Azule Energy reported a gas discovery at the Gajajeira-01 exploration well, located offshore in the Lower Congo Basin of Angola. The well was spudded at a water depth of 3111.7 feet (95 meters), approximately 37.3 miles (60 kilometers) off the coast. It encountered gas- and condensate-bearing sandstones in one of the Lower Oligocene targets, designated LO100, the company said in a news release. The preliminary results and fluid samples indicate several reservoirs with good mobility, and initial assessments suggest that gas volumes on site may exceed 1 trillion cubic feet, with up to 100 million barrels of associated condensate, according to the release. “These results confirm the presence of a working hydrocarbon system and open new exploration opportunities in the area,” Azule Energy said. The company said it will continue to assess the full potential of the Gajajeira-01 discovery and collaborate with its Block 1/14 partners to determine the optimal development strategy. Drilling operations are ongoing, with the next target being the last Lower Oligocene interval LO300. The contractor group is composed of Azule Energy, the asset operator with a 35 percent stake, Equinor ASA with 30 percent, Sonangol E&P with 25 percent, and Acrep S.A. with 10 percent. Azule Energy is an incorporated joint venture equally owned by BP plc and Eni SpA. Paulino Jeronimo, Chairman of Angola’s National Agency of Petroleum, Gas and Biofuels (ANPG), said, “These new discoveries are a motivating factor in our ongoing efforts to attract private investment in the sector for the development and monetization of natural gas. This resource is vital for enhancing energy access and domestic consumption, as well as for boosting Angola’s petrochemical and fertilizer industries”. Azule Energy CEO Adriano Mongini said, “This is a landmark moment for gas exploration in Angola. Gajajeira-01 is the country’s first dedicated gas exploration well,

Specialized services and technologies provider KBR Inc. said that its joint venture with the State Oil Company of the Republic of Azerbaijan (SOCAR), SOCAR-KBR LLC (SKLLC), has been selected by BP PLC for two contracts in the country. KBR said in a media release that one contract is for the support of the Sangachal Terminal Electrification (STEL) project, Azerbaijan’s largest oil and gas reception terminal, and the other is for the Shah Deniz compression (SDC) project. According to the contracts, SKLLC will deliver detailed engineering design solutions and procurement services for both projects. SKLLC has already completed the front-end engineering and design (FEED) for the STEL project and the pre-FEED and FEED for the SDC project. “KBR has been delivering world-scale energy solutions in the region for over three decades, and these projects mark a significant step in Azerbaijan’s clean energy security objectives”, Jay Ibrahim, President of KBR Sustainable Technology Solutions, said. “The Sangachal terminal, which was designed by KBR and serves as a vital link between Azerbaijan and the rest of Europe, will enable the country’s transition to national grid supply and reduce emissions. “The Shah Deniz compression project marks the next stage in the evolution of delivering safe and efficient solutions”. Over 95 percent of the team at SKLLC’s Baku office consists of Azerbaijani engineers, designers, and various other professionals. The office will carry out this project utilizing the knowledge of local experts, while receiving support from KBR’s international team, KBR said. To contact the author, email [email protected] 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

Santos Ltd. on Thursday reported $1.29 billion in sales revenue for the second quarter, down one percent from the prior three-month period as weaker liquids prices offset higher sales volumes. The Australian company produced 22.2 million barrels of oil equivalent (MMboe) in the April-June quarter, up one percent sequentially. Higher production in Western Australia was offset by flood impacts in the Cooper Basin. “Over 200 wells and several upstream compressors were shut in. Production recovery is underway and is expected to continue ramping up as flood levels recede during the second half”, Santos said in its quarterly report. A projected impact beyond the quarter from the flooding led to an adjustment in full-year production guidance from 90 MMboe-97 MMboe to 90-95 MMboe. Moreover Timor-Leste’s Bayu-Undan ceased production in May 2025, the report said. The field had already stopped supplying natural gas to Darwin LNG late 2023 due to depletion but Santos said in 2024 Bayu-Undan would continue sending gas to Australia’s Northern Territory until the end of that year. “Positive discussions with Timor-Leste and Australian governments are continuing to progress the proposed Bayu-Undan Carbon Capture and Storage project and look at opportunities to process third-party gas through Bayu-Undan infrastructure”, Santos said Thursday. The output increase, as well as a timing impact from Pyrenees crude liftings in Western Australia, drove a three percent quarter-on-quarter increase in sales volumes to 23.9 MMboe, Santos said. LNG sales totaled 1.27 million metric tons, down from 1.36 million metric tons in Q1. Santos’ LNG projects shipped 49 cargoes in Q2, of which four were equity-marketed from Papua New Guinea LNG. Domestic gas sales rose from 45.8 petajoules in Q1 to 51.2 petajoules in Q2, driven by Western Australia. Crude oil sales increased from 1.26 million barrels to 1.85 million barrels, but condensate sales dropped from 1.14

