North America added five rigs week on week, according to Baker Hughes’ latest North America rotary rig count, which was released on May 16. Although the U.S. dropped a total of two rigs week on week, Canada added a total of seven rigs during the same period, taking the total North America rig count up to 697, comprising 576 rigs from the U.S. and 121 from Canada, the count outlined. Of the total U.S. rig count of 576, 563 rigs are categorized as land rigs, 11 are categorized as offshore rigs, and two are categorized as inland water rigs. The total U.S. rig count is made up of 473 oil rigs, 100 gas rigs, and three miscellaneous rigs, according to Baker Hughes’ count, which revealed that the U.S. total comprises 520 horizontal rigs, 41 directional rigs, and 15 vertical rigs. Week on week, the U.S. land and inland water rig counts each dropped by one, and the country’s offshore rig count remained unchanged, the count highlighted. The U.S. oil and gas rig counts each decreased by one week on week, and its miscellaneous rig count remained unchanged, the count showed. Baker Hughes revealed that the U.S. horizontal rig count dropped by two week on week, while its directional and vertical rig counts remained unchanged during the period. A major state variances subcategory included in the rig count showed that, week on week, New Mexico and Texas each dropped two rigs, and Wyoming and Ohio each added one rig. A major basin variances subcategory included in Baker Hughes’ rig count showed that, week on week, the Permian basin dropped three rigs and the Utica basin added one rig. Canada’s total rig count of 121 is made up of 74 oil rigs and 47 gas rigs, Baker Hughes pointed out. The country’s

The UK and the European Union (EU) are set to forge closer ties on energy trading and emerging technologies such as carbon capture and storage (CCS) following a landmark summit in London. UK Prime Minister Sir Keir Starmer hosted EU leaders as the two sides reached a post-Brexit deal which also covered fishing rights and defence. According to a joint UK-EU statement, policymakers will explore UK participation in the EU’s internal electricity market, including participating in EU trading platforms. The statement also outlined continued regulatory cooperation on emerging energy transition sectors such as hydrogen, CCS and biomethane. The deal could have implications for the future of interconnector projects between the UK and EU countries, as well as offshore carbon storage projects in the North Sea. UK and EU cooperation on carbon capture and storage Many of the UK’s CCS developments, including the track-2 Acorn and Viking projects, are aiming to eventually import captured CO2 from mainland European nations such as Germany. © Supplied by Viking CCSA map showing major industrial emitters in the UK in relation to the proposed Viking CCS project from Harbour Energy. However, since the UK left the EU in 2016, the country has so far failed to secure any bilateral agreements with EU nations on cross-border CO2 transport and storage. Meanwhile, North Sea neighbour Norway has secured CO2 deals with EU members Denmark, Sweden, Belgium and the Netherlands, despite not being part of the EU. As a result, Norway’s Northern Lights CCS project is set to begin receiving international CO2 shipments later this year. © Supplied by Northern LightsThe Northern Lights carbon capture and storage project in Norway. Similarly, Denmark’s Greensand CCS project has already signed deals with a Swedish firm covering imported CO2 volumes. If the UK and the EU can align their regulatory schemes

Many UK oil and gas companies are underestimating the financial risks posed by the energy transition and are potentially exposing investors to significant losses, according to a study. Led by academics from the UK and France, the study explored how well transition risks were being accounted for by offshore firms. The study found the net zero shift was likely to reduce access to capital for fossil fuel companies, push up borrowing costs, and trigger large-scale write-downs – leading to some assets being stranded. Loughborough University lecturer Dr Freeman Owusu said these pressures “could have put the future viability of some companies in question”. “Our findings show that the transition to net zero presents significant risks for oil and gas companies in the UK,” Dr Owusu said. “These risks include rising operational costs, reduced access to finance, and increased financial pressure. “Together, these risks threaten the going concern of some oil and gas companies, lower market value, and have knock-on effects on the wider energy supply chain and government revenues.” Smaller firms ‘most exposed’ to net zero risks According to the study, smaller firms with higher emissions and fewer alternative business streams were seen as “most exposed” to these risks. The research identified issues surrounding the financial risks tied to the energy transition, as well as the need for clearer, more tailored company disclosures. The study found existing reporting frameworks do not fully capture the unique financial and accounting risks facing oil and gas firms during the energy transition. © Supplied by ShutterstockAn oil rig in the North Sea. Participants in the study called for greater transparency around environmental, social and governance (ESG) performance, alongside remaining reserves, plans for asset write-downs and evolving business models. Without these changes, oil and gas firms risked losing stakeholder trust and weakening their long-term prospects,

