North America dropped five rigs week on week, according to Baker Hughes’ latest North America rotary rig count, which was released on May 30. The U.S. dropped three rigs week on week and Canada cut two during the same timeframe, taking the total North America rig count down to 675, comprising 563 rigs from the U.S. and 112 rigs from Canada, the count outlined.  Of the total U.S. rig count of 563, 548 rigs are categorized as land rigs, 13 are categorized as offshore rigs, and two are categorized as inland water rigs. The total U.S. rig count is made up of 461 oil rigs, 99 gas rigs, and three miscellaneous rigs, according to Baker Hughes’ count, which revealed that the U.S. total comprises 508 horizontal rigs, 42 directional rigs, and 13 vertical rigs. Week on week, the U.S. land rig count dropped by five, its offshore rig count increased by two, and its inland water rig count remained unchanged, the count highlighted. The country’s oil rig count dropped by four, its gas rig count increased by one, and its miscellaneous rig count remained unchanged, week on week, the count showed. The U.S. horizontal rig count dropped by three week on week, and its vertical and directional rig counts remained unchanged during the same timeframe, the count revealed. A major state variances subcategory included in the rig count showed that, week on week, New Mexico, Ohio, Oklahoma, and West Virginia each dropped one rig. Pennsylvania added one rig week on week, the count outlined. A major basin variances subcategory included in Baker Hughes’ rig count showed that, week on week, the Cana Woodford basin dropped two rigs, and the Ardmore Woodford, Granite Wash, Permian, and Utica basins each dropped one rig. The Eagle Ford basin was shown to have added

Rosneft Oil Co. has reported RUB 2.28 trillion ($28.85 billion) in revenue for the first quarter (Q1), down 8.5 percent from the prior three-month period on weaker Urals crude oil prices. The Russian state-owned integrated oil and gas company produced 3.68 million barrels per day (bpd) of liquid hydrocarbons in the January-March 2025 period, constrained by “challenging weather conditions in Central Russia, and oil production cap in compliance with the decisions of the Russian Government”, Rosneft said in an online statement. Gas output averaged 1.37 million barrels of oil equivalent (boe) a day, totaling 20.2 billion cubic meters (713.36 billion cubic feet). “Greenfield projects in the Yamal-Nenets Autonomous District commissioned in 2022 account for around a third of the Company’s gas production”, Rosneft noted. In Q1 2025 it commissioned over 600 wells, 76 percent of which were horizontal. On Saturday the Organization of the Petroleum Exporting Countries (OPEC) announced a total increase of 411,000 bpd for the July production of Russia and seven other OPEC+ members, accelerating the gradual return of 2.2 million bpd of voluntary cuts. Meanwhile Rosneft’s refining volumes totaled 19.5 million metric tons, down quarter-on-quarter. “The refining volume trend is attributable to optimization of refinery utilization in view of the current pricing environment and demand, and the need for maintenance and repair works”, it said. Rosneft sold 2.2 million metric tons of gasoline and diesel on the St Petersburg International Mercantile Exchange, 1.7 times the required volume, according to the company. “In the reporting period, the Company operated in the context of continuous deterioration of the macroeconomic environment that included lower prices and wider discounts for Russia’s Urals crude oil, new sanction restrictions, as well as a stronger ruble”, commented Rosneft chair and chief executive Igor Sechin. Earnings before interest, taxes, depreciation and amortization fell 15.5 percent sequentially

QPM Energy Limited has executed two funding agreements with foundation customer Dyno Nobel Ltd. to refinance existing facilities and strengthen QPM’s balance sheet. QPM said in a regulatory filing that there will be no change to the existing Development Funding Facility, which is being used to fund the drilling of new wells and other infrastructure optimization and development projects at the MGP. The company said that the facilities will be used to fully repay its existing working capital facility with Dyno, currently drawn to $27 million, and provide a stable, funded platform to underpin the growth of QPM’s gas supply and energy portfolio. QPM’s existing $80 million Development Funding Facility with Dyno Nobel remains in place and may be increased to $120 million. QPM has drawn down $38.3 million from the DFF to fund the Teviot Brook South 7 well drilling program, existing well workovers, and optimization works on the MGP gas-gathering infrastructure. QPM said it is currently finalizing plans for a new production well drilling program, which is set to start later this year. It intends to fund these wells under the Development Funding Facility. The Development Funding Facility is not repaid in cash but rather amortized as QPM delivers gas into the NGSA with Dyno Nobel. QPM has agreed to grant Dyno a further option to extend the NGSA by another four years. “In just under two years, we have reinvigorated the MGP and developed an exciting integrated energy business. These funding agreements with Dyno Nobel represent another important step in this transformation. From July 2025, the business will transition to a much lower cost structure under the new contracts with Townsville Power Station and North Queensland Gas Pipeline. In combination with the new funding agreements announced today, QPM has established a stable and secure long-term business that

