In a statement sent to Rigzone by the BP team on Monday, BP announced the award of a rig contract to Valaris for the DS-12 deepwater drillship to drill five wells in the Mediterranean. The statement outlined that the wells will be drilled offshore Egypt in water depths ranging from 300 to 1,500 meters (984 to 4,921 feet). Drilling operations are expected to start in 2026, according to the statement, which noted that the program aims to “accelerate the development and production of gas reserves while utilizing existing production facilities in the Nile Delta”.  The rig contract signing ceremony took place at the Egypt Ministry of Petroleum and Mineral Resources and was attended by Karim Badawi, Minister of Petroleum and Mineral Resources and Mahmoud Abdel Hamid, Chairman of the Egyptian Natural Gas Holding Company, BP highlighted in the statement. BP also pointed out in the statement that the rig contract signing follows the visit of Badawi to BP’s London headquarters in September. During that visit, BP signed a Memorandum of Understanding with EGAS to drill five wells in the Mediterranean, BP highlighted. Nader Zaki, BP Regional President for the Middle East and North Africa, said in the statement, “we value our longstanding partnership with the Egyptian government”. “This signing represents a strategic milestone in our investments in Egypt’s energy sector during this decade, enabling us to develop additional gas resources in the Nile Delta and bring them into production as quickly as possible to meet the growing domestic market needs,” Zaki added. Wail Shaheen, BP Egypt President, said in the statement, “this signing builds on our recent exploration success in the Nile Delta and reflects our continued commitment to developing Egypt’s gas resources”. “The DS-12 rig will enable us to build on the momentum of our recent campaign, explore for new

Shell PLC on Tuesday announced a final investment decision (FID) to develop the HI field to supply up to 350 million standard cubic feet of natural gas a day to Nigeria LNG. The project is part of a joint venture in which Shell owns 40 percent through Shell Nigeria Exploration and Production Co Ltd and Sunlink Energies and Resources Ltd holds 60 percent. At Nigeria LNG, which has a declared capacity of 22 million metric tons of liquefied natural gas a year, Shell owns 25.6 percent. “The increase in feedstock to NLNG, via the train VII project that aims to expand the Bonny Island terminal’s production capacity, is in line with Shell’s plans to grow its global LNG volumes by an average of four to five percent per year until 2030”, Shell said in a statement on its website. HI also supports Shell’s plan announced on Capital Market Day 2025 to start up upstream and integrated gas projects with a total capacity of one million barrels of oil equivalent per day between 2025 and 2030. It also contributes to the company’s target to grow top line production across its upstream and integrated gas business by one percent per year through the end of the decade, Shell said. HI is estimated to hold about 285 million barrels of oil equivalent, Shell said. The field, discovered 1985, lies 50 kilometers (31.07 miles) from shore in waters 100 meters (328.08 feet) deep, according to Shell. The development consists of a wellhead platform with four wells, a pipeline to transport the gas to Bonny and a gas processing plant on the island, from where the processed gas will be transported to Nigeria LNG and the condensate to the Bonny Oil and Gas Export Terminal, Shell said. “Following recent investment decisions related to the Bonga

Oil prices fell to their lowest point in five months on Tuesday, extending their downward trend. That’s what Daniel Takieddine, Co-founder and CEO of Sky Links Capital Group, said in a market analysis sent to Rigzone today. “Mounting concerns of a global supply surplus weighed on the market, compounded by renewed trade tensions between the U.S. and China,” Takieddine stated in the analysis. “The latest International Energy Agency (IEA) market report added to the concerns and forecasts a growing oversupply of oil,” he added. “The IEA has increased its global supply growth projections to three million barrels per day for this year and 2.4 million for 2026, pointing to production hikes from OPEC+ and robust output from the Americas,” he continued. “In contrast, the agency has lowered its demand growth estimates to approximately 700,000 barrels per day for both years, reinforcing expectations of a significant surplus,” Takieddine warned. The Sky Links Capital Group CEO went on to state in the analysis that trade tensions are injecting fresh uncertainty into the market. “A brief rebound in prices on Monday, sparked by hopes for de-escalation in U.S.-China trade talks, quickly faded,” he said. “The market was further affected by a reduced geopolitical risk premium as hopes for stability in the Middle East grew,” he added. Looking ahead, Takieddine noted in the analysis that markets could closely monitor U.S.-China relations, OPEC+ supply, and upcoming inventory data from the EIA (Energy Information Administration) “to determine the market’s next direction”. “Without a positive surprise from inventory reports or broader macroeconomic data, prices could remain under pressure,” he warned. In a separate statement sent to Rigzone this morning, Naeem Aslam, Chief Market Analyst at Zay Capital Markets, highlighted that the Brent and West Texas Intermediate oil prices were “reflecting the balance between geopolitical tensions, economic policies, and

