London, February 21, 2025 (Oilandgaspress) –- Oil prices down on Thursday after report showed a build in U.S. crude stockpiles and as tariff concerns weighed on sentiment, falling back from gains made in the previous session on worries over supply disruptions in Russia.Brent futures were down 22 cents, or 0.29%, at $75.82 a barrel by 0135 GMT.U.S. West Texas Intermediate crude dropped 30 cents, or 0.42%, to $71.95. The March contract expires on Thursday and the more active April contract eased 0.26% to $71.84.
Baker Hughes Rig Count: U.S. +4 to 592 Canada -1 to 244
U.S. Rig Count is up 4 from last week to 592 with oil rigs up 7 to 488, gas rigs down 2 to 99 and miscellaneous rigs down 1 to 5.
Canada Rig Count is down 1 from last week to 244, with oil rigs unchanged at 174, gas rigs down 1 to 70 and miscellaneous rigs unchanged at 0.
International Rig Count is down 4 rigs from last month to 905 with land rigs up 1 to 713, offshore rigs up 5 to 197. International Rig Count is down 60 rigs from last year’s count of 965, with land rigs down 27, offshore rigs down 33.
| Region | Period | Rig Count | Change |
| U.S.A | 21 February 2025 | 592 | +4 |
| Canada | 21 February 2025 | 244 | -1 |
| International | January 2025 | 905 | -4 |
Centrica agreed with the pension scheme trustees a revised technical provisions deficit of £504 million. On a roll-forward basis using the same methodology, consequent assumptions and contributions paid, the technical provisions deficit would be around £450 million as at 31 December 2024.
This compares to a technical provisions deficit of £944 million at the previous March 2021 triennial review and, on a roll-forward basis using consistent 2021 valuation assumptions and methodology, a deficit of around £700 million previously disclosed as at 30 June 2024..As part of the 2024 triennial review, Centrica agreed with the pension scheme trustees annual deficit payments of approximately £140 million a year until 2027. This compares to approximately £175 million a year under the previous agreement... Read More
Centrica announces the next phase of its investment programme in Ireland, increasing its flexible electricity generation capacity by 50% to 1GW, supporting Ireland’s security of energy supply and facilitating system-wide decarbonisation.
In January, Centrica’s subsidiary Bord Gáis Energy (“Bord Gáis”) secured a 10-year capacity market contract to deliver a 334MW Open Cycle Gas Turbine (“OCGT”) power station. The new power station in Galway will be capable of running on biomethane or hydrogen blend fuel and will be a critical piece of strategic infrastructure for Ireland. Revenues from the new power station will be underpinned by a capacity payment of €56 million per annum. Final Investment Decision (“FID”) is expected in 2026, with commercial operation in 2029.
Bord Gáis has also recently been awarded a 5-year capacity market contract for the existing 445MW Combined Cycle Gas Turbine (“CCGT”) Whitegate power station in Cork.
This new capacity market contract will see Whitegate receive a capacity payment of €50 million per annum from October 2028 to underpin future revenues. . Read More
KBR announced today that its Board of Directors has declared a regular quarterly dividend of $0.165 per share on the company’s common stock, par value $0.001 per share, to be paid on April 15, 2025, to stockholders of record on March 14, 2025. Read More
Great Britain’s electricity distribution network is becoming increasingly important. As the country makes
progress towards its net zero target, the distribution network will be a key enabler of electrifying heat and transport, and will support the decarbonisation of the power sector by connecting new sources of generation. This will fundamentally change the role of the network.Continuing a steady state approach will not be sufficient to meet future demand or deliver benefits, such as enabling economic growth and
development.
To deliver these social and economic benefits, there must be a step change in the approach to the distribution network. This will require investing proactively in the network through greater strategic planning and simplified price controls that take account of a wider range of objectives. This should deliver greater benefits to consumers – and see them realised earlier – as well as helping to manage the transition to electrification more efficiently over time. Reforms will also be required to enable faster deployment of network infrastructure, as well as better customer service for households and businesses looking to connect to the grid. Demand for electricity is set to increase as heating, transport and industry increasingly turn to electricity to decarbonise. The National Infrastructure Commission’s analysis for the second National Infrastructure Assessment projected demand for electricity would increase by around
50 per cent by 2035 and double by 2050.
All households, and the vast majority of businesses, connect to the distribution network. And around a third of generation is connected to the distribution network – a proportion which is growing as more solar and onshore wind is deployed. Not all this power will need to be used locally. Distribution networks will also need to be able to export some power to other parts of the country via the transmission network. Significant value will also be created from consumers responding to price signals to use their electricity when clean power is plentiful. Read More
Alef’s flying car is 100% electric, drivable on public roads and has vertical takeoff and landing capabilities. Alef receives pre-orders through it’s website
Africa is investing billions into its energy infrastructure as countries look to boost their economies.
Many ambitious plans are being developed that will transform the energy landscape on the continent.
Last year, around US$110 billion (£87bn) was invested in energy across Africa, with nearly US$70 billion (£56bn) going to fossil fuel supply and power.
One project currently under development is the Trans-Saharan Gas Pipeline (TSGP), that is expected to cost US$13 billion (£10bn). The pipeline is set to run from Nigeria’s resource-rich fields in the Warri region through Niger and to the town of Hassi R’Mel in Algeria.
It will have the capacity to deliver 30 billion cubic metres of natural gas per year.
The TSGP will leverage a large network of oil pipelines in both West and North Africa, including the Maghreb-Europe Gas Pipeline and the Medgaz Gas Pipeline. Its total length is expected to measure 4,128 kilometres (2,565 miles) and will cross the world’s largest hot desert – the Sahara.
The pipeline will be built and operated via a partnership between the Nigerian National Petroleum Company (NNPC) and Algeria’s state-owned Sonatrach. Read More
Rolls-Royce Motor Cars marked National Apprenticeship Week [10-16 February 2025] by inviting alumni from its own highly regarded apprenticeship scheme to a special event at Goodwood on Friday 16 February, an occasion that also marked the first event for Rolls-Royce’s newly formed Apprentice Alumni group. Rolls-Royce holds special event to celebrate National Apprenticeship Week
First event for newly formed Apprentice Alumni group
Important networking opportunity for Apprentices from past and present cohorts
Guests included Jess Brown-Fuller, MP for Chichester
Application window for 2025 Rolls-Royce Apprenticeships remains open until 31 March The Rolls-Royce Apprenticeship Scheme has been running since 2006 and is one of the most prestigious and highly sought-after in the UK. Read More
Total petroleum resources on the Norwegian continental shelf (NCS) saw a minor increase last year, according to last year’s “inventory” – the Resource Accounts for 2024.
The Resource Accounts for 2024 show a small increase in the total petroleum resources on the NCS. There was an increase in reserves, a reduction in contingent resources and a small increase in undiscovered resources.
Here are the estimates for total resource volumes (including the volume that has been sold and delivered):
8 980 million standard cubic metres (Sm³) of liquids
6 631 billion Sm³ of gas
Total of 15 611 million Sm³ of oil equivalent (o.e.)
This amounts to an increase of 36 million Sm³ of o.e. compared with the previous year. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $70