China halted purchases of US crude in March as trade tensions between the two countries ramped up, casting a shadow over demand for oil produced from American shale formations.  The lack of such purchases by the world’s largest oil buyer compares with imports of 149,000 barrels of American crude a day in February, according to data from the US Census. China has bought US crude in every month since March 2020, except for August last year, when the country cut total purchases because of shaky economic growth. China’s vanishing appetite for US crude is bad news for shale producers, which already are warning that American production is set to decline amid a prolonged period of low oil prices driven by shaky demand and increased OPEC output. US drillers pumped a record 13.2 million barrels a day last year, making the country the world’s largest crude producer. US President Donald Trump has imposed tariffs of as much as 145% on most goods from China, and Beijing has retaliated, slowing trade between the world’s two largest economies.   China already has been buying less crude from the world because of economic uncertainty and weaker fuel demand as motorists switch to electric vehicles and trucks powered by liquefied natural gas. The country, which imported a record 481,000 barrels a day of US crude in 2020, slashed purchases by half last year.  Overall demand for US crude waned in March as refineries carried out planned maintenance ahead of the summer, when fuel demand rises. Exports fell to 4.04 million barrels a day in March, down 5.9% from the previous month.  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 will be removed. MORE FROM THIS AUTHOR Bloomberg

Shuttered offshore and subsea technology company Beam has appointed RSM UK Restructuring Advisory as its administrators. The group’s partner and co-head of restructuring Damian Webb and restructuring partner David Shambrook will lead work to handle the failed Bristol-headquartered company. Employees of the Beam, formerly Rovco, recently rook to social media to confirm their shock at having suddenly been made redundant, with 162 of its 195 employees having lost their jobs. The administrators are currently exploring ways to maximise returns for the Beam’s creditors and to preserve jobs for staff where possible. Maritime technology and naval architecture consultancy Tymor Marine is one of the company’s creditors. Beam brought them onboard to mobilise some of its vessels, with Tymor designing the fastenings to secure a remote operated vehicle (ROV) to the back of the ship’s deck. Speaking to Energy Voice, Tymor Marine managing director Kevin Moran said that the cost of the work as of the end of March was around £23,000. “But they also owe us money for approvals for some of their equipment, where we had to go through a third-party authority,” he said, accounting for around £4,000 of the figure. Founded in 2015, Beam was formed when Rovco and Vaarst merged in September last year. It provided automated offshore wind operations, including development and maintenance, through the integration of artificial intelligence and machine learning technologies Since launching, the two firms have raised close to £50 million from investors across three funding rounds in 2019, 2022 and 2024. However, reports claim the company’s most recent equity raise was unsuccessful, and an accelerated sale of the business and assets was unfruitful, leading to it entering administration. The company reported an £8.1m loss before tax in 2023, following an £8.7m loss in 2022. In addition to its Bristol office, the company has

EPCOR USA Inc., part of EPCOR Utilities Inc. (EPCOR), has signed a deal to divest its natural gas utility in Texas to SiEnergy Operating, a subsidiary of Northwest Natural Holding Co., for $60 million. Hughes Gas Resources Inc., or EPCOR Texas Gas, has about 6,900 metered connections and 353 miles of pipeline serving 12 communities northeast of Houston. “EPCOR Texas Gas, which has owned and operated the assets since 2017, is expected to have a rate base of approximately $46 million at the end of 2025”, a joint statement said. The parties expect to close the transaction this quarter. “With a similar business model as SiEnergy, Hughes has grown organically by providing infrastructure to residential and commercial developments in high-growth areas surrounding Houston”, commented Northwest Natural chief executive Justin Palfreyman. “EPCOR Texas Gas is a great fit for us as we continue to expand and diversify our overall utility portfolio in Texas”. EPCOR Utilities president John Elford said the sale is part of the company’s drive to focus on water opportunities in the state. “Our customers in Texas will benefit from SiEnergy’s substantial footprint in natural gas utilities while EPCOR continues to focus on growing its water business in the United States”, said Joe Gysel, EPCOR senior vice president for North American commercial services.  Besides SiEnergy, Northwest Natural also owns Northwest Natural Gas Co., which provides natural gas services to around 2 million people in over 140 communities through 800,000 meters in Oregon and Southwest Washington. Another Northwest Natural subsidiary, NW Natural Renewables Holdings, is investing in the production of low-carbon renewable natural gas from food, agricultural and forestry waste, landfills and wastewater. Meanwhile NW Natural Water Co. delivers water and wastewater utility services in Arizona, Idaho, Oregon, Texas and Washington. EPCOR USA provides water, wastewater, wholesale water and natural

