In a report sent to Rigzone on Friday by Natasha Kaneva, head of global commodities strategy at J.P. Morgan, analysts at the company, including Kaneva, highlighted that the “oil glut enable[d]… tougher sanctions”. “WTI [West Texas Intermediate] prices falling into the $50s created an opportunity for the Trump administration to step up economic measures against Russia and pursue a more assertive approach to sanctions,” the J.P. Morgan analysts said in the report. “Mirroring last week’s action by the UK, the U.S. announced on Wednesday sanctions against Russia’s largest oil producers, blacklisting state-run Rosneft and privately held Lukoil, as well as their subsidiaries,” they added. “Until now, the U.S. has refrained from sanctioning Russia’s leading oil producers, viewing it as a ‘nuclear option’ due to concerns that their size could trigger a spike in oil prices and destabilize global energy markets,” they continued. In the report, the J.P. Morgan analysts noted that flows at risk are material. “Together, these two companies account for nearly half of Russia’s crude production and a similar share of its exports,” they said. “With Wednesday’s announcement, all four of Russia’s largest oil companies – Rosneft, Lukoil, Gazprom Neft, and Surgutneftegas – are now subject to U.S. curbs, following earlier measures imposed on Gazprom Neft and Surgutneftegas by the Biden administration in January,” they added. “In effect, 70 percent of Russia’s 2024 production and exports are now under sanctions. Transactions involving Rosneft and Lukoil must be wound down by November 21. In a coordinated move, the EU also unveiled its 19th package of sanctions, further targeting Russia’s energy revenues,” they continued. The analysts went on to state in the report that the effectiveness of these measures will depend on three key factors, “how well they are enforced; the response of major players in India and China; and

Woodside Energy Group Ltd has awarded Tenaris SA a contract for the supply of casing and tubing for the Trion oilfield in Mexican waters. “Tenaris will also provide line pipe and coatings for bends, flowlines and risers as part of the project’s subsea infrastructure”, the Luxembourg-headquartered industrial and energy pipe contractor said in a press release. “Under the Rig Direct® service model, Tenaris will supply 12,000 tons of casing and tubing, including 1,600 tons in the Super 13 Chrome steel grade”, Tenaris said. “For the line pipe portion, Tenaris will deliver approximately 16,000 tons of pipe for flowlines and risers, including the application of TenarisShawcor Marine 5-Layer Syntactic and Solid Polypropylene for flow assurance, and TenarisShawcor Fusion Bonded Epoxy, Three-Layer Polypropylene, and Liquid Epoxy coatings for corrosion protection. Line pipe and coatings will be supplied along with One Line® project solutions”. Pablo Gomez, Tenaris commercial vice president in Mexico, said, “This project underscores the strength of our customer partnerships and our ability to deliver advanced technological solutions for the most demanding offshore environments”. Woodside expects Trion to start producing 2028, targeting overseas markets. The Australian company, which operates the project with a 60 percent stake, announced the final investment decision (FID) on Trion in 2023. Also that year Woodside received approval from Mexico’s National Hydrocarbons Commission and secured an agreement with 40 percent partner Petroleos Mexicanos, which discovered Trion 2012, to inject $7.2 billion in capital. “Following the approval of the FDP [field development plan], Woodside has booked proved (1P) undeveloped reserves of 324.7 MMboe gross (194.8 MMboe Woodside share) and proved plus probable (2P) undeveloped reserves of 478.7 MMboe gross (287.2 MMboe Woodside share)”, Woodside said in a statement August 30, 2023. The reserves will be tapped through a floating production unit (FPU) with an output capacity of 100,000 barrels

In a release sent to Rigzone recently, industry body Offshore Energies UK (OEUK) announced that television presenter and radio host Stephen Mulhern has been confirmed as the host of this year’s OEUK awards ceremony. The ceremony is scheduled to take place at the P&J Live in Aberdeen, Scotland, on November 20. In the release, OEUK said the awards “celebrate the people and companies driving progress across the UK’s offshore energy sector – including oil and gas, wind, hydrogen, and carbon capture and storage” and added that the event “will once again spotlight the industry’s brightest stars, with more than 120 nominations received this year”.  OEUK highlighted in the release that Mulhern is known for presenting “a range of iconic shows”, including Dancing On Ice, Deal Or No Deal, Britain’s Got More Talent, In For a Penny, Catchphrase, and You Bet. “He also fronted the hugely popular Ant vs Dec segment on Ant and Dec’s Saturday Night Takeaway,” OEUK said in the release. “Alongside his television work, Stephen is a regular voice on Virgin Radio, covering for Chris Evans and Graham Norton,” it added. “An accomplished all-round performer, he has toured the UK with his variety and magic shows, is a BAFTA award-winning magician, and co-creator and producer of P&O Cruises’ exclusive magic and illusion show Astonishing,” OEUK continued. In the release, OEUK CEO David Whitehouse said, “we’re delighted to have Stephen Mulhern join us to host this year’s OEUK Awards”. “His energy, warmth and talent for engaging audiences will make the evening a truly memorable celebration of the people driving our industry forward,” he added. “The awards are about recognizing the innovation, commitment and collaboration that underpin the UK’s offshore energy success – and Stephen’s presence will add an extra spark to what promises to be an inspiring night,” Whitehouse noted. The full list of finalists for OEUK’s awards ceremony can be seen below: Apprentice of the YearCallum Duncan,

Tamboran Resources Corp said Monday it had raised $52.5 million net from issuing nearly three million common shares on the New York Stock Exchange (NYSE), including $10 million from Baker Hughes Co. “The public offering was supported by cornerstone investors, including a $10 million investment from new strategic partner, Baker Hughes, a leading energy technology company”, the Sydney-based early-stage natural gas exploration and production company said in a filing with the Australian Securities Exchange (ASX). The placement had a public offering price of $21 per share. The volume at closing included nearly 350,000 shares bought by underwriters under an option in their underwriting agreement with Tamboran. According to a prospectus filing with the United States Securities and Exchange Commission last Friday, the underwriters were RBC Capital Markets LLC, Wells Fargo Securities LLC, BofA Securities Inc, Johnson Rice & Co LLC, PEP Advisory LLC, Piper Sandler & Co and Northland Securities Inc. Besides its share subscription, Baker Hughes also signed a “preferred services agreement” with Tamboran under which the Houston, Texas-based company will deliver oilfield services and efficiency improvements “in Tamboran’s initial development of the Beetaloo Basin”, Tamboran said. “This activity is limited to a pre-set number of wells in the basin with an expiration period of the later to occur of three years or 20 wells”, Tamboran said. “The strategic relationship with Baker Hughes is established to provide industry-leading oilfield services and to Tamboran’s Beetaloo Basin operations, including drilling and completion fluids, drilling services, well design and construction, wireline services, cementing and completions intervention to improve well delivery and economics in the upcoming drilling and completions program”. Tamboran added, “Concurrently with the closing of the public offering, Tamboran entered into subscription agreements with certain investors with expected gross proceeds of up to $29.3 million in a PIPE [Private Investment in Public Equity],

More than 2.5 million Americans depend on durable medical equipment, such as oxygen delivery systems, ventilators, and dialysis machines. For these vulnerable customers, even brief power interruptions can cause their equipment to malfunction, and longer outages can be life-threatening, if power isn’t restored quickly. Yet the U.S. power grid is aging and under increasing pressure, struggling to keep up with rising electricity demand and extreme weather events. As a result, power outages are becoming more frequent and severe. The Department of Energy warns that blackouts could increase 100-fold by 2030 and recent studies show the severity of outages has grown 20% annually since 2019. Battery storage systems give medically vulnerable customers reliable backup power when the grid fails, automatically activating within a few seconds to keep critical medical devices running. By providing this layer of energy resilience, batteries protect those most at risk while helping utilities enhance reliability and equity for medically dependent and underserved communities. What are the challenges facing the grid? Large portions of the U.S. grid were built decades ago and are now due for modernization, says Baalaji Dhanabalan, Vice President overseeing the Energy Resiliency Portfolio at Resource Innovations. Aging equipment from transformers to substations requires greater upkeep and investment to maintain reliability, he adds. This is compounded by the rise in extreme weather events and the growing demand for power driven by widespread electrification. As a result, utilities are increasingly concerned about how to keep the grid reliable, affordable and resilient, notes Dhanabalan. To meet these challenges, many are investing in grid modernization and resiliency programs that include distributed energy resources, such as home batteries and solar panels, as well as demand response programs that encourage customers to reduce or shift their electricity use during times of peak demand. These programs aim to lower electricity demand

Access to power is now the defining factor for data center development, eclipsing traditional site selection considerations, such as proximity to fiber networks. As artificial intelligence drives explosive growth in compute demand, developers face a stark reality: without immediate, reliable power, schedules can stall, costs rise and relationships with both communities and customers are put at risk. The scale of AI workloads magnifies the challenge. In major data center hubs, power demand is expected to more than double from 175 MW today to 375 MW by 2035. For technology companies, this shift has turned onsite generation from a backup measure into a primary source of power for operations and critical infrastructure.  Yet, onsite legacy technologies that have long supplied power are showing their limits. Gas turbines and reciprocating engines bring noise, carbon emissions, significant water consumption and slow permitting timelines – liabilities in an industry where speed, scale and sustainability now define competitiveness.  High-temperature solid oxide fuel cells (SOFCs), once overlooked as a niche solution, are changing the equation. With proven deployments across data centers and the ability to deliver power at the scale, speed and reliability AI demands, fuel cells have become the onsite power solution of choice for today’s digital infrastructure leaders. Fuel Cells: A Solution Fit for the Digital Era Fuel cells offer a strategic infrastructure choice for modern data centers, providing a fundamentally different approach to onsite power. Fuel cells convert natural gas directly into electricity without combustion, achieving 15% to 20% higher efficiency than most open-cycle gas turbines or reciprocating engines.  In their recent white paper, “Fuel Cells: A Technology Whose Time Has Come,” KR Sridhar and Peter Gross of Bloom Energy explained that this efficiency reduces fuel consumption. “The capital cost advantages over gas turbines and engines grow even stronger if customers require higher