The Russian government’s oil proceeds shrank by almost a third in November from a year ago as weaker crude prices and a stronger currency took their toll on revenues. Oil-related taxes declined by 32% to 413.7 billion rubles ($5.3 billion) last month, according to Bloomberg calculations based on finance ministry data published Wednesday. Combined oil and gas revenue fell by 34% to 530.9 billion rubles.  Lower proceeds from those industries — which have accounted for about a quarter of Russia’s budget so far this year — will ramp up pressure on state finances, burdened by military spending on the war against Ukraine that’s well into its fourth year.  Global crude prices have drifted lower ahead of an expected supply glut, and the discount for Russian blends has gotten even steeper after US President Donald Trump blacklisted the nation’s two largest producers, Rosneft PJSC and Lukoil PJSC, to pressure his counterpart Vladimir Putin to end the war in Ukraine.  On a month-to-month basis, oil revenue almost halved, reflecting the fact that one of Russia’s main oil taxes — a profit-based levy — is paid four times a year in March, April, July and October.  Russia’s finance ministry calculated oil revenue based on the average price of Urals — its key export blend — at $53.68 a barrel in October, 17% lower than a year ago. A stronger currency also contributed to lower revenue, as it means producers receive fewer rubles for each dollar earned by selling a barrel of oil. In October, the Russian currency averaged 81.0089 rubles against the US dollar, 15% stronger than a year earlier. WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be

The average U.S. gasoline price fell to “the lowest level since May 2021” over the weekend, Patrick De Haan, Head of Petroleum Analysis at GasBuddy, highlighted in a blog posted on the GasBuddy website on Monday. “Nearly every state saw average gas prices fall heading into Thanksgiving, with the national average dipping below $3 per gallon for several consecutive days – falling to $2.95 per gallon over the weekend, the lowest level since May 2021,” De Haan said in the blog. “With refinery maintenance largely complete and OPEC increasing oil production for December, oil prices have struggled. Combine those factors and you have a solid recipe for continued downward pressure on gas prices in the weeks ahead,” De Haan added. “A few dozen stations are already offering gas under $2 per gallon, and we could see that number grow as we move further into the holiday season. It couldn’t come at a better time for Americans – with relief arriving just as the holidays kick off,” De Haan continued. Monday’s GasBuddy blog stated that the nation’s average price of gasoline has fallen 8.5 cents over the last week and stands at $2.95 per gallon, according to GasBuddy data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country. “The national average is down 6.9 cents from a month ago and is 5.4 cents per gallon lower than a year ago,” the blog highlighted. The GasBuddy blog also noted that the “most common U.S. gas price encountered by motorists stood at $2.99 per gallon, unchanged from last week, followed by $2.89, $2.69, $2.79, and $2.59, rounding out the top five most common prices”. The median U.S. gas price is $2.83 per gallon, down six cents from last week and about 12 cents lower than

The United States Department of Energy (DOE) on Tuesday announced funding for the Tennessee Valley Authority (TVA) and Holtec Government Services to support the development of light-water small modular reactors (SMRs). “The project teams will receive up to $800 million in federal cost-shared funding to advance initial projects in Tennessee and Michigan and help expand the nation’s capacity while facilitating additional follow-on projects and associated supply chains”, DOE said in an online statement. “The selections announced today will help deliver new nuclear generation in the early 2030s, strengthen domestic supply chains and advance President Trump’s executive orders to usher in a nuclear renaissance and expand America’s energy dominance agenda”. TVA has been allotted up to $400 million to advance the deployment of a GE Vernova Hitachi BWRX-300 at the Clinch River Nuclear site in Tennessee and additional units with Indiana Michigan Power and Elementl, DOE said. “TVA is the first utility in the U.S. to have a construction permit application for a BWRX-300 SMR accepted by the Nuclear Regulatory Commission”, TVA said separately. “The Clinch River project will serve as a national model for how to deploy SMRs safely, efficiently and affordably – laying the groundwork for a new era of American nuclear energy leadership”. TVA president and chief executive Don Moul said, “As AI, data centers and digital infrastructure drive unprecedented energy demand, we’re building our nation’s nuclear energy foundation right here in the Tennessee Valley”. Holtec is also getting up to $400 million to deploy two SMR-300 reactors at the Palisades Nuclear Generating Station site in Covert, Michigan. “Holtec is pursuing an innovative one-stop-shop approach to SMR deployment by fulfilling the roles of technology vendor, supply chain vendor, nuclear plant constructor in partnership with Hyundai Engineering & Construction, plant operator and electricity merchant selling the power to nearby utilities and end-users”, DOE said. Holtec said separately,

