Oil edged higher, paring earlier gains, after the White House said President Donald Trump would decide within two weeks whether to strike Iran, reducing speculation that the US would plunge into the conflict imminently. West Texas Intermediate’s more-active August futures were up 0.5% to around $74 a barrel after White House Press Secretary Karoline Leavitt made the comments on Trump’s timeline for the decision at a White House press briefing. The contract had approached $76 earlier in the session on reports that senior US officials had said the administration was preparing for a possible strike on Iran in the coming days. The White House comments take “some of the immediate pressure off,” said Robert Yawger, director of the energy futures division at Mizuho Securities USA. “It looks like US involvement will not happen today or tomorrow.” That delay in potential direct US participation in the conflict may prevent crude from reaching new highs, Yawger said. Still, crude remains markedly higher than before Israel first struck Iran earlier this month, with volatility spiking, options getting more bullish and premiums for nearby crude prices soaring over later ones. Trump concluded a meeting Wednesday with top advisers, but the White House offered few clues about the path forward. Asked if he was moving closer to bombing Iran, Trump said “I may do it. I may not do it.” The Wall Street Journal reported that the president approved a military attack plan earlier in the week, but withheld the final authorization as he weighed whether Tehran would meet his demands. Shell Plc Chief Executive Officer Wael Sawan warned Thursday of a “huge impact” on global trade if the conflict were to result in a blockage of the Strait of Hormuz, a narrow waterway between Iran and Oman through which about a fifth of the

India is preparing to source crude oil from outside the Persian Gulf and cut its own refined-product exports should the Strait of Hormuz be blocked to ship traffic, Oil Minister Hardeep Puri said Thursday. About a quarter of the world’s oil trade passes through the key waterway, which links the Gulf to the Indian Ocean. Some market watchers are concerned that Iran, locked in a conflict with long-time adversary Israel, could choose to attack tankers sailing through Hormuz or close the strait altogether. “We have enough stocks” of crude and refined products, Puri told NDTV television. “We have enough diversified supplies” of crude, and “even if there were to be disruption, we can source it from alternate sources.” Iran has previously threatened to close the strait in times of conflict, though there’s no sign of that happening so far. Of the 5.5 million barrels of oil India consumes every day, 1.5 million pass through the waterway, according to Puri.  “I don’t think this is something we are unduly worried about,” he said. There is ample crude available in the global market, which means it isn’t supply but prices that are a concern, he said. Product Exports India is a net exporter of petroleum products, with refiners such as Reliance Industries Ltd. and Nayara Energy shipping to countries including the United Arab Emirates, Singapore, the US and Australia. It could reduce those shipments if needed to maintain sufficient stockpiles at home, Puri said.  India’s product exports have averaged 1.3 million barrels a day so far this year, with Reliance and Nayara accounting for 82 percent of shipments, Kpler data show. 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

Namibia will offer financial incentives to help kick-start the development of oil fields managed by a group led by TotalEnergies SE, according to a special adviser in the presidency. TotalEnergies and Shell Plc in 2022 made the first in a series of finds off the coast of the southwest African nation. But the explorers have also hit dry wells, prompting them to write off drilling costs as they learned more about the fields.  “The government recognizes the complexities and high costs associated with the development of the Venus oil field by TotalEnergies,” Kornelia Shilunga, special adviser and head of upstream petroleum unit in the Namibian Presidency, said in a reply to questions.  The state is “exploring mechanisms to enhance financing options, such as credit support instruments and partnerships with international lending institutions, to address challenges faced by local enterprises in accessing capital,” she said. Namibia is targeting first oil output in the next five years, as it seeks to become a producer before crude demand is overtaken by low-carbon and renewable sources of energy. State oil company Namcor is looking to build capacity to have a bigger role in developments along with the country’s strategy to maximize local production, according to Shilunga, who was appointed last month. Namibia is also evaluating the potential to hold licensing rounds to increase activity, she said. What do you think? We’d love to hear from you, join the conversation on the Rigzone Energy Network. The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy.