The Panna-Multa and Tapti (PMT) joint venture partners, Shell PLC, Reliance Industries Limited (RIL), and Oil and Natural Gas Corporation Limited (ONGC), have completed India’s first offshore facilities decommissioning project. According to ONGC, the project entailed the removal of mid and south Tapti field facilities, which ceased production in March 2016. The PMT joint venture operates the Tapti fields under a production sharing contract with the Indian government. ONGC holds a 40 percent share, while RIL and BG Exploration & Production India Ltd (BGEPIL-Shell) each hold 30 percent. ONGC said the project also involved the removal of five wellhead platforms, associated infield pipelines, load-in at the onshore dismantling yard and the safe plugging and abandonment of 38 wells – all executed in line with the approved decommissioning plan. “The project’s complexity, especially its proximity to ONGC’s live assets, demanded strategic planning, precise execution, and utmost focus on safety. It marks a defining moment in India’s energy landscape and sets a strong foundation for the next chapter in offshore infrastructure transformation”, Pankaj Kumar, Production Director at ONGC, said. To support the government’s “Make in India” vision, the PMT JV awarded contracts to Indian firms Larsen and Toubro (L&T) for offshore work and Chowgule Shipyard (CLSPL) for onshore dismantling. Offshore operations have been completed, while dismantling is ongoing at CLSPL’s Ratnagiri facilities, ONGC said. The Tapti decommissioning project has also set a benchmark for India’s regulatory and operational framework for offshore decommissioning, developed in collaboration with key stakeholders like MoPNG, DGH, and OISD, following global best practices adapted for local conditions, ONGC said. “The safe and successful completion of the Tapti offshore project is a landmark moment for India’s offshore energy sector. This project sets a new benchmark for responsible decommissioning, made possible by global expertise, strong collaboration, and an unwavering commitment to

U.S. natural gas is trading higher today on a combination of technical factors and geopolitical tensions that pose the potential for supply disruptions. That’s what Art Hogan, Chief Market Strategist at B. Riley Wealth, told Rigzone in an exclusive interview on Wednesday when asked why the U.S. natural gas price is rising today. “Technically natgas is trading above key support of $3.47, which is the 50-day Exponential Moving Average (EMA),” Hogan said. “The next resistance sits at $3.72. On the fundamental side of things, the American Petroleum Institute data released yesterday reflected tighter supply,” he added. “Additionally, U.S. energy firms like Diamondback Energy and Coterra Energy have announced rig reductions, potentially curbing future output,” he continued. Rigzone has contacted Diamondback and Coterra for comment on Hogan’s statements. The companies have not responded to Rigzone at the time of writing. In its first quarter results statement, which was posted on the company’s website on May 5, Diamondback said it “is reducing its activity levels and lowering its capital budget to prioritize free cash generation”. In Coterra’s first quarter results statement, which was published on the company’s site on Monday, Tom Jorden, Chairman, CEO and President of Coterra, said, “we believe it is prudent to reduce oil directed activity at this time”. “As such, we are lowering Permian investment in 2025 and now expect to average seven Permian rigs during the second half of the year, down 30 percent from our original guidance of ten,” he added. “As planned, we added two natural gas focused rigs in the Marcellus in April and may keep this activity running for the balance of 2025,” he went on to state. When he was asked why the U.S. natural gas price is rising today in a separate exclusive interview, David Seduski, the head of North American

Dive Brief: The Environmental Protection Agency plans to end its popular Energy Star program, according to widespread media reports. The program has helped consumers identify energy-efficient home appliances for more than 30 years. The “next phase of organizational improvements” to the EPA was announced Friday, an agency spokesperson said in an email. A current and future organization chart of impacted offices was provided. Eliminating the Energy Star program will reduce consumer access to vital information about the energy use of appliances, efficiency advocates said. “If you wanted to raise families’ energy bills, getting rid of the ENERGY STAR label would be a pretty good way,” American Council for an Energy-Efficient Economy Executive Director Steven Nadel said in a statement. Dive Insight: Energy Star was created in 1992 under President George H.W. Bush and expanded over the years as its popularity grew. The program has helped consumers save more than $500 billion in energy costs and 5 trillion kWh since its inception, according to the program website. Energy Star has “grown to become the international standard for energy efficiency and one of the most successful voluntary U.S. government programs in history,” according to the EPA. The program “and all the other climate work, outside of what’s required by statute, is being de-prioritized and eliminated,” Paul Gunning, director of EPA’s Office of Atmospheric Protection, told employees on Monday, The New York Times reported. In April, more than 1,000 companies and organizations lobbied EPA to maintain the program, noting that “a typical household can save about $450 on energy costs each year” by choosing Energy Star products. The program has more than 16,000 participating companies and organizations, including over 1,800 manufacturers, who rely on the Energy Star program “to drive consumer demand for energy efficiency.” Energy Star-certified homes — those built to meet strict energy efficiency standards set