Perenco said it has increased its oil production capacity in Chad to over 18,000 barrels per day (bpd), coming from the Badila and Mangara fields. The completion of a 12-well drilling campaign in Badila added a peak production of 7,000 bpd, the Perrodo family-owned company said in an online statement, noting it has exceeded its goal of 16,000 bpd when the fields restarted flows three years ago. “Eight horizontal wells targeting the Upper Cretaceous reservoir were drilled during the campaign, alongside three water disposal wells and one appraisal well”, Perenco said. “The campaign also consisted of the installation of four gas turbines, providing extra power generation from the field, as well as an uplift in processing capabilities, in order to handle increased production from Badila”. “The GWDC rig has now moved to PCM’s Krim development in the Doba Basin in southern Chad where it will conduct an additional eight-well drilling campaign”, Perenco said, referring to its subsidiary PetroChad Mangara (PCM). “Using the associated gas from its production, PetroChad now provides a sustainable energy solution to the residents of Moundou, the country’s second-largest economic city with a population of around 100,000”, Perenco said. Elsewhere in Central Africa, Perenco earlier this year announced the construction of a new platform to serve Republic of the Congo’s Kombi-Likalala-Libondo 2 permit. Expected to start operations “early 2026”, Kombi 2 will recover about seven million cubic feet of gas per day, Perenco said in a press release June 12. The platform will develop an additional 10 million barrels of reserves by optimizing existing wells. Kombi 2 will have two gas turbines connected to a 33-kilovolt electrical hub. “The Kombi 2 construction project, including the upcoming drilling phases, represents an investment of over $200 million”, Perenco said. It added, “The recent renewal of the Ikalou II and

Industry body Offshore Energies UK (OEUK) announced, in a statement sent to Rigzone recently, that “practical solutions for healthier lifestyles and support for managing weight loss” will be shared by the group as part of its campaign to raise awareness of a new safety policy for people working offshore. That new safety initiative is called the Safe Weight Limit Policy and comes into effect in November 2026, the statement highlighted. In the statement, OEUK described the policy as “an industry-wide initiative that has been developed following extensive engagement between OEUK, HM Coastguard, helicopter operators, and member companies”. “It addresses the increase in the weight of offshore workers – a trend also seen across the UK population – which has associated challenges for evacuation, rescue, and medical response offshore,” OEUK said in the statement. According to an explainer page on the Safe Weight Limit Policy on OEUK’s website, the clothed weight limit for offshore workers under the policy is 124kg, including a 0.7kg margin. Clothed weight refers to a person’s weight while dressed in accordance with the industry travel clothing policy for the relevant season, the page notes. The page outlines that the limit “ensures every person can be safely evacuated or rescued, particularly by search and rescue (SAR) helicopter winch”. “The combined load of the winchman, stretcher, and equipment leaves a maximum capacity of 124.7kg for a patient. Anyone above this weight cannot be guaranteed rescue by SAR helicopter,” the page highlights. The policy applies to all offshore installations operating under accepted Safety Cases as defined in the Offshore Installations (Offshore Safety Directive) (Safety Case etc.) Regulations 2015 and does not apply to marine vessels, which are governed by different regulations, the page shows. It also applies only to outbound (offshore) flights, according to the page, which points out that

The European Union has reached a deal to phase out Russian gas faster than originally planned, a move that aims to finally sever ties between the bloc and its once-primary energy supplier. In the aftermath of the invasion of Ukraine, traders and energy companies have closely monitored the EU’s shift away from Russia toward alternative suppliers such as the US and the Middle East. But while Europe halved purchases after the war began in 2022, Russian gas has continued to account for roughly a fifth of imports. Negotiators representing member states, the European Parliament and the European Commission cut that remaining link in the early hours of Wednesday, agreeing to gradually prohibit liquefied natural gas imports from Moscow by the end of 2026. That’s a year earlier than originally proposed by the Commission and in line with a ban on seaborne deliveries already approved by the EU under its latest sanctions package on Russia. Pipeline gas imports under long-term deals will have to halt by Sept. 30, 2027, with a possibility of an extension to Nov. 1, 2027, depending on fulfillment of gas storage targets set by the EU. That compares with an end-2027 ban on those contracts originally put forward by the commission. “Finally, and for good, we are turning off the tap on Russian gas,” EU Energy Commissioner Dan Jorgensen said on X. “Europe has chosen energy security and independence. We will never go back to volatile supplies and market manipulation.” The EU had proposed the measure in June to address risks to its energy security after the crisis triggered by Russia’s invasion of Ukraine and Moscow’s subsequent curbs on gas flows to the bloc.  The US has sought to broker a peace deal between Russia and Ukraine, and speculation that a potential agreement could eventually ease sanctions on