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Shell, Equinor Launch UK North Sea JV
Equinor ASA and Shell PLC have completed the combination of their oil and gas operations on the United Kingdom’s side of the North Sea. Launched Monday, Adura, the 50-50 joint venture, “will be the UK North Sea’s largest independent producer”, Norway’s majority state-owned Equinor said in an online statement. Adura includes Equinor’s 29.89 percent stake in the CNOOC Ltd-operated Buzzard field, which started production 2007; an operating interest of 65.11 percent in Mariner, online since 2019; and an 80 percent operating stake in Rosebank, expected to come onstream 2026. Shell will contribute its 27.97 percent ownership in BP PLC-operated Clair, which began production 2005; a 50 percent operating stake in Gannet, started up 1992; a 100 percent stake in Jackdaw, for which Shell is seeking new consent following a court nullification; a 21.23 percent operating stake in Nelson, which started production 1994; a 50 percent operating stake in Penguins, which started production 2003; a 92.52 percent operating stake in Pierce, which started production 1999; a 44.9 percent stake in BP-operated Schiehallion, which started production 1998; a 55.5 operating stake in Shearwater, which started production 2000; and a 100 percent stake in Victory, started up earlier this year. Adura expects to produce over 140,000 barrels of oil equivalent a day in 2026, and also has several exploration licenses, Equinor said. “Equinor will retain ownership of its cross-border assets, Utgard, Barnacle and Statfjord and offshore wind portfolio including Sheringham Shoal, Dudgeon, Hywind Scotland and Dogger Bank”, Equinor said. “It will also retain the hydrogen, carbon capture and storage, power generation, battery storage and gas storage assets. “Shell UK Ltd will retain ownership of its interests and projects that are part of the UK SEGAL system, namely Fife NGL Plant, St Fergus Gas Terminal and the Braefoot Bay facility, and in the Bacton

Chevron Joins TotalEnergies in New Nigerian Exploration Blocks
Chevron Corp has signed a deal to acquire 40 percent in Petroleum Prospecting License (PPL) 2000 and PPL 2001 offshore Nigeria from TotalEnergies SE. TotalEnergies will retain operatorship with a 40 percent interest. Local player South Atlantic Petroleum Ltd owns 20 percent. “This new joint venture aims at derisking and developing new opportunities in Nigeria, in line with the objectives of the country”, TotalEnergies senior vice president for exploration Nicola Mavilla said in an online statement. PPL 2000 spans 969 square kilometers (374.13 square miles) with water depths of 1,194-1,967 meters (3,917.32-6,453.41 feet). It sits six kilometers (3.73 miles) east of the Echim field and is part of the early Miocene to late Oligocene structural trend of the north-western Niger Deltalobe, according to online block information published by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as part of the country’s 2024 bid round. Two wells have been drilled in PPL 2000. Drilled 2004, Obeje-1 and Obeje-1st turned up dry. “There is remaining potential within untested stratigraphic and structural-stratigraphic traps in the block”, the NUPRC says. The block has 118 line km of 2D seismic data, acquired 1998-99 and reprocessed 2019, according to the NUPRC. PPL 2001 covers 990 sq km with water depths of 1,108-2,143 meters. It sits northwest of the producing Bonga field and is also part of the early Miocene to late Oligocene structural trend of the northwestern Niger Delta lobe, according to the NUPRC. “No wells have been drilled in PPL 2001, however there are untested stratigraphic and structural-stratigraphic traps within the block”, it says. The block has 165.6 line km of 2D seismic data, acquired 1998-99 and reprocessed 2019, according to the NUPRC. The transaction needs to clear customary conditions including regulatory approvals, TotalEnergies said. TotalEnergies’ farm-down to Chevron is part of “an ongoing discussion of

Cooling crisis at CME: A wakeup call for modern infrastructure governance
Organizations should reassess redundancy However, he pointed out, “the deeper concern is that CME had a secondary data center ready to take the load, yet the failover threshold was set too high, and the activation sequence remained manually gated. The decision to wait for the cooling issue to self-correct rather than trigger the backup site immediately revealed a governance model that had not evolved to keep pace with the operational tempo of modern markets.” Thermal failures, he said, “do not unfold on the timelines assumed in traditional disaster recovery playbooks. They escalate within minutes and demand automated responses that do not depend on human certainty about whether a facility will recover in time.” Matt Kimball, VP and principal analyst at Moor Insights & Strategy, said that to some degree what happened in Aurora highlights an issue that may arise on occasion: “the communications gap that can exist between IT executives and data center operators. Think of ‘rack in versus rack out’ mindsets.” Often, he said, the operational elements of that data center environment, such as cooling, power, fire hazards, physical security, and so forth, fall outside the realm of an IT executive focused on delivering IT services to the business. “And even if they don’t fall outside the realm, these elements are certainly not a primary focus,” he noted. “This was certainly true when I was living in the IT world.” Additionally, said Kimball, “this highlights the need for organizations to reassess redundancy and resilience in a new light. Again, in IT, we tend to focus on resilience and redundancy at the app, server, and workload layers. Maybe even cluster level. But as we continue to place more and more of a premium on data, and the terms ‘business critical’ or ‘mission critical’ have real relevance, we have to zoom out

Energy Department Announces $134 Million in Funding to Strengthen Rare Earth Element Supply Chains, Advancing American Energy Independence
WASHINGTON—The U.S. Department of Energy’s (DOE) Office of Critical Minerals and Energy Innovation (CMEI) today announced a Notice of Funding Opportunity (NOFO) for up to $134 million to enhance domestic supply chains for rare earth elements (REEs). Through this funding, DOE will support projects that demonstrate the commercial viability of recovering and refining REEs from unconventional feedstocks including mine tailings, e-waste, and other waste materials. These efforts will reduce America’s dependence on foreign sources, strengthen national security, and promote American energy independence. “For too long, the United States has relied on foreign nations for the minerals and materials that power our economy,” said U.S. Secretary of Energy Chris Wright. “We have these resources here at home, but years of complacency ceded America’s mining and industrial base to other nations. Thanks to President Trump’s leadership, we are reversing that trend, rebuilding America’s ability to mine, process, and manufacture the materials essential to our energy and economic security.” This funding opportunity stems from DOE’s Office of Critical Minerals and Energy Innovation’s Rare Earth Demonstration Facility program, which is designed to demonstrate full-scale integrated rare earth extraction and separation facilities within the United States. This NOFO follows the Department’s Notice of Intent released in August. REEs, such as Praseodymium, Neodymium, Terbium and Dysprosium, are vital components in advanced manufacturing, defense systems, and high-performance magnets used in power generation and electric motors. By investing in domestic REE recovery and processing, DOE is working to secure America’s energy independence, strengthen economic competitiveness, and ensure long-term resilience in the nation’s supply chains. A webinar with additional information on this funding opportunity will be held at 1:00 PM ET on December 9, 2025. The webinar can be joined here. Non-binding, non-mandatory letters of intent are requested by December 10, 2025, at 5:00 PM ET to assist the Department in planning

Tullow Names Ex-Trafigura Executive as Chair
Tullow Oil Plc appointed former Trafigura Group executive Roald Goethe as chairman, while half the board quit as the company struggles with a mounting debt pile. The shakeup follows a 77% slump in the shares this year, with the stock sinking to a record-low last month as Tullow said it was exploring ways to refinance looming debt maturities. Goethe, who helped to build the West Africa trading desk at Trafigura, has served on Tullow’s board since 2023. He replaces Phuthuma Nhleko as chairman, while directors Genevieve Sangudi, Martin Greenslade and Mitchell Ingram also resigned with immediate effect. “The company intends to replace key positions on the board, whilst retaining a small, focused and aligned board going forward,” Tullow said Monday in a statement. “The significant reduction in the size of the board will result in a further reduction of Tullow’s cost base.” The shares rose as much as 1.9% at the open in London. The London-based oil and gas company, which made several significant African discoveries in the late 2000s, has struggled in recent years under the weight of huge borrowings. Last month, the firm raised its year-end net debt forecast to $1.2 billion from $1.1 billion. 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.

Crude Ends Higher Despite Glut Fears
Oil rose as a key pipeline linking Kazakh fields to Russia’s Black Sea coast halted loading after one of its three moorings was damaged amid Ukrainian attacks in the region over the weekend, while traders assessed potential US military operations in Venezuela alongside expectations for oversupply. West Texas Intermediate rose 1.3% to settle above $59 on Monday. The Caspian Pipeline Consortium carries most of Kazakhstan’s crude exports, which have averaged 1.6 million barrels a day so far this year. The mooring was severely damaged after the explosion, a person with knowledge of the matter said. CPC said “any further operations are impossible” at the mooring, in response to questions about the damage. Ukraine hasn’t commented on the incident, although it confirmed separate attacks on an oil refinery and tankers over the weekend as it ramps up strikes on Russian oil targets amid the nearly four-year old war. The infrastructure attacks come at a time when the global oil market is moving into what is expected to be a period of significant oversupply. Trend-following commodity trading advisers were 90% short on Monday, according to data from Bridgeton Research Group. Some shorter-term focused advisers bought on Monday as prices rose. The extremely bearish lean from algorithmic traders leaves the market prone to bigger spikes on bullish developments as most of these traders are trend-following in nature and amplify price moves. Oil prices are coming off a monthly drop, with futures under pressure from the prospect of a glut next year. Still, geopolitical tensions from Russia to Venezuela — where President Trump warned airspace should be considered closed over the weekend — are adding to the bullish risks for prices. The White House will hold a meeting about next steps on Venezuela on Monday evening, CNN reported. “While the outlook for the market