Venture Global Inc. exported 233.6 trillion British thermal units (TBtu) of liquefied natural gas (LNG) in the first quarter (Q1), increasing 62 percent from the same three-month period last year and setting a new quarterly record for the company. Meanwhile LNG volumes sold totaled 228.3 TBtu, also up 62 percent from Q1 2024. Revenue grew 105 percent year-on-year to $2.89 billion. However, net profit fell 39 percent year-over-year to $396 million. “This decrease was largely driven by non-cash factors such as unfavorable changes in the fair value of our interest rate swaps”, the Arlington, Virginia-based LNG developer said in an online statement. Income from operations increased 75 percent year-on-year to $1.08 billion primarily due to higher sales volumes and prices. Consolidated adjusted earnings before interest, taxes, depreciation and amortization grew 94 percent year-on-year to $1.35 billion. The positive impact from higher sales volumes and prices were partially offset by an increase in operating costs “in support of the ramp-up of LNG production at the Plaquemines Project and operating our LNG tankers, as well as remediation and rectification costs associated with the preparation of the Calcasieu Project for COD”, Venture Global said. Plaquemines LNG shipped its first cargo, from phase 1, last December. Phase 2, which the company approved 2023, is expected to start operation this year. Phases 1 and 2 have a total permitted capacity of 27.2 million metric tons per annum, though phase 2 has yet to obtain a permit to export to countries with no free trade agreement (FTA) with the United States. The quarterly report said, “Eighteen of the Phase 1 liquefaction trains at the Plaquemines Project demonstrated production levels of approximately 140 percent of nameplate capacity”. Venture Global confirmed that in April, subsequent to the quarter, Calcasieu Pass LNG started “commercial operations”. The Cameron Parish facility

Weatherford International plc said it has signed an agreement with Amazon Web Services (AWS) that aims to transform Weatherford’s digital capabilities and “help drive innovation in the energy sector”. As part of the collaboration, Weatherford will have AWS as its preferred cloud provider and will migrate its software and hardware suite to AWS. The migration includes Weatherford’s modern edge platform, which integrates advanced software-enabled hardware with its control system CygNet, the company said in a news release. AWS will support the development of next-generation technologies, further enhancing Weatherford’s unified data model, a solution that allows customers to integrate, harmonize, and analyze multi-asset data within a scalable, API-compatible model, according to the release. The collaboration will also enhance the WFRD Software Launchpad, a platform that provides customers with access to Weatherford-built and Weatherford-partnered applications. The Launchpad ensures that customers retain control over their data while seamlessly managing multiple software solutions without being locked into a single application, the company said. Weatherford President and CEO Girish Saligram said, “We are excited to work with AWS to deliver a comprehensive suite of innovative solutions that enable our customers to drive efficiency and innovation. This collaboration allows us to leverage AWS’s world-class cloud infrastructure to help our customers modernize their operations, reduce complexity, and achieve greater autonomy in their decision-making”. “AWS capabilities are accelerating Weatherford’s digital transformation and helping the company drive innovation in their digital solutions to meet customers’ needs,” Howard Gefen, GM for Energy and Utilities at AWS, said. “This collaboration will enhance Weatherford’s ability to deliver its operational and petrotechnical solutions by leveraging scalable, hardware and software solutions that empower energy companies to optimize their operations and achieve sustainable growth in an increasingly complex landscape”. New CFO Named Weatherford said in an earlier statement that Anuj Dhruv has been appointed as

In a release posted on its website, Africa Oil Corp. announced a new brand identity with a change of name to Meren Energy Inc. The company noted in the release that its rebranding follows the recent completion of the “transformative Prime consolidation, doubling reserves and production in high quality offshore assets that benefit from low lifting costs, premium Brent pricing and a favorable fiscal regime”. The business said its common shares will trade under the new symbol ‘MER’ on the TSX and Nasdaq OMX Stockholm. It added in the release that there is no change in the capitalization of the company pursuant to the change of name and new trading symbols. In connection with its name change, the company also announced the launch of a new website, which has gone live today, “to coincide with the trading under the new symbols”. The name Meren is derived from an old nautical term representing the mooring of a vessel as it docks, the company stated in the release.  “Inspired by the maritime legends that set sail in pursuit of new worlds, the name mirrors the company’s stability anchored by a diverse portfolio, strong cash flow profile and proven ability to work side by side with industry leaders on world-class assets,” it added. In the release, the company noted that Meren’s “key strategic objectives will remain to – drive long-term value through its existing portfolio of world-class assets and deliver compelling shareholder returns; continue growing into a leading independent E&P company that is a trusted and prominent industry partner, recognized for the quality of its assets, balance sheet strength, and disciplined capital allocation; and judiciously consider strategic acquisition of production assets within target markets, with strict adherence to strategic, financial and operational criteria”. President and Chief Executive Officer Roger Tucker said in the release,