Repsol SA has declared a “technological milestone” with the start of “industrial-scale” production of 100 percent renewable gasoline at its complex in Tarragona, Spain, making a case for combustion engines. “This new product, made entirely from renewable sources, is fully compatible with gasoline vehicles without the need for any modifications”, the Spanish energy company said in a press release. “Its use reduces net CO2 emissions by more than 70 percent compared to conventional gasoline. “Nexa 95 Gasoline of 100 percent renewable origin – Repsol’s highest-quality 95-octane product – is already available at 20 service stations in Spain, in the Madrid and Catalonia regions”. Repsol expects to deploy the product at 30 stations by yearend by expanding in other parts of the country including the cities of Bilbao, Tarragona, Valencia and Zaragoza. The formulation was developed with Honeywell, according to Repsol. In 2024 Repsol launched Nexa 100 Percent Renewable Diesel, which it says is designed for all diesel engines. Repsol said the development of the products demonstrate that “decarbonizing transport with renewable liquid fuels is a viable solution for combustion engine vehicles, whether gasoline, diesel or hybrid”. “These vehicles today represent 97 percent of the Spanish and European vehicle fleet, and 87 percent of sales in Spain so far this year”, it said. “To meet the climate targets set by Spain and the European Union, it is essential to recognize the role of 100 percent renewable fuels and, consequently, to reconsider the EU regulation on CO2 emission standards, which proposes a ban on combustion engines by 2035. The uncertainty caused by this measure has led to considerable aging of Spain’s vehicle fleet, with an average age of 14.5 years and 8.5 million vehicles – nearly one-third of the total fleet – over 20 years old. “To accelerate the development of renewable fuels, it is essential to establish

North America added one rig week on week, according to Baker Hughes’ latest North America rotary rig count, which was released on October 10. The total U.S. rig count dropped by two week on week and the total Canada rig count increased by three during the same period, taking the total North America rig count up to 740, comprising 547 rigs from the U.S. and 193 rigs from Canada, the count outlined. Of the total U.S. rig count of 547, 529 rigs are categorized as land rigs, 15 are categorized as offshore rigs, and three are categorized as inland water rigs. The total U.S. rig count is made up of 418 oil rigs, 120 gas rigs, and nine miscellaneous rigs, according to Baker Hughes’ count, which revealed that the U.S. total comprises 480 horizontal rigs, 55 directional rigs, and 12 vertical rigs. Week on week, the U.S. offshore and inland water rig counts remained unchanged, and the country’s land rig count dropped by two, Baker Hughes highlighted. The U.S. oil rig count dropped by four, its gas rig count increased by two, and miscellaneous rig count remained unchanged, week on week, the count showed. The U.S. directional rig count dropped by three week on week, while the country’s horizontal rig count increased by one and its vertical rig count remained unchanged, the count revealed. A major state variances subcategory included in the rig count showed that, week on week, Texas dropped six rigs, Oklahoma dropped three rigs, Wyoming dropped one rig, New Mexico added four rigs, Utah added two rigs, and Louisiana and North Dakota each added one rig. A major basin variances subcategory included in Baker Hughes’ rig count showed that, week on week, the Granite Wash basin dropped two rigs and the Eagle Ford, DJ-Niobrara and Permian basins

Sonatrach signed a production sharing contract (PSC) with Midad Energy for the Illizi South area, nearly 100 kilometers (62.14 miles) south of In Amenas, Algeria’s national oil and gas company said Monday. The Saudi company, through its Netherlands-based subsidiary Midad Energy North Africa BV, agreed to shoulder the full exploration and development cost. That is expected to be $5.4 billion, including $288 million for exploration, Sonatrach said in a statement on its website. The PSC is expected to produce, according to Sonatrach, a total of 993 million barrels of oil equivalent consisting of 125 billion cubic meters (4.41 trillion cubic feet) of gas for marketing and 204 million barrels of liquids, including 103 million barrels of liquefied petroleum gas and 101 million barrels of condensate. The contract lasts 30 years, including seven years for exploration, Sonatrach said. The contract is extendable by 10 years, it said. “This program includes also the use of the latest technological and digital solutions”, Sonatrach said. “Furthermore, calling on local content and subcontracting with national supplier under the execution of this contract will be prioritized”. Sonatrach chair and chief executive Rachid Hachichi and Midad Energy North Africa counterpart Sheikh Abdulelah Bin Mohammed Bin Abdullah Al-Aiban signed the PSC in the presence of Algerian Hydrocarbons and Mines Minister Mohamed Arkab and Saudi Ambassador to Algeria Abdullah Bin Nasser Abdullah Al-Busairi, according to Sonatrach. On July 21 Sonatrach announced it has entered five hydrocarbon contracts under Algeria’s 2024 bidding round. Ahara in Illizi province was signed with QatarEnergy and France’s TotalEnergies SE. Guern El Guessa II in the provinces of Bechar, Beni Abbes, El Bayadh and Timimoun was signed with China Petroleum and Chemical Corp (Sinopec). Toual II in the provinces of Ouargla and Illizi was signed with Austria’s Zangas Hoch- und Tiefbau GmbH and Switzerland’s Filada AG.