Oceaneering International Inc. said that its Offshore Projects Group (OPG) segment has entered into a vessel services agreement with an undisclosed major operator for the use of the MPSV Harvey Deep Sea vessel. The MPSV Harvey Deep Sea, currently chartered by Oceaneering through February 2027, is equipped with two Oceaneering Millennium work class remotely operated vehicles. It is expected to be used by the operator to perform subsea inspection, maintenance, and repair (IMR) and installation services in the Gulf of America, the company said in a news release. Financial details of the deal were not disclosed. Chris Dyer, OPG’s senior vice president, said, “This award not only secures vessel backlog in the region but also allows us to optimize our equipment spreads and reduce scheduling uncertainty. We look forward to delivering critical subsea IMR and installation services to create value for our customer and further demonstrate our commitment to project execution that delivers safe, efficient, and high-quality results”. Sumrulf Named as New CFO Earlier in the month, Oceaneering announced a Chief Financial Officer (CFO) succession plan with Michael Sumruld joining the company as senior vice president of finance on September 1. Oceaneering CFO Alan Curtis is stepping down from his position effective January 1, 2026, the company said in a statement. He began his career with Oceaneering in 1995 as a financial controller and has served in a variety of roles, including most recently as CFO since 2015. Sumruld is expected to succeed Curtis as CFO upon his retirement from the role. Curtis will continue to serve Oceaneering in a supporting role to provide for an orderly transition of duties, with Sumruld reporting to Larson, according to the statement. Sumruld most recently served as senior vice president and CFO for Parker Drilling Company from October 2017 until its sale to

The Department of Energy (DOE) has granted Commonwealth LNG, a project of Kimmeridge Energy Management Co. LLC in Louisiana, complete authorization to export to countries without a free trade agreement (FTA) with the United States, Commonwealth said Wednesday. “Commonwealth anticipates reaching a final investment decision in the third quarter of this year with first LNG production expected in 2029”, Commonwealth said in an online statement. “The Commonwealth LNG project is proceeding with significant momentum from recently announced long-term binding LNG offtake agreements with top-tier global purchasers, including Glencore, JERA  and PETRONAS, and line of sight toward finalizing its commercial book in the near term”, Commonwealth added. The offtake agreements involve four million metric tons per annum (MMtpa). Commonwealth is permitted to export up to 9.5 MMtpa, equivalent to about 441.4 billion cubic feet (Bcf) a year or 1.21 Bcf per day, to both FTA and non-FTA countries. The DOE granted the FTA portion of the permit April 2020 for a 25-year term. The non-FTA permit lasts through December 2050. “Commonwealth is pioneering an integrated wellhead-to-water strategy in partnership with its upstream operating entity to deliver low-cost, low-emission gas to the global market which is seeking supply from trusted trading partners”, Commonwealth said. “The Commonwealth export facility is expected to unlock approximately $11 billion in investments in Louisiana and an estimated $3.5 billion in annual export revenue, unleashing American energy, utilizing approximately 2,000 workers at the peak of construction and providing 270 high-paying jobs when the facility begins operations”, it claimed. In February the DOE granted the project a conditional non-FTA permit. A final permit was withheld pending a DOE review of permitting considerations concerning greenhouse gas emissions, environmental impact, energy prices and domestic gas supply. On May 19 the DOE announced it would proceed with issuing final orders on pending applications to export LNG

Inpex Corporation said it has been granted a production concession for Onshore Block 4, located on the central coast of Abu Dhabi, United Arab Emirates, by the Supreme Financial and Economic Council of the Emirate of Abu Dhabi (SCFEA). The Japanese energy firm has been conducting exploration and evaluation activities in the block since 2018, after winning the block in an open exploration round held by Abu Dhabi National Oil Company (ADNOC), Inpex said in a news release. As the block’s operator, Inpex said it discovered multiple conventional oil, condensate and gas layers through the drilling of exploratory wells conducted since May 2021. Since then, the company said it has been conducting evaluation work with the aim of moving into development and starting production as soon as possible. The block is owned 60 percent by ADNOC, with the remaining 40 percent owned by JODCO Exploration Limited, in which Inpex has a 51 percent interest and Japan Energy and Metals National Corporation (JOGMEC) has 49 percent. Commissioning Started at Hydrogen and Ammonia Production Project Meanwhile, Inpex has started commissioning work, including the introduction of natural gas, at its integrated blue hydrogen and ammonia production and utilization demonstration test project in Kashiwazaki City, Niigata Prefecture, Japan. The project is the first of its kind in Japan to implement an integrated process from production to the utilization of hydrogen and ammonia, the company said in an earlier statement. The natural gas used as a raw material in the process is domestically sourced from the Inpex-operated Minami-Nagaoka Gas Field in Niigata Prefecture. The carbon dioxide (CO2) emitted during production is injected into previously depleted gas reservoirs in the Hirai District of the Higashi-Kashiwazaki gas field to minimize atmospheric emissions using carbon capture, utilization, and storage (CCUS) technology, according to the statement. The hydrogen produced