Shell, Equinor Launch UK North Sea JV
Equinor ASA and Shell PLC have completed the combination of their oil and gas operations on the United Kingdom’s side of the North Sea. Launched Monday, Adura, the 50-50 joint venture, “will be the UK North Sea’s largest independent producer”, Norway’s majority state-owned Equinor said in an online statement. Adura includes Equinor’s 29.89 percent stake in the CNOOC Ltd-operated Buzzard field, which started production 2007; an operating interest of 65.11 percent in Mariner, online since 2019; and an 80 percent operating stake in Rosebank, expected to come onstream 2026. Shell will contribute its 27.97 percent ownership in BP PLC-operated Clair, which began production 2005; a 50 percent operating stake in Gannet, started up 1992; a 100 percent stake in Jackdaw, for which Shell is seeking new consent following a court nullification; a 21.23 percent operating stake in Nelson, which started production 1994; a 50 percent operating stake in Penguins, which started production 2003; a 92.52 percent operating stake in Pierce, which started production 1999; a 44.9 percent stake in BP-operated Schiehallion, which started production 1998; a 55.5 operating stake in Shearwater, which started production 2000; and a 100 percent stake in Victory, started up earlier this year. Adura expects to produce over 140,000 barrels of oil equivalent a day in 2026, and also has several exploration licenses, Equinor said. “Equinor will retain ownership of its cross-border assets, Utgard, Barnacle and Statfjord and offshore wind portfolio including Sheringham Shoal, Dudgeon, Hywind Scotland and Dogger Bank”, Equinor said. “It will also retain the hydrogen, carbon capture and storage, power generation, battery storage and gas storage assets. “Shell UK Ltd will retain ownership of its interests and projects that are part of the UK SEGAL system, namely Fife NGL Plant, St Fergus Gas Terminal and the Braefoot Bay facility, and in the Bacton

Chevron Joins TotalEnergies in New Nigerian Exploration Blocks
Chevron Corp has signed a deal to acquire 40 percent in Petroleum Prospecting License (PPL) 2000 and PPL 2001 offshore Nigeria from TotalEnergies SE. TotalEnergies will retain operatorship with a 40 percent interest. Local player South Atlantic Petroleum Ltd owns 20 percent. “This new joint venture aims at derisking and developing new opportunities in Nigeria, in line with the objectives of the country”, TotalEnergies senior vice president for exploration Nicola Mavilla said in an online statement. PPL 2000 spans 969 square kilometers (374.13 square miles) with water depths of 1,194-1,967 meters (3,917.32-6,453.41 feet). It sits six kilometers (3.73 miles) east of the Echim field and is part of the early Miocene to late Oligocene structural trend of the north-western Niger Deltalobe, according to online block information published by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as part of the country’s 2024 bid round. Two wells have been drilled in PPL 2000. Drilled 2004, Obeje-1 and Obeje-1st turned up dry. “There is remaining potential within untested stratigraphic and structural-stratigraphic traps in the block”, the NUPRC says. The block has 118 line km of 2D seismic data, acquired 1998-99 and reprocessed 2019, according to the NUPRC. PPL 2001 covers 990 sq km with water depths of 1,108-2,143 meters. It sits northwest of the producing Bonga field and is also part of the early Miocene to late Oligocene structural trend of the northwestern Niger Delta lobe, according to the NUPRC. “No wells have been drilled in PPL 2001, however there are untested stratigraphic and structural-stratigraphic traps within the block”, it says. The block has 165.6 line km of 2D seismic data, acquired 1998-99 and reprocessed 2019, according to the NUPRC. The transaction needs to clear customary conditions including regulatory approvals, TotalEnergies said. TotalEnergies’ farm-down to Chevron is part of “an ongoing discussion of

Cooling crisis at CME: A wakeup call for modern infrastructure governance
Organizations should reassess redundancy However, he pointed out, “the deeper concern is that CME had a secondary data center ready to take the load, yet the failover threshold was set too high, and the activation sequence remained manually gated. The decision to wait for the cooling issue to self-correct rather than trigger the backup site immediately revealed a governance model that had not evolved to keep pace with the operational tempo of modern markets.” Thermal failures, he said, “do not unfold on the timelines assumed in traditional disaster recovery playbooks. They escalate within minutes and demand automated responses that do not depend on human certainty about whether a facility will recover in time.” Matt Kimball, VP and principal analyst at Moor Insights & Strategy, said that to some degree what happened in Aurora highlights an issue that may arise on occasion: “the communications gap that can exist between IT executives and data center operators. Think of ‘rack in versus rack out’ mindsets.” Often, he said, the operational elements of that data center environment, such as cooling, power, fire hazards, physical security, and so forth, fall outside the realm of an IT executive focused on delivering IT services to the business. “And even if they don’t fall outside the realm, these elements are certainly not a primary focus,” he noted. “This was certainly true when I was living in the IT world.” Additionally, said Kimball, “this highlights the need for organizations to reassess redundancy and resilience in a new light. Again, in IT, we tend to focus on resilience and redundancy at the app, server, and workload layers. Maybe even cluster level. But as we continue to place more and more of a premium on data, and the terms ‘business critical’ or ‘mission critical’ have real relevance, we have to zoom out

Energy Department Announces $134 Million in Funding to Strengthen Rare Earth Element Supply Chains, Advancing American Energy Independence
WASHINGTON—The U.S. Department of Energy’s (DOE) Office of Critical Minerals and Energy Innovation (CMEI) today announced a Notice of Funding Opportunity (NOFO) for up to $134 million to enhance domestic supply chains for rare earth elements (REEs). Through this funding, DOE will support projects that demonstrate the commercial viability of recovering and refining REEs from unconventional feedstocks including mine tailings, e-waste, and other waste materials. These efforts will reduce America’s dependence on foreign sources, strengthen national security, and promote American energy independence. “For too long, the United States has relied on foreign nations for the minerals and materials that power our economy,” said U.S. Secretary of Energy Chris Wright. “We have these resources here at home, but years of complacency ceded America’s mining and industrial base to other nations. Thanks to President Trump’s leadership, we are reversing that trend, rebuilding America’s ability to mine, process, and manufacture the materials essential to our energy and economic security.” This funding opportunity stems from DOE’s Office of Critical Minerals and Energy Innovation’s Rare Earth Demonstration Facility program, which is designed to demonstrate full-scale integrated rare earth extraction and separation facilities within the United States. This NOFO follows the Department’s Notice of Intent released in August. REEs, such as Praseodymium, Neodymium, Terbium and Dysprosium, are vital components in advanced manufacturing, defense systems, and high-performance magnets used in power generation and electric motors. By investing in domestic REE recovery and processing, DOE is working to secure America’s energy independence, strengthen economic competitiveness, and ensure long-term resilience in the nation’s supply chains. A webinar with additional information on this funding opportunity will be held at 1:00 PM ET on December 9, 2025. The webinar can be joined here. Non-binding, non-mandatory letters of intent are requested by December 10, 2025, at 5:00 PM ET to assist the Department in planning

Tullow Names Ex-Trafigura Executive as Chair
Tullow Oil Plc appointed former Trafigura Group executive Roald Goethe as chairman, while half the board quit as the company struggles with a mounting debt pile. The shakeup follows a 77% slump in the shares this year, with the stock sinking to a record-low last month as Tullow said it was exploring ways to refinance looming debt maturities. Goethe, who helped to build the West Africa trading desk at Trafigura, has served on Tullow’s board since 2023. He replaces Phuthuma Nhleko as chairman, while directors Genevieve Sangudi, Martin Greenslade and Mitchell Ingram also resigned with immediate effect. “The company intends to replace key positions on the board, whilst retaining a small, focused and aligned board going forward,” Tullow said Monday in a statement. “The significant reduction in the size of the board will result in a further reduction of Tullow’s cost base.” The shares rose as much as 1.9% at the open in London. The London-based oil and gas company, which made several significant African discoveries in the late 2000s, has struggled in recent years under the weight of huge borrowings. Last month, the firm raised its year-end net debt forecast to $1.2 billion from $1.1 billion. 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.

Crude Ends Higher Despite Glut Fears
Oil rose as a key pipeline linking Kazakh fields to Russia’s Black Sea coast halted loading after one of its three moorings was damaged amid Ukrainian attacks in the region over the weekend, while traders assessed potential US military operations in Venezuela alongside expectations for oversupply. West Texas Intermediate rose 1.3% to settle above $59 on Monday. The Caspian Pipeline Consortium carries most of Kazakhstan’s crude exports, which have averaged 1.6 million barrels a day so far this year. The mooring was severely damaged after the explosion, a person with knowledge of the matter said. CPC said “any further operations are impossible” at the mooring, in response to questions about the damage. Ukraine hasn’t commented on the incident, although it confirmed separate attacks on an oil refinery and tankers over the weekend as it ramps up strikes on Russian oil targets amid the nearly four-year old war. The infrastructure attacks come at a time when the global oil market is moving into what is expected to be a period of significant oversupply. Trend-following commodity trading advisers were 90% short on Monday, according to data from Bridgeton Research Group. Some shorter-term focused advisers bought on Monday as prices rose. The extremely bearish lean from algorithmic traders leaves the market prone to bigger spikes on bullish developments as most of these traders are trend-following in nature and amplify price moves. Oil prices are coming off a monthly drop, with futures under pressure from the prospect of a glut next year. Still, geopolitical tensions from Russia to Venezuela — where President Trump warned airspace should be considered closed over the weekend — are adding to the bullish risks for prices. The White House will hold a meeting about next steps on Venezuela on Monday evening, CNN reported. “While the outlook for the market

Shell, Equinor Launch UK North Sea JV
Equinor ASA and Shell PLC have completed the combination of their oil and gas operations on the United Kingdom’s side of the North Sea. Launched Monday, Adura, the 50-50 joint venture, “will be the UK North Sea’s largest independent producer”, Norway’s majority state-owned Equinor said in an online statement. Adura includes Equinor’s 29.89 percent stake in the CNOOC Ltd-operated Buzzard field, which started production 2007; an operating interest of 65.11 percent in Mariner, online since 2019; and an 80 percent operating stake in Rosebank, expected to come onstream 2026. Shell will contribute its 27.97 percent ownership in BP PLC-operated Clair, which began production 2005; a 50 percent operating stake in Gannet, started up 1992; a 100 percent stake in Jackdaw, for which Shell is seeking new consent following a court nullification; a 21.23 percent operating stake in Nelson, which started production 1994; a 50 percent operating stake in Penguins, which started production 2003; a 92.52 percent operating stake in Pierce, which started production 1999; a 44.9 percent stake in BP-operated Schiehallion, which started production 1998; a 55.5 operating stake in Shearwater, which started production 2000; and a 100 percent stake in Victory, started up earlier this year. Adura expects to produce over 140,000 barrels of oil equivalent a day in 2026, and also has several exploration licenses, Equinor said. “Equinor will retain ownership of its cross-border assets, Utgard, Barnacle and Statfjord and offshore wind portfolio including Sheringham Shoal, Dudgeon, Hywind Scotland and Dogger Bank”, Equinor said. “It will also retain the hydrogen, carbon capture and storage, power generation, battery storage and gas storage assets. “Shell UK Ltd will retain ownership of its interests and projects that are part of the UK SEGAL system, namely Fife NGL Plant, St Fergus Gas Terminal and the Braefoot Bay facility, and in the Bacton

Energy Department Announces $134 Million in Funding to Strengthen Rare Earth Element Supply Chains, Advancing American Energy Independence
WASHINGTON—The U.S. Department of Energy’s (DOE) Office of Critical Minerals and Energy Innovation (CMEI) today announced a Notice of Funding Opportunity (NOFO) for up to $134 million to enhance domestic supply chains for rare earth elements (REEs). Through this funding, DOE will support projects that demonstrate the commercial viability of recovering and refining REEs from unconventional feedstocks including mine tailings, e-waste, and other waste materials. These efforts will reduce America’s dependence on foreign sources, strengthen national security, and promote American energy independence. “For too long, the United States has relied on foreign nations for the minerals and materials that power our economy,” said U.S. Secretary of Energy Chris Wright. “We have these resources here at home, but years of complacency ceded America’s mining and industrial base to other nations. Thanks to President Trump’s leadership, we are reversing that trend, rebuilding America’s ability to mine, process, and manufacture the materials essential to our energy and economic security.” This funding opportunity stems from DOE’s Office of Critical Minerals and Energy Innovation’s Rare Earth Demonstration Facility program, which is designed to demonstrate full-scale integrated rare earth extraction and separation facilities within the United States. This NOFO follows the Department’s Notice of Intent released in August. REEs, such as Praseodymium, Neodymium, Terbium and Dysprosium, are vital components in advanced manufacturing, defense systems, and high-performance magnets used in power generation and electric motors. By investing in domestic REE recovery and processing, DOE is working to secure America’s energy independence, strengthen economic competitiveness, and ensure long-term resilience in the nation’s supply chains. A webinar with additional information on this funding opportunity will be held at 1:00 PM ET on December 9, 2025. The webinar can be joined here. Non-binding, non-mandatory letters of intent are requested by December 10, 2025, at 5:00 PM ET to assist the Department in planning

Crude Ends Higher Despite Glut Fears
Oil rose as a key pipeline linking Kazakh fields to Russia’s Black Sea coast halted loading after one of its three moorings was damaged amid Ukrainian attacks in the region over the weekend, while traders assessed potential US military operations in Venezuela alongside expectations for oversupply. West Texas Intermediate rose 1.3% to settle above $59 on Monday. The Caspian Pipeline Consortium carries most of Kazakhstan’s crude exports, which have averaged 1.6 million barrels a day so far this year. The mooring was severely damaged after the explosion, a person with knowledge of the matter said. CPC said “any further operations are impossible” at the mooring, in response to questions about the damage. Ukraine hasn’t commented on the incident, although it confirmed separate attacks on an oil refinery and tankers over the weekend as it ramps up strikes on Russian oil targets amid the nearly four-year old war. The infrastructure attacks come at a time when the global oil market is moving into what is expected to be a period of significant oversupply. Trend-following commodity trading advisers were 90% short on Monday, according to data from Bridgeton Research Group. Some shorter-term focused advisers bought on Monday as prices rose. The extremely bearish lean from algorithmic traders leaves the market prone to bigger spikes on bullish developments as most of these traders are trend-following in nature and amplify price moves. Oil prices are coming off a monthly drop, with futures under pressure from the prospect of a glut next year. Still, geopolitical tensions from Russia to Venezuela — where President Trump warned airspace should be considered closed over the weekend — are adding to the bullish risks for prices. The White House will hold a meeting about next steps on Venezuela on Monday evening, CNN reported. “While the outlook for the market

Tullow Names Ex-Trafigura Executive as Chair
Tullow Oil Plc appointed former Trafigura Group executive Roald Goethe as chairman, while half the board quit as the company struggles with a mounting debt pile. The shakeup follows a 77% slump in the shares this year, with the stock sinking to a record-low last month as Tullow said it was exploring ways to refinance looming debt maturities. Goethe, who helped to build the West Africa trading desk at Trafigura, has served on Tullow’s board since 2023. He replaces Phuthuma Nhleko as chairman, while directors Genevieve Sangudi, Martin Greenslade and Mitchell Ingram also resigned with immediate effect. “The company intends to replace key positions on the board, whilst retaining a small, focused and aligned board going forward,” Tullow said Monday in a statement. “The significant reduction in the size of the board will result in a further reduction of Tullow’s cost base.” The shares rose as much as 1.9% at the open in London. The London-based oil and gas company, which made several significant African discoveries in the late 2000s, has struggled in recent years under the weight of huge borrowings. Last month, the firm raised its year-end net debt forecast to $1.2 billion from $1.1 billion. 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.

Harbour Energy to Cut 100 UK Jobs
Harbour Energy Plc, one of the largest independent oil and gas firms in the UK, expects to cut another 100 jobs after the government decided to keep a windfall tax on North Sea producers. The Labour government last week said it plans to retain the Energy Profits Levy — introduced by the previous Conservative administration in 2022 — until March 2030. That was blow to oil and gas producers, which had been pushing for faster change to the tax to unlock investments, boost production and keep jobs. “The future structure of our offshore workforce must adapt to reflect these realities,” Scott Barr, managing director of Harbour Energy’s UK business, said in an emailed statement. British offshore operations “will continue to struggle to compete for capital within our global portfolio, while the EPL remains,” he said. Harbour Energy, which completed the acquisition of Wintershall Dea’s non-Russian assets last year, operates in nine countries, including in Norway, Germany, Argentina, Mexico and North Africa. The company has already cut about 600 positions in the UK since the EPL was introduced, when energy prices soared following Russia’s full-scale invasion of Ukraine. Many oil and gas companies, already suffering declines in production at mature fields in the British North Sea, have been reassessing their activities after the windfall tax was extended and increased. Last year’s EPL hike to 38% brought the headline tax rate for the oil and gas sector to 78%, making Britain less attractive for investment, according to producers. 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.

Utilities, regulators look to accelerate pilots to achieve speed-to-innovation
Listen to the article 13 min This audio is auto-generated. Please let us know if you have feedback. Utility use of innovations to manage challenges like load growth and affordability can be streamlined with smarter pilot project designs, new U.S. Department of Energy research found. Today’s pilots are often redundant, inconclusive and lack clear pathways to scale, a June Lawrence Berkeley National Laboratory report on pilot project designs concluded. “With safety as a top utility priority, utilities are hesitant” about new technologies or methods, but “it is critical that utilities are able to quickly test good ideas,” the LBNL report said. Some utilities have started to move quickly, faced with the pressure of rising demand, especially from data centers, which threatens to outpace new generation and storage additions. Salt River Project’s May 3 demonstration of data center load flexibility using Emerald AI software has already led to an announced scale deployment in the PJM Interconnection system. Many utilities are pursuing ways to achieve this type of speed-to-innovation. “It is more imperative now to take innovative projects and pilots to scale quickly because customer adoption, expectations, and technology are evolving at an exponential pace,” said Chanel Parson, Southern California Edison’s director of clean energy and demand response. The faster utilities scale solutions, “the faster they can keep up,” she added. Utilities are working with their regulators to find pilot project designs that speed innovation, the LBNL study found. To meet its quickly growing electric vehicle penetration, Pacific Gas and Electric’s managed charging program for 1,000 customers, launched in January, is already nearing its next phase, said Marina Donovan, vice president of global marketing for smart meter provider Itron. “That shows the speed the utility wants to move at,” she said. Streamlined pilot design frameworks, often called “regulatory sandboxes,” can support speed-to-innovation, LBNL’s

Microsoft will invest $80B in AI data centers in fiscal 2025
And Microsoft isn’t the only one that is ramping up its investments into AI-enabled data centers. Rival cloud service providers are all investing in either upgrading or opening new data centers to capture a larger chunk of business from developers and users of large language models (LLMs). In a report published in October 2024, Bloomberg Intelligence estimated that demand for generative AI would push Microsoft, AWS, Google, Oracle, Meta, and Apple would between them devote $200 billion to capex in 2025, up from $110 billion in 2023. Microsoft is one of the biggest spenders, followed closely by Google and AWS, Bloomberg Intelligence said. Its estimate of Microsoft’s capital spending on AI, at $62.4 billion for calendar 2025, is lower than Smith’s claim that the company will invest $80 billion in the fiscal year to June 30, 2025. Both figures, though, are way higher than Microsoft’s 2020 capital expenditure of “just” $17.6 billion. The majority of the increased spending is tied to cloud services and the expansion of AI infrastructure needed to provide compute capacity for OpenAI workloads. Separately, last October Amazon CEO Andy Jassy said his company planned total capex spend of $75 billion in 2024 and even more in 2025, with much of it going to AWS, its cloud computing division.

John Deere unveils more autonomous farm machines to address skill labor shortage
Join our daily and weekly newsletters for the latest updates and exclusive content on industry-leading AI coverage. Learn More Self-driving tractors might be the path to self-driving cars. John Deere has revealed a new line of autonomous machines and tech across agriculture, construction and commercial landscaping. The Moline, Illinois-based John Deere has been in business for 187 years, yet it’s been a regular as a non-tech company showing off technology at the big tech trade show in Las Vegas and is back at CES 2025 with more autonomous tractors and other vehicles. This is not something we usually cover, but John Deere has a lot of data that is interesting in the big picture of tech. The message from the company is that there aren’t enough skilled farm laborers to do the work that its customers need. It’s been a challenge for most of the last two decades, said Jahmy Hindman, CTO at John Deere, in a briefing. Much of the tech will come this fall and after that. He noted that the average farmer in the U.S. is over 58 and works 12 to 18 hours a day to grow food for us. And he said the American Farm Bureau Federation estimates there are roughly 2.4 million farm jobs that need to be filled annually; and the agricultural work force continues to shrink. (This is my hint to the anti-immigration crowd). John Deere’s autonomous 9RX Tractor. Farmers can oversee it using an app. While each of these industries experiences their own set of challenges, a commonality across all is skilled labor availability. In construction, about 80% percent of contractors struggle to find skilled labor. And in commercial landscaping, 86% of landscaping business owners can’t find labor to fill open positions, he said. “They have to figure out how to do

2025 playbook for enterprise AI success, from agents to evals
Join our daily and weekly newsletters for the latest updates and exclusive content on industry-leading AI coverage. Learn More 2025 is poised to be a pivotal year for enterprise AI. The past year has seen rapid innovation, and this year will see the same. This has made it more critical than ever to revisit your AI strategy to stay competitive and create value for your customers. From scaling AI agents to optimizing costs, here are the five critical areas enterprises should prioritize for their AI strategy this year. 1. Agents: the next generation of automation AI agents are no longer theoretical. In 2025, they’re indispensable tools for enterprises looking to streamline operations and enhance customer interactions. Unlike traditional software, agents powered by large language models (LLMs) can make nuanced decisions, navigate complex multi-step tasks, and integrate seamlessly with tools and APIs. At the start of 2024, agents were not ready for prime time, making frustrating mistakes like hallucinating URLs. They started getting better as frontier large language models themselves improved. “Let me put it this way,” said Sam Witteveen, cofounder of Red Dragon, a company that develops agents for companies, and that recently reviewed the 48 agents it built last year. “Interestingly, the ones that we built at the start of the year, a lot of those worked way better at the end of the year just because the models got better.” Witteveen shared this in the video podcast we filmed to discuss these five big trends in detail. Models are getting better and hallucinating less, and they’re also being trained to do agentic tasks. Another feature that the model providers are researching is a way to use the LLM as a judge, and as models get cheaper (something we’ll cover below), companies can use three or more models to

OpenAI’s red teaming innovations define new essentials for security leaders in the AI era
Join our daily and weekly newsletters for the latest updates and exclusive content on industry-leading AI coverage. Learn More OpenAI has taken a more aggressive approach to red teaming than its AI competitors, demonstrating its security teams’ advanced capabilities in two areas: multi-step reinforcement and external red teaming. OpenAI recently released two papers that set a new competitive standard for improving the quality, reliability and safety of AI models in these two techniques and more. The first paper, “OpenAI’s Approach to External Red Teaming for AI Models and Systems,” reports that specialized teams outside the company have proven effective in uncovering vulnerabilities that might otherwise have made it into a released model because in-house testing techniques may have missed them. In the second paper, “Diverse and Effective Red Teaming with Auto-Generated Rewards and Multi-Step Reinforcement Learning,” OpenAI introduces an automated framework that relies on iterative reinforcement learning to generate a broad spectrum of novel, wide-ranging attacks. Going all-in on red teaming pays practical, competitive dividends It’s encouraging to see competitive intensity in red teaming growing among AI companies. When Anthropic released its AI red team guidelines in June of last year, it joined AI providers including Google, Microsoft, Nvidia, OpenAI, and even the U.S.’s National Institute of Standards and Technology (NIST), which all had released red teaming frameworks. Investing heavily in red teaming yields tangible benefits for security leaders in any organization. OpenAI’s paper on external red teaming provides a detailed analysis of how the company strives to create specialized external teams that include cybersecurity and subject matter experts. The goal is to see if knowledgeable external teams can defeat models’ security perimeters and find gaps in their security, biases and controls that prompt-based testing couldn’t find. What makes OpenAI’s recent papers noteworthy is how well they define using human-in-the-middle

Three Aberdeen oil company headquarters sell for £45m
Three Aberdeen oil company headquarters have been sold in a deal worth £45 million. The CNOOC, Apache and Taqa buildings at the Prime Four business park in Kingswells have been acquired by EEH Ventures. The trio of buildings, totalling 275,000 sq ft, were previously owned by Canadian firm BMO. The financial services powerhouse first bought the buildings in 2014 but took the decision to sell the buildings as part of a “long-standing strategy to reduce their office exposure across the UK”. The deal was the largest to take place throughout Scotland during the last quarter of 2024. Trio of buildings snapped up London headquartered EEH Ventures was founded in 2013 and owns a number of residential, offices, shopping centres and hotels throughout the UK. All three Kingswells-based buildings were pre-let, designed and constructed by Aberdeen property developer Drum in 2012 on a 15-year lease. © Supplied by CBREThe Aberdeen headquarters of Taqa. Image: CBRE The North Sea headquarters of Middle-East oil firm Taqa has previously been described as “an amazing success story in the Granite City”. Taqa announced in 2023 that it intends to cease production from all of its UK North Sea platforms by the end of 2027. Meanwhile, Apache revealed at the end of last year it is planning to exit the North Sea by the end of 2029 blaming the windfall tax. The US firm first entered the North Sea in 2003 but will wrap up all of its UK operations by 2030. Aberdeen big deals The Prime Four acquisition wasn’t the biggest Granite City commercial property sale of 2024. American private equity firm Lone Star bought Union Square shopping centre from Hammerson for £111m. © ShutterstockAberdeen city centre. Hammerson, who also built the property, had originally been seeking £150m. BP’s North Sea headquarters in Stoneywood, Aberdeen, was also sold. Manchester-based

2025 ransomware predictions, trends, and how to prepare
Zscaler ThreatLabz research team has revealed critical insights and predictions on ransomware trends for 2025. The latest Ransomware Report uncovered a surge in sophisticated tactics and extortion attacks. As ransomware remains a key concern for CISOs and CIOs, the report sheds light on actionable strategies to mitigate risks. Top Ransomware Predictions for 2025: ● AI-Powered Social Engineering: In 2025, GenAI will fuel voice phishing (vishing) attacks. With the proliferation of GenAI-based tooling, initial access broker groups will increasingly leverage AI-generated voices; which sound more and more realistic by adopting local accents and dialects to enhance credibility and success rates. ● The Trifecta of Social Engineering Attacks: Vishing, Ransomware and Data Exfiltration. Additionally, sophisticated ransomware groups, like the Dark Angels, will continue the trend of low-volume, high-impact attacks; preferring to focus on an individual company, stealing vast amounts of data without encrypting files, and evading media and law enforcement scrutiny. ● Targeted Industries Under Siege: Manufacturing, healthcare, education, energy will remain primary targets, with no slowdown in attacks expected. ● New SEC Regulations Drive Increased Transparency: 2025 will see an uptick in reported ransomware attacks and payouts due to new, tighter SEC requirements mandating that public companies report material incidents within four business days. ● Ransomware Payouts Are on the Rise: In 2025 ransom demands will most likely increase due to an evolving ecosystem of cybercrime groups, specializing in designated attack tactics, and collaboration by these groups that have entered a sophisticated profit sharing model using Ransomware-as-a-Service. To combat damaging ransomware attacks, Zscaler ThreatLabz recommends the following strategies. ● Fighting AI with AI: As threat actors use AI to identify vulnerabilities, organizations must counter with AI-powered zero trust security systems that detect and mitigate new threats. ● Advantages of adopting a Zero Trust architecture: A Zero Trust cloud security platform stops

The State of AI: welcome to the economic singularity
Welcome back to The State of AI, a new collaboration between the Financial Times and MIT Technology Review. Every Monday for the next two weeks, writers from both publications will debate one aspect of the generative AI revolution reshaping global power. This week, Richard Waters, FT columnist and former West Coast editor, talks with MIT Technology Review’s editor at large David Rotman about the true impact of AI on the job market. Bonus: If you’re an MIT Technology Review subscriber, you can join David and Richard, alongside MIT Technology Review’s editor in chief, Mat Honan, for an exclusive conversation live on Tuesday, December 9 at 1pm ET about this topic. Sign up to be a part here. Richard Waters writes:
Any far-reaching new technology is always uneven in its adoption, but few have been more uneven than generative AI. That makes it hard to assess its likely impact on individual businesses, let alone on productivity across the economy as a whole. At one extreme, AI coding assistants have revolutionized the work of software developers. Mark Zuckerberg recently predicted that half of Meta’s code would be written by AI within a year. At the other extreme, most companies are seeing little if any benefit from their initial investments. A widely cited study from MIT found that so far, 95% of gen AI projects produce zero return.
That has provided fuel for the skeptics who maintain that—by its very nature as a probabilistic technology prone to hallucinating—generative AI will never have a deep impact on business. To many students of tech history, though, the lack of immediate impact is just the normal lag associated with transformative new technologies. Erik Brynjolfsson, then an assistant professor at MIT, first described what he called the “productivity paradox of IT” in the early 1990s. Despite plenty of anecdotal evidence that technology was changing the way people worked, it wasn’t showing up in the aggregate data in the form of higher productivity growth. Brynjolfsson’s conclusion was that it just took time for businesses to adapt. Big investments in IT finally showed through with a notable rebound in US productivity growth starting in the mid-1990s. But that tailed off a decade later and was followed by a second lull. FT/MIT TECHNOLOGY REVIEW | ADOBE STOCK In the case of AI, companies need to build new infrastructure (particularly data platforms), redesign core business processes, and retrain workers before they can expect to see results. If a lag effect explains the slow results, there may at least be reasons for optimism: Much of the cloud computing infrastructure needed to bring generative AI to a wider business audience is already in place. The opportunities and the challenges are both enormous. An executive at one Fortune 500 company says his organization has carried out a comprehensive review of its use of analytics and concluded that its workers, overall, add little or no value. Rooting out the old software and replacing that inefficient human labor with AI might yield significant results. But, as this person says, such an overhaul would require big changes to existing processes and take years to carry out. There are some early encouraging signs. US productivity growth, stuck at 1% to 1.5% for more than a decade and a half, rebounded to more than 2% last year. It probably hit the same level in the first nine months of this year, though the lack of official data due to the recent US government shutdown makes this impossible to confirm. It is impossible to tell, though, how durable this rebound will be or how much can be attributed to AI. The effects of new technologies are seldom felt in isolation. Instead, the benefits compound. AI is riding earlier investments in cloud and mobile computing. In the same way, the latest AI boom may only be the precursor to breakthroughs in fields that have a wider impact on the economy, such as robotics. ChatGPT might have caught the popular imagination, but OpenAI’s chatbot is unlikely to have the final word. David Rotman replies:
This is my favorite discussion these days when it comes to artificial intelligence. How will AI affect overall economic productivity? Forget about the mesmerizing videos, the promise of companionship, and the prospect of agents to do tedious everyday tasks—the bottom line will be whether AI can grow the economy, and that means increasing productivity. But, as you say, it’s hard to pin down just how AI is affecting such growth or how it will do so in the future. Erik Brynjolfsson predicts that, like other so-called general purpose technologies, AI will follow a J curve in which initially there is a slow, even negative, effect on productivity as companies invest heavily in the technology before finally reaping the rewards. And then the boom. But there is a counterexample undermining the just-be-patient argument. Productivity growth from IT picked up in the mid-1990s but since the mid-2000s has been relatively dismal. Despite smartphones and social media and apps like Slack and Uber, digital technologies have done little to produce robust economic growth. A strong productivity boost never came. Ask AIWhy it matters to you?BETAHere’s why this story might matter to you, according to AI. This is a beta feature and AI hallucinates—it might get weirdTell me why it matters Daron Acemoglu, an economist at MIT and a 2024 Nobel Prize winner, argues that the productivity gains from generative AI will be far smaller and take far longer than AI optimists think. The reason is that though the technology is impressive in many ways, the field is too narrowly focused on products that have little relevance to the largest business sectors. The statistic you cite that 95% of AI projects lack business benefits is telling. Take manufacturing. No question, some version of AI could help; imagine a worker on the factory floor snapping a picture of a problem and asking an AI agent for advice. The problem is that the big tech companies creating AI aren’t really interested in solving such mundane tasks, and their large foundation models, mostly trained on the internet, aren’t all that helpful. It’s easy to blame the lack of productivity impact from AI so far on business practices and poorly trained workers. Your example of the executive of the Fortune 500 company sounds all too familiar. But it’s more useful to ask how AI can be trained and fine-tuned to give workers, like nurses and teachers and those on the factory floor, more capabilities and make them more productive at their jobs. The distinction matters. Some companies announcing large layoffs recently cited AI as the reason. The worry, however, is that it’s just a short-term cost-saving scheme. As economists like Brynjolfsson and Acemoglu agree, the productivity boost from AI will come when it’s used to create new types of jobs and augment the abilities of workers, not when it is used just to slash jobs to reduce costs.
Richard Waters responds : I see we’re both feeling pretty cautious, David, so I’ll try to end on a positive note.
Some analyses assume that a much greater share of existing work is within the reach of today’s AI. McKinsey reckons 60% (versus 20% for Acemoglu) and puts annual productivity gains across the economy at as much as 3.4%. Also, calculations like these are based on automation of existing tasks; any new uses of AI that enhance existing jobs would, as you suggest, be a bonus (and not just in economic terms). Cost-cutting always seems to be the first order of business with any new technology. But we’re still in the early stages and AI is moving fast, so we can always hope. Further reading FT chief economics commentator Martin Wolf has been skeptical about whether tech investment boosts productivity but says AI might prove him wrong. The downside: Job losses and wealth concentration might lead to “techno-feudalism.” The FT’s Robert Armstrong argues that the boom in data center investment need not turn to bust. The biggest risk is that debt financing will come to play too big a role in the buildout. Last year, David Rotman wrote for MIT Technology Review about how we can make sure AI works for us in boosting productivity, and what course corrections will be required.David also wrote this piece about how we can best measure the impact of basic R&D funding on economic growth, and why it can often be bigger than you might think.

The Download: spotting crimes in prisoners’ phone calls, and nominate an Innovator Under 35
This is today’s edition of The Download, our weekday newsletter that provides a daily dose of what’s going on in the world of technology. An AI model trained on prison phone calls now looks for planned crimes in those calls A US telecom company trained an AI model on years of inmates’ phone and video calls and is now piloting that model to scan their calls, texts, and emails in the hope of predicting and preventing crimes.Securus Technologies president Kevin Elder told MIT Technology Review that the company began building its AI tools in 2023, using its massive database of recorded calls to train AI models to detect criminal activity. It created one model, for example, using seven years of calls made by inmates in the Texas prison system, but it has been working on models for other states and counties.However, prisoner rights advocates say that the new AI system enables a system of invasive surveillance, and courts have specified few limits to this power. Read the full story. —James O’Donnell
Nominations are now open for our global 2026 Innovators Under 35 competition
We have some exciting news: Nominations are now open for MIT Technology Review’s 2026 Innovators Under 35 competition. This annual list recognizes 35 of the world’s best young scientists and inventors, and our newsroom has produced it for more than two decades. It’s free to nominate yourself or someone you know, and it only takes a few moments. Here’s how to submit your nomination. The must-reads I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology. 1 New York is cracking down on personalized pricing algorithmsA new law forces retailers to declare if their pricing is informed by users’ data. (NYT $)+ The US National Retail Federation tried to block it from passing. (TechCrunch) 2 The White House has launched a media bias trackerComplete with a “media offender of the week” section and a Hall of Shame. (WP $)+ The Washington Post is currently listed as the site’s top offender. (The Guardian)+ Donald Trump has lashed out at several reporters in the past few weeks. (The Hill)3 American startups are hooked on open-source Chinese AI modelsThey’re cheap and customizable—what’s not to like? (NBC News)+ Americans also love China’s cheap goods, regardless of tariffs. (WP $)+ The State of AI: Is China about to win the race? (MIT Technology Review) 4 How police body cam footage became viral YouTube contentRecent arrestees live in fear of ending up on popular channels. (Vox)+ AI was supposed to make police bodycams better. What happened? (MIT Technology Review)5 Construction workers are cashing in on the data center boomMight as well enjoy it while it lasts. (WSJ $)+ The data center boom in the desert. (MIT Technology Review)
6 China isn’t convinced by cryptoEven though bitcoin mining is quietly making a (banned) comeback. (Reuters)+ The country’s central bank is no fan of stablecoins. (CoinDesk) 7 A startup is treating its AI companions like characters in a novelCould that approach make for better AI companions? (Fast Company $)+ Gemini is the most empathetic model, apparently. (Semafor)+ The looming crackdown on AI companionship. (MIT Technology Review)8 Ozempic is so yesterday 💉New weight-loss drugs are tailored to individual patients. (The Atlantic $)+ What we still don’t know about weight-loss drugs. (MIT Technology Review) 9 AI is upending how consultants workFor the third year in a row, big firms are freezing junior workers’ salaries. (FT $)10 Behind the scenes of Disney’s AI animation acceleratorWhat took five months to create has been whittled down to under five weeks. (CNET)+ Director supremo James Cameron appears to have changed his mind about AI. (TechCrunch)+ Why are people scrolling through weirdly-formatted TV clips? (WP $) Quote of the day “[I hope AI] comes to a point where it becomes sort of mental junk food and we feel sick and we don’t know why.” —Actor Jenna Ortega outlines her hopes for AI’s future role in filmmaking, Variety reports.
One more thing The weeds are winningSince the 1980s, more and more plants have evolved to become immune to the biochemical mechanisms that herbicides leverage to kill them. This herbicidal resistance threatens to decrease yields—out-of-control weeds can reduce them by 50% or more, and extreme cases can wipe out whole fields.
At worst, it can even drive farmers out of business. It’s the agricultural equivalent of antibiotic resistance, and it keeps getting worse. Weeds have evolved resistance to 168 different herbicides and 21 of the 31 known “modes of action,” which means the specific biochemical target or pathway a chemical is designed to disrupt. Agriculture needs to embrace a diversity of weed control practices. But that’s much easier said than done. Read the full story.

Nominations are now open for our global 2026 Innovators Under 35 competition
We have some exciting news: Nominations are now open for MIT Technology Review’s 2026 Innovators Under 35 competition. This annual list recognizes 35 of the world’s best young scientists and inventors, and our newsroom has produced it for more than two decades. It’s free to nominate yourself or someone you know, and it only takes a few moments. Submit your nomination before 5 p.m. ET on Tuesday, January 20, 2026. We’re looking for people who are making important scientific discoveries and applying that knowledge to build new technologies. Or those who are engineering new systems and algorithms that will aid our work or extend our abilities. Each year, many honorees are focused on improving human health or solving major problems like climate change; others are charting the future path of artificial intelligence or developing the next generation of robots.
The most successful candidates will have made a clear advance that is expected to have a positive impact beyond their own field. They should be the primary scientific or technical driver behind the work involved, and we like to see some signs that a candidate’s innovation is gaining real traction. You can look at last year’s list to get an idea of what we look out for. We encourage self-nominations, and if you previously nominated someone who wasn’t selected, feel free to put them forward again. Please note: To be eligible for the 2026 list, nominees must be under the age of 35 as of October 1, 2026. Semifinalists will be notified by early March and asked to complete an application at that time. Winners are then chosen by the editorial staff of MIT Technology Review, with input from a panel of expert judges. (Here’s more info about our selection process and timelines.) If you have any questions, please contact [email protected]. We look forward to reviewing your nominations. Good luck!

An AI model trained on prison phone calls now looks for planned crimes in those calls
A US telecom company trained an AI model on years of inmates’ phone and video calls and is now piloting that model to scan their calls, texts, and emails in the hope of predicting and preventing crimes. Securus Technologies president Kevin Elder told MIT Technology Review that the company began building its AI tools in 2023, using its massive database of recorded calls to train AI models to detect criminal activity. It created one model, for example, using seven years of calls made by inmates in the Texas prison system, but it has been working on building other state- or county-specific models. Over the past year, Elder says, Securus has been piloting the AI tools to monitor inmate conversations in real time (the company declined to specify where this is taking place, but its customers include jails holding people awaiting trial, prisons for those serving sentences, and Immigrations and Customs Enforcement detention facilities). “We can point that large language model at an entire treasure trove [of data],” Elder says, “to detect and understand when crimes are being thought about or contemplated, so that you’re catching it much earlier in the cycle.”
As with its other monitoring tools, investigators at detention facilities can deploy the AI features to monitor randomly selected conversations or those of individuals suspected by facility investigators of criminal activity, according to Elder. The model will analyze phone and video calls, text messages, and emails and then flag sections for human agents to review. These agents then send them to investigators for follow-up. In an interview, Elder said Securus’ monitoring efforts have helped disrupt human trafficking and gang activities organized from within prisons, among other crimes, and said its tools are also used to identify prison staff who are bringing in contraband. But the company did not provide MIT Technology Review with any cases specifically uncovered by its new AI models.
People in prison, and those they call, are notified that their conversations are recorded. But this doesn’t mean they’re aware that those conversations could be used to train an AI model, says Bianca Tylek, executive director of the prison rights advocacy group Worth Rises. “That’s coercive consent; there’s literally no other way you can communicate with your family,” Tylek says. And since inmates in the vast majority of states pay for these calls, she adds, “not only are you not compensating them for the use of their data, but you’re actually charging them while collecting their data.” A company spokesperson said that correctional facilities determine their own recording and monitoring policies, which Securus follows, and did not directly answer whether inmates can opt out of having their recordings used to train AI. Other advocates for inmates say Securus has a history of violating their civil liberties. For example, leaks of its recordings databases showed the company had improperly recorded thousands of calls between inmates and their attorneys. Corene Kendrick, the deputy director of the ACLU’s National Prison Project, says that the new AI system enables a system of invasive surveillance, and courts have specified few limits to this power. “[Are we] going to stop crime before it happens because we’re monitoring every utterance and thought of incarcerated people?” Kendrick says. “I think this is one of many situations where the technology is way far ahead of the law.” The Secrurus spokesperson said the tool “is not focused on surveilling or targeting specific individuals, but rather on identifying broader patterns, anomalies, and unlawful behaviors across the entire communication system.” They added that its function is to make monitoring more efficient amid staffing shortages, “not to surveil individuals without cause.” Securus will have an easier time funding its AI tool thanks to the company’s recent win in a battle with regulators over how telecom companies can spend the money they collect from inmates’ calls. In 2024, the Federal Communications Commission issued a major reform, shaped and lauded by advocates for prisoners’ rights, that forbade telecoms from passing the costs of recording and surveilling calls on to inmates. Companies were allowed to continue to charge inmates a capped rate for calls, but prisons and jails were ordered to pay for most security costs out of their own budgets.
Negative reactions to this change were swift. Associations of sheriffs (who typically run county jails) complained they could no longer afford proper monitoring of calls, and attorneys general from 14 states sued over the ruling. Some prisons and jails warned they would cut off access to phone calls. While it was building and piloting its AI tool, Securus held meetings with the FCC and lobbied for a rule change, arguing that the 2024 reform went too far and asking that the agency again allow companies to use fees collected from inmates to pay for security. In June, Brendan Carr, whom President Donald Trump appointed to lead the FCC, said it would postpone all deadlines for jails and prisons to adopt the 2024 reforms, and even signaled that the agency wants to help telecom companies fund their AI surveillance efforts with the fees paid by inmates. In a press release, Carr wrote that rolling back the 2024 reforms would “lead to broader adoption of beneficial public safety tools that include advanced AI and machine learning.” On October 28, the agency went further: It voted to pass new, higher rate caps and allow companies like Securus to pass security costs relating to recording and monitoring of calls—like storing recordings, transcribing them, or building AI tools to analyze such calls, for example—on to inmates. A spokesperson for Securus told MIT Technology Review that the company aims to balance affordability with the need to fund essential safety and security tools. “These tools, which include our advanced monitoring and AI capabilities, are fundamental to maintaining secure facilities for incarcerated individuals and correctional staff and to protecting the public,” they wrote. FCC commissioner Anna Gomez dissented in last month’s ruling. “Law enforcement,” she wrote in a statement, “should foot the bill for unrelated security and safety costs, not the families of incarcerated people.” The FCC will be seeking comment on these new rules before they take final effect.

The Download: the mysteries surrounding weight-loss drugs, and the economic effects of AI
This is today’s edition of The Download, our weekday newsletter that provides a daily dose of what’s going on in the world of technology. What we still don’t know about weight-loss drugs Weight-loss drugs have been back in the news this week. First, we heard that Eli Lilly, the company behind Mounjaro and Zepbound, became the first healthcare company in the world to achieve a trillion-dollar valuation.But we also learned that, disappointingly, GLP-1 drugs don’t seem to help people with Alzheimer’s disease. And that people who stop taking the drugs when they become pregnant can experience potentially dangerous levels of weight gain. On top of that, some researchers worry that people are using the drugs postpartum to lose pregnancy weight without understanding potential risks. All of this news should serve as a reminder that there’s a lot we still don’t know about these drugs. So let’s look at the enduring questions surrounding GLP-1 agonist drugs.
—Jessica Hamzelou This article first appeared in The Checkup, MIT Technology Review’s weekly biotech newsletter. To receive it in your inbox every Thursday, and read articles like this first, sign up here.
If you’re interested in weight loss drugs and how they affect us, take a look at: + GLP-1 agonists like Wegovy, Ozempic, and Mounjaro might benefit heart and brain health—but research suggests they might also cause pregnancy complications and harm some users. Read the full story.+ We’ve never understood how hunger works. That might be about to change. Read the full story.+ Weight-loss injections have taken over the internet. But what does this mean for people IRL?+ This vibrating weight-loss pill seems to work—in pigs. Read the full story. What we know about how AI is affecting the economy There’s a lot at stake when it comes to understanding how AI is changing the economy right now. Should we be pessimistic? Optimistic? Or is the situation too nuanced for that?Hopefully, we can point you towards some answers. Mat Honan, our editor in chief, will hold a special subscriber-only Roundtables conversation with our editor at large David Rotman, and Richard Waters, Financial Times columnist, exploring what’s happening across different markets. Register here to join us at 1pm ET on Tuesday December 9. The event is part of the Financial Times and MIT Technology Review “The State of AI” partnership, exploring the global impact of artificial intelligence. Over the past month, we’ve been running discussions between our journalists—sign up here to receive future editions every Monday. The must-reads
I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology. 1 Tech billionaires are gearing up to fight AI regulation By amassing multi-million dollar war chests ahead of the 2026 US midterm elections. (WSJ $)+ Donald Trump’s “Manhattan Project” for AI is certainly ambitious. (The Information $)2 The EU wants to hold social media platforms liable for financial scamsNew rules will force tech firms to compensate banks if they fail to remove reported scams. (Politico)3 China is worried about a humanoid robot bubbleBecause more than 150 companies there are building very similar machines. (Bloomberg $)+ It could learn some lessons from the current AI bubble. (CNN)+ Why the humanoid workforce is running late. (MIT Technology Review)4 A Myanmar scam compound was blown upBut its residents will simply find new bases for their operations. (NYT $)+ Experts suspect the destruction may have been for show. (Wired $)+ Inside a romance scam compound—and how people get tricked into being there. (MIT Technology Review) 5 Navies across the world are investing in submarine drones They cost a fraction of what it takes to run a traditional manned sub. (The Guardian)+ How underwater drones could shape a potential Taiwan-China conflict. (MIT Technology Review) 6 What to expect from China’s seemingly unstoppable innovation driveIts extremely permissive regulators play a big role. (Economist $)+ Is China about to win the AI race? (MIT Technology Review) 7 The UK is waging a war on VPNsGood luck trying to persuade people to stop using them. (The Verge) 8 We’re learning more about Jeff Bezos’ mysterious clock projectHe’s backed the Clock of the Long Now for years—and construction is amping up. (FT $)+ How aging clocks can help us understand why we age—and if we can reverse it. (MIT Technology Review) 9 Have we finally seen the first hints of dark matter?These researchers seem to think so. (New Scientist $)10 A helpful robot is helping archaeologists reconstruct PompeiiReassembling ancient frescos is fiddly and time-consuming, but less so if you’re a dextrous machine. (Reuters)
Quote of the day “We do fail… a lot.”
—Defense company Anduril explains its move-fast-and-break-things ethos to the Wall Street Journal in response to reports its systems have been marred by issues in Ukraine. One more thing How to build a better AI benchmark It’s not easy being one of Silicon Valley’s favorite benchmarks. SWE-Bench (pronounced “swee bench”) launched in November 2024 as a way to evaluate an AI model’s coding skill. It has since quickly become one of the most popular tests in AI. A SWE-Bench score has become a mainstay of major model releases from OpenAI, Anthropic, and Google—and outside of foundation models, the fine-tuners at AI firms are in constant competition to see who can rise above the pack.
Despite all the fervor, this isn’t exactly a truthful assessment of which model is “better.” Entrants have begun to game the system—which is pushing many others to wonder whether there’s a better way to actually measure AI achievement. Read the full story. —Russell Brandom We can still have nice things A place for comfort, fun and distraction to brighten up your day. (Got any ideas? Drop me a line or skeet ’em at me.) + Aww, these sharks appear to be playing with pool toys.+ Strange things are happening over on Easter Island (even weirder than you can imagine) 🗿+ Very cool—archaeologists have uncovered a Roman tomb that’s been sealed shut for 1,700 years.+ This Japanese mass media collage is making my eyes swim, in a good way.

What we still don’t know about weight-loss drugs
EXECUTIVE SUMMARY MIT Technology Review Explains: Let our writers untangle the complex, messy world of technology to help you understand what’s coming next. You can read more from the series here. Weight-loss drugs have been back in the news this week. First, we heard that Eli Lilly, the company behind the drugs Mounjaro and Zepbound, became the first healthcare company in the world to achieve a trillion-dollar valuation. Those two drugs, which are prescribed for diabetes and obesity respectively, are generating billions of dollars in revenue for the company. Other GLP-1 agonist drugs—a class that includes Mounjaro and Zepbound, which have the same active ingredient—have also been approved to reduce the risk of heart attack and stroke in overweight people. Many hope these apparent wonder drugs will also treat neurological disorders and potentially substance use disorders, too. But this week we also learned that, disappointingly, GLP-1 drugs don’t seem to help people with Alzheimer’s disease. And that people who stop taking the drugs when they become pregnant can experience potentially dangerous levels of weight gain during their pregnancies. On top of that, some researchers worry that people are using the drugs postpartum to lose pregnancy weight without understanding potential risks.
All of this news should serve as a reminder that there’s a lot we still don’t know about these drugs. This week, let’s look at the enduring questions surrounding GLP-1 agonist drugs. First a quick recap. Glucagon-like peptide-1 is a hormone made in the gut that helps regulate blood sugar levels. But we’ve learned that it also appears to have effects across the body. Receptors that GLP-1 can bind to have been found in multiple organs and throughout the brain, says Daniel Drucker, an endocrinologist at the University of Toronto who has been studying the hormone for decades.
GLP-1 agonist drugs essentially mimic the hormone’s action. Quite a few have been developed, including semaglutide, tirzepatide, liraglutide, and exenatide, which have brand names like Ozempic, Saxenda and Wegovy. Some of them are recommended for some people with diabetes. Ask AIWhy it matters to you?BETAHere’s why this story might matter to you, according to AI. This is a beta feature and AI hallucinates—it might get weirdTell me why it matters But because these drugs also seem to suppress appetite, they have become hugely popular weight loss aids. And studies have found that many people who take them for diabetes or weight loss experience surprising side effects; that their mental health improves, for example, or that they feel less inclined to smoke or consume alcohol. Research has also found that the drugs seem to increase the growth of brain cells in lab animals. So far, so promising. But there are a few outstanding gray areas. Are they good for our brains? Novo Nordisk, a competitor of Eli Lilly, manufactures GLP-1 drugs Wegovy and Saxenda. The company recently trialed an oral semaglutide in people with Alzheimer’s disease who had mild cognitive impairment or mild dementia. The placebo-controlled trial included 3808 volunteers. Unfortunately, the company found that the drug did not appear to delay the progression of Alzheimer’s disease in the volunteers who took it. The news came as a huge disappointment to the research community. “It was kind of crushing,” says Drucker. That’s despite the fact that, deep down, he wasn’t expecting a “clear win.” Alzheimer’s disease has proven notoriously difficult to treat, and by the time people get a diagnosis, a lot of damage has already taken place. But he is one of many that isn’t giving up hope entirely. After all, research suggests that GLP-1 reduces inflammation in the brain and improves the health of neurons, and that it appears to improve the way brain regions communicate with each other. This all implies that GLP-1 drugs should benefit the brain, says Drucker. There’s still a chance that the drugs might help stave off Alzheimer’s in those who are still cognitively healthy.
Are they safe before, during or after pregnancy? Other research published this week raises questions about the effects of GLP-1s taken around the time of pregnancy. At the moment, people are advised to plan to stop taking the medicines two months before they become pregnant. That’s partly because some animal studies suggest the drugs can harm the development of a fetus, but mainly because scientists haven’t studied the impact on pregnancy in humans. Among the broader population, research suggests that many people who take GLP-1s for weight loss regain much of their lost weight once they stop taking those drugs. So perhaps it’s not surprising that a study published in JAMA earlier this week saw a similar effect in pregnant people. The study found that people who had been taking those drugs gained around 3.3kg more than others who had not. And those who had been taking the drugs also appeared to have a slightly higher risk of gestational diabetes, blood pressure disorders and even preterm birth. It sounds pretty worrying. But a different study published in August had the opposite finding—it noted a reduction in the risk of those outcomes among women who had taken the drugs before becoming pregnant. If you’re wondering how to make sense of all this, you’re not the only one. No one really knows how these drugs should be used before pregnancy—or during it for that matter. Another study out this week found that people (in Denmark) are increasingly taking GLP-1s postpartum to lose weight gained during pregnancy. Drucker tells me that, anecdotally, he gets asked about this potential use a lot. But there’s a lot going on in a postpartum body. It’s a time of huge physical and hormonal change that can include bonding, breastfeeding and even a rewiring of the brain. We have no idea if, or how, GLP-1s might affect any of those.
How—and when—can people safely stop using them? Yet another study out this week—you can tell GLP-1s are one of the hottest topics in medicine right now—looked at what happens when people stop taking tirzepatide (marketed as Zepbound) for their obesity.
The trial participants all took the drug for 36 weeks, at which point half continued with the drug, and half were switched to a placebo for another 52 weeks. During that first 36 weeks, the weight and heart health of the participants improved. But by the end of the study, most of those that had switched to a placebo had regained more than 25% of the weight they had originally lost. One in four had regained more than 75% of that weight, and 9% ended up at a higher weight than when they’d started the study. Their heart health also worsened. Does that mean that people need to take these drugs forever? Scientists don’t have the answer to that one, either. Or if taking the drugs indefinitely is safe. The answer might depend on the individual, their age or health status, or what they are using the drug for. There are other gray areas. GLP-1s look promising for substance use disorders, but we don’t yet know how effective they might be. We don’t know the long-term effects these drugs have on children who take them. And we don’t know the long-term consequences these drugs might have for healthy-weight people who take them for weight loss. Earlier this year, Drucker accepted a Breakthrough Prize in Life Sciences at a glitzy event in California. “All of these Hollywood celebrities were coming up to me and saying ‘thank you so much,’” he says. “A lot of these people don’t need to be on these medicines.” This article first appeared in The Checkup, MIT Technology Review’s weekly biotech newsletter. To receive it in your inbox every Thursday, and read articles like this first, sign up here.

Shell, Equinor Launch UK North Sea JV
Equinor ASA and Shell PLC have completed the combination of their oil and gas operations on the United Kingdom’s side of the North Sea. Launched Monday, Adura, the 50-50 joint venture, “will be the UK North Sea’s largest independent producer”, Norway’s majority state-owned Equinor said in an online statement. Adura includes Equinor’s 29.89 percent stake in the CNOOC Ltd-operated Buzzard field, which started production 2007; an operating interest of 65.11 percent in Mariner, online since 2019; and an 80 percent operating stake in Rosebank, expected to come onstream 2026. Shell will contribute its 27.97 percent ownership in BP PLC-operated Clair, which began production 2005; a 50 percent operating stake in Gannet, started up 1992; a 100 percent stake in Jackdaw, for which Shell is seeking new consent following a court nullification; a 21.23 percent operating stake in Nelson, which started production 1994; a 50 percent operating stake in Penguins, which started production 2003; a 92.52 percent operating stake in Pierce, which started production 1999; a 44.9 percent stake in BP-operated Schiehallion, which started production 1998; a 55.5 operating stake in Shearwater, which started production 2000; and a 100 percent stake in Victory, started up earlier this year. Adura expects to produce over 140,000 barrels of oil equivalent a day in 2026, and also has several exploration licenses, Equinor said. “Equinor will retain ownership of its cross-border assets, Utgard, Barnacle and Statfjord and offshore wind portfolio including Sheringham Shoal, Dudgeon, Hywind Scotland and Dogger Bank”, Equinor said. “It will also retain the hydrogen, carbon capture and storage, power generation, battery storage and gas storage assets. “Shell UK Ltd will retain ownership of its interests and projects that are part of the UK SEGAL system, namely Fife NGL Plant, St Fergus Gas Terminal and the Braefoot Bay facility, and in the Bacton

Chevron Joins TotalEnergies in New Nigerian Exploration Blocks
Chevron Corp has signed a deal to acquire 40 percent in Petroleum Prospecting License (PPL) 2000 and PPL 2001 offshore Nigeria from TotalEnergies SE. TotalEnergies will retain operatorship with a 40 percent interest. Local player South Atlantic Petroleum Ltd owns 20 percent. “This new joint venture aims at derisking and developing new opportunities in Nigeria, in line with the objectives of the country”, TotalEnergies senior vice president for exploration Nicola Mavilla said in an online statement. PPL 2000 spans 969 square kilometers (374.13 square miles) with water depths of 1,194-1,967 meters (3,917.32-6,453.41 feet). It sits six kilometers (3.73 miles) east of the Echim field and is part of the early Miocene to late Oligocene structural trend of the north-western Niger Deltalobe, according to online block information published by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as part of the country’s 2024 bid round. Two wells have been drilled in PPL 2000. Drilled 2004, Obeje-1 and Obeje-1st turned up dry. “There is remaining potential within untested stratigraphic and structural-stratigraphic traps in the block”, the NUPRC says. The block has 118 line km of 2D seismic data, acquired 1998-99 and reprocessed 2019, according to the NUPRC. PPL 2001 covers 990 sq km with water depths of 1,108-2,143 meters. It sits northwest of the producing Bonga field and is also part of the early Miocene to late Oligocene structural trend of the northwestern Niger Delta lobe, according to the NUPRC. “No wells have been drilled in PPL 2001, however there are untested stratigraphic and structural-stratigraphic traps within the block”, it says. The block has 165.6 line km of 2D seismic data, acquired 1998-99 and reprocessed 2019, according to the NUPRC. The transaction needs to clear customary conditions including regulatory approvals, TotalEnergies said. TotalEnergies’ farm-down to Chevron is part of “an ongoing discussion of

Cooling crisis at CME: A wakeup call for modern infrastructure governance
Organizations should reassess redundancy However, he pointed out, “the deeper concern is that CME had a secondary data center ready to take the load, yet the failover threshold was set too high, and the activation sequence remained manually gated. The decision to wait for the cooling issue to self-correct rather than trigger the backup site immediately revealed a governance model that had not evolved to keep pace with the operational tempo of modern markets.” Thermal failures, he said, “do not unfold on the timelines assumed in traditional disaster recovery playbooks. They escalate within minutes and demand automated responses that do not depend on human certainty about whether a facility will recover in time.” Matt Kimball, VP and principal analyst at Moor Insights & Strategy, said that to some degree what happened in Aurora highlights an issue that may arise on occasion: “the communications gap that can exist between IT executives and data center operators. Think of ‘rack in versus rack out’ mindsets.” Often, he said, the operational elements of that data center environment, such as cooling, power, fire hazards, physical security, and so forth, fall outside the realm of an IT executive focused on delivering IT services to the business. “And even if they don’t fall outside the realm, these elements are certainly not a primary focus,” he noted. “This was certainly true when I was living in the IT world.” Additionally, said Kimball, “this highlights the need for organizations to reassess redundancy and resilience in a new light. Again, in IT, we tend to focus on resilience and redundancy at the app, server, and workload layers. Maybe even cluster level. But as we continue to place more and more of a premium on data, and the terms ‘business critical’ or ‘mission critical’ have real relevance, we have to zoom out

Energy Department Announces $134 Million in Funding to Strengthen Rare Earth Element Supply Chains, Advancing American Energy Independence
WASHINGTON—The U.S. Department of Energy’s (DOE) Office of Critical Minerals and Energy Innovation (CMEI) today announced a Notice of Funding Opportunity (NOFO) for up to $134 million to enhance domestic supply chains for rare earth elements (REEs). Through this funding, DOE will support projects that demonstrate the commercial viability of recovering and refining REEs from unconventional feedstocks including mine tailings, e-waste, and other waste materials. These efforts will reduce America’s dependence on foreign sources, strengthen national security, and promote American energy independence. “For too long, the United States has relied on foreign nations for the minerals and materials that power our economy,” said U.S. Secretary of Energy Chris Wright. “We have these resources here at home, but years of complacency ceded America’s mining and industrial base to other nations. Thanks to President Trump’s leadership, we are reversing that trend, rebuilding America’s ability to mine, process, and manufacture the materials essential to our energy and economic security.” This funding opportunity stems from DOE’s Office of Critical Minerals and Energy Innovation’s Rare Earth Demonstration Facility program, which is designed to demonstrate full-scale integrated rare earth extraction and separation facilities within the United States. This NOFO follows the Department’s Notice of Intent released in August. REEs, such as Praseodymium, Neodymium, Terbium and Dysprosium, are vital components in advanced manufacturing, defense systems, and high-performance magnets used in power generation and electric motors. By investing in domestic REE recovery and processing, DOE is working to secure America’s energy independence, strengthen economic competitiveness, and ensure long-term resilience in the nation’s supply chains. A webinar with additional information on this funding opportunity will be held at 1:00 PM ET on December 9, 2025. The webinar can be joined here. Non-binding, non-mandatory letters of intent are requested by December 10, 2025, at 5:00 PM ET to assist the Department in planning

Tullow Names Ex-Trafigura Executive as Chair
Tullow Oil Plc appointed former Trafigura Group executive Roald Goethe as chairman, while half the board quit as the company struggles with a mounting debt pile. The shakeup follows a 77% slump in the shares this year, with the stock sinking to a record-low last month as Tullow said it was exploring ways to refinance looming debt maturities. Goethe, who helped to build the West Africa trading desk at Trafigura, has served on Tullow’s board since 2023. He replaces Phuthuma Nhleko as chairman, while directors Genevieve Sangudi, Martin Greenslade and Mitchell Ingram also resigned with immediate effect. “The company intends to replace key positions on the board, whilst retaining a small, focused and aligned board going forward,” Tullow said Monday in a statement. “The significant reduction in the size of the board will result in a further reduction of Tullow’s cost base.” The shares rose as much as 1.9% at the open in London. The London-based oil and gas company, which made several significant African discoveries in the late 2000s, has struggled in recent years under the weight of huge borrowings. Last month, the firm raised its year-end net debt forecast to $1.2 billion from $1.1 billion. 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.

Crude Ends Higher Despite Glut Fears
Oil rose as a key pipeline linking Kazakh fields to Russia’s Black Sea coast halted loading after one of its three moorings was damaged amid Ukrainian attacks in the region over the weekend, while traders assessed potential US military operations in Venezuela alongside expectations for oversupply. West Texas Intermediate rose 1.3% to settle above $59 on Monday. The Caspian Pipeline Consortium carries most of Kazakhstan’s crude exports, which have averaged 1.6 million barrels a day so far this year. The mooring was severely damaged after the explosion, a person with knowledge of the matter said. CPC said “any further operations are impossible” at the mooring, in response to questions about the damage. Ukraine hasn’t commented on the incident, although it confirmed separate attacks on an oil refinery and tankers over the weekend as it ramps up strikes on Russian oil targets amid the nearly four-year old war. The infrastructure attacks come at a time when the global oil market is moving into what is expected to be a period of significant oversupply. Trend-following commodity trading advisers were 90% short on Monday, according to data from Bridgeton Research Group. Some shorter-term focused advisers bought on Monday as prices rose. The extremely bearish lean from algorithmic traders leaves the market prone to bigger spikes on bullish developments as most of these traders are trend-following in nature and amplify price moves. Oil prices are coming off a monthly drop, with futures under pressure from the prospect of a glut next year. Still, geopolitical tensions from Russia to Venezuela — where President Trump warned airspace should be considered closed over the weekend — are adding to the bullish risks for prices. The White House will hold a meeting about next steps on Venezuela on Monday evening, CNN reported. “While the outlook for the market
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