Tamboran Resource Corporation has closed the first tranche of its Private Investment Public Equity (PIPE) of Common Stock to fund ongoing drilling activities to reach plateau production at the proposed SS Pilot Project. Tamboran said in a regulatory filing that it expects to receive gross proceeds of approximately $55.4 million upon closing the second tranche of the PIPE, before deducting placement agent fees and other offering expenses. Pursuant to the closing of the first tranche, Tamboran Resources issued 2,180,515 common shares at $17.74 per share. The first tranche raised approximately $38.7 million, with Bank of America acting as the sole placement agent. The second tranche, expected to close in August 2025, will involve the issuance of an additional 940,729 shares at the same price, pending approval from Tamboran’s shareholders, the company said. This includes a $1 million investment from certain company directors, also subject to shareholder approval. The overall transaction saw strong support, notably a $10 million placement from Formentera Partners, an entity founded by Bryan Sheffield, at the same share price as other investors, Tamboran said. Tamboran added that certain non-affiliated investors will participate in the second tranche with a total of $5.7 million. Furthermore, Tamboran signed a binding agreement with Daly Waters Energy LP (DWE) under which DWE will acquire a non-operating and non-controlling interest across 10,000 acres within two areas of Tamboran’s post-checkerboard acreage position for a consideration of $15 million. The transaction is subject to certain conditions including DWE receiving approval from the Formentera Australia Fund LP’s Limited Partner Advisory Committee and obtaining regulatory approvals. Tamboran said the transaction does not require shareholder approval. 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

The Trump administration is moving to repeal Biden-era curbs blocking oil drilling across most of the mammoth petroleum reserve in Alaska that’s home to an estimated 8.7 billion barrels of recoverable oil. Interior Secretary Doug Burgum announced the planned policy shift late Sunday at a town hall in Utqiagvik, a village on the Chukchi Sea coast, as he and fellow members of President Donald Trump’s cabinet visit Alaska to promote energy development in the region. The measure would open up new opportunities for oil and gas development in the 23 million-acre National Petroleum Reserve-Alaska, an Indiana-sized parcel in the northwest of the state that was set aside as a source of energy for the Navy a century ago. The action responds to a directive Trump issued after his inauguration in January, when he signed an executive order compelling a host of policy changes meant to expand oil, natural gas and mineral development in Alaska. The reserve holds an estimated 8.7 billion barrels of recoverable oil, according to a 2017 assessment by the US Geological Survey. And its production is set to skyrocket, with the development of recent discoveries. Alaska has forecast that crude production from the reserve will climb to 139,600 barrels per day in fiscal 2033, up from 15,800 barrels per day in fiscal 2023. Trump’s measure would repeal a 2024 rule imposed under former President Joe Biden, which designated 13 million acres of the reserve as “special areas,” limiting future oil and gas leasing, while maintaining leasing prohibitions on 10.6 million acres of the NPR-A. The rule has complicated future oil drilling and production in the reserve where companies including ConocoPhillips, Santos Ltd., Repsol SA and Armstrong Oil & Gas Inc. have been active. ConocoPhillips is developing its 600-million-barrel Willow project in the refuge, which is expected to produce first oil in 2029. Burgum’s announcement

Oil climbed after OPEC+ increased production less than some had feared and geopolitical concerns flared in Ukraine and Iran. West Texas Intermediate gained 2.8% to settle near $63 a barrel after the Organization of the Petroleum Exporting Countries and its allies agreed on Saturday to add 411,000 barrels a day of supply in July though some members objected, including Russia. With a handful of countries lobbying for a pause in July, banks are now split on how many more hikes will come in subsequent months.  Monday’s gain — US crude initially added as much as 5.1% before easing alongside broader markets — is also likely being aided by an unwinding of bearish bets made in advance of the decision. The group had been considering returning even more volume late last week, and speculative short positions in global benchmark Brent already were the highest since October prior to the meeting.  “The worst of the fears was laid to rest,” said Keshav Lohiya, founder of consultant Oilytics. “Brent shorts are now at the highest level in 2025, which makes sense given the bearish headlines coming out of OPEC. However, this is creating a recipe for a spike if spot healthy market fundamentals continue to roll on.” Other bullish catalysts for crude are driving the advance, too. Ukraine struck air bases deep in Russia, while Iran criticized a report showing its growing stockpiles of enriched uranium, escalations that reduce the chances of more supply from the sanctioned OPEC+ members entering the market. Wildfires in Canada are also threatening output in the world’s fourth-largest producer.  US futures pierced the 50-day moving average, a technical marker had largely helped keep a lid on prices over recent weeks. Alongside OPEC+’s output hikes, oil has taken direction from the fortunes of the trade war between the US and China, which threatens to sap consumption this year. Prices briefly pared