly as non-OPEC supply growth appears likely to outpace sluggish demand.
The only silver lining is that EU gas storage is pretty much full for the winter, and meteorologists are predicting a mild one.
In the latest edition of the Numbers Report, we will take a look at some of the most interesting figures put out this week in the energy and metals sectors. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.
Let’s take a look.