Oil edged lower as signs of a softening crude market undercut broader strength across risk assets. West Texas Intermediate futures dipped 0.2% to settle above $66 a barrel, extending a three-day losing streak. The commodity followed broader markets off its lows after President Donald Trump denied a plan to fire Fed Chair Jerome Powell. Still, that rebound wasn’t enough to fully undo a slide driven by government data showing falling distillate demand and rising inventories at the key storage hub in Cushing, Oklahoma. “We are in a rangebound market here, with upside risk capped from waning geopolitical risk, while peak seasonal demand gives us some support,” said Frank Monkam, head of macro trading at Buffalo Bayou Commodities. Traders and analysts remain preoccupied with the prospect of an oversupply later this year as global demand growth cools, the OPEC+ alliance fast-tracks the return of halted supplies and output rises across the Americas. Oil has ticked higher this month — building on the upward trend since May — despite concerns that Trump’s tariff onslaught will hurt demand. Earlier this week, Goldman Sachs Group Inc. raised its Brent forecast for this half, although it remained cautious about 2026. Key market gauges also are signaling reasonably tight near-term supplies. US benchmark crude’s current contract was trading at a $1.22 premium to the next month, a bullish structure. Overall crude inventories fell 3.86 million barrels in this week’s data and US distillate stockpiles, which include diesel, remained at the lowest since 1996 seasonally. While global crude inventories have been swelling in recent months, the bulk of the accumulation has come in markets that have relatively little effect on futures prices, according to Morgan Stanley. The premiums traders are paying for more immediate supplies, a pattern known as backwardation, signal strong short-term demand. “The Brent futures

The US may depart the International Energy Agency without changes to forecasting that Republicans have criticized as unrealistically green, President Donald Trump’s energy chief said. “We will do one of two things: we will reform the way the IEA operates or we will withdraw,” Energy Secretary Chris Wright said during an interview Tuesday. “My strong preference is to reform it.”  The Paris-based IEA, established in response to the 1970s oil crisis to enhance energy security, stirred controversy in recent years as long-term forecasts began to factor in more active government policies to shift away from fossil fuels. The agency has predicted that global oil demand will plateau this decade as electric-vehicle fleets expand and other measures are adopted to reduce emissions and combat climate change. “That’s just total nonsense,” Wright said on the sidelines of the Pennsylvania Energy and Innovation Summit at Carnegie Mellon University in Pittsburgh. He added he’s been in a dialog with the Fatih Birol, the IEA’s executive director. The IEA didn’t immediately respond to a request for comment. In the past, it has defended its forecasting and said in a March 2024 statement that its scenarios “are built on different underlying assumptions about how the energy system might evolve over time.” Wright’s criticism of the agency that gets millions of dollars in US funding is in line with Trump’s broader pro-fossil fuels thrust, and his skepticism about climate change and some environmental measures adopted under previous administrations.  The energy group came under fire in the US last year from critics such as Senator John Barrasso, a Wyoming Republican, who said the IEA has become an “energy transition cheerleader” and that its modeling of long-term energy demand was skewed and “no longer provides policymakers with balanced assessments of energy and climate proposals.” WHAT DO YOU THINK? Generated

Dive Brief: Utility regulators on Tuesday approved Georgia Power’s 2025 integrated resource plan, which calls for keeping coal plants online to serve anticipated data center demand. It also includes up to 4,000 MW of renewable energy, 1,500 MW of battery storage and a smaller amount of new gas capacity. Georgia Power said it anticipates approximately 8,500 MW of load growth over the next six years. The IRP allows for the Public Service Commission to monitor that growth, with the utility updating its load forecast and making quarterly filings regarding large load developments. Clean energy and consumer advocates were critical of the plan’s reliance on coal and gas, and an energy savings target that has not been updated in years. Positive aspects of the IRP around solar, storage and customer programs “are sadly blunted by the continued investment in fossil fuel infrastructure,” said Heather Pohnan, senior energy policy manager with the Southern Alliance for Clean Energy, in a statement.  Dive Insight: The Atlanta metropolitan area is one of the hottest data center markets in the country right now, and Georgia Power’s long-term plan aims to meet the growing demand. But growth projections remain uncertain and critics of the IRP say it could leave customers on the hook for higher bills if the demand doesn’t materialize. Approval of the plan “locks in major investments based on uncertain assumptions about future data center demand, while failing to deliver meaningful benefits or cost relief to existing residential and small business customers,” said Patrick King, Georgia policy advocate with the Natural Resources Defense Council, in a statement. “The plan prioritizes speculative growth.” Data centers are driving U.S. electricity demand rapidly higher, but observers say final construction of new facilities is likely to be a fraction of what has been proposed.  Astrid Atkinson, a former Google senior director of