The European Climate, Environment and Infrastructure Executive Agency (CINEA) on Monday executed grant agreements for five of 41 cross-border energy infrastructure projects selected for the Connecting Europe Facility (CEF) for Energy. The European Commission, through CINEA, is set to award a total of EUR 1.25 billion ($1.43 billion) to the 41 projects, mostly to support their study phases. These projects constitute the first round of CEF for Energy funding under the revised Trans-European Networks for Energy (TEN-E) Regulation of the European Union. The top recipient among the five projects that received their grant certificates Monday is the Italian portion of the H2 Backbone project. CEF will provide EUR 24 million to state-backed Snam SpA for engineering and environmental studies, according to a press release by CINEA. H2 Backbone is part of the SoutH2 Corridor hydrogen pipeline system being developed by transmission system operators in Austria, Italy and Germany. SoutH2 Corridor, itself part of a broader project called the Europea Hydrogen Backbone, is planned to have 3,300 kilometers of pipelines, over 65 percent of which would be repurposed from existing lines, across the three countries. The Italian section accounts for 2,300 kilometers and will include several hundred megawatts of compression stations. Targeted to be put onstream 2030, SoutH2 Corridor aims to carry renewable hydrogen produced in North Africa to Europe. Meanwhile the Offshore Wind Connection South Brittany project of Réseau de Transport d’Électricité (RTE) received a grant certificate for EUR 21.8 million. “This investment will support technical studies and permitting for the offshore grid connecting future floating wind farms to South Brittany, helping to accelerate renewable energy deployment in the French North Atlantic Sea Basin”, CINEA said. A project to build an electricity exchange link between Landes in France and Navarra in Spain sealed EUR 11.1 million in CEF funding. RTE and Red Eléctrica de España will spend the

Brazil’s energy ministry has proposed measures to raise around 35 billion reais ($6.2 billion) from the oil industry over the next two years to help the government meet its fiscal targets.  On Monday, Mines and Energy Minister Alexandre Silveira presented measures to President Luiz Inacio Lula da Silva that include selling oil exploration licenses and a review of the reference prices used to calculate oil taxes, the ministry said in a message. If approved, it would be an alternative to a controversial increase in tax rates on some financial transactions.  Finance Minister Fernando Haddad has been struggling to deliver on promised fiscal goals due to lower-than-expected revenue and higher spending. Last week, Moody’s Ratings lowered Brazil’s credit outlook to stable from positive on expectations of larger fiscal deficits. The change in reference prices could erode margins for oil companies and have a negative impact on the investment environment, adding to existing concerns about licensing delays and lackluster exploration results, said Marcelo de Assis, an energy consultant.  “These are heavy measures that could cause more problems in the medium and long term,” de Assis said.  The ministry is pushing for the country’s oil regulator, known as the ANP, to review the reference prices used to calculate taxes paid by oil producers, including state-controlled Petrobras, before the end of July.  The oil and gas measures include a bill to authorize the federal government to sell oil production rights in areas of the pre-salt, Brazil’s most prolific offshore oil region, that haven’t been licensed yet. It would include areas near the giant Tupi, Mero and Atapu fields, and could raise 15 billion reais this year if approved by Congress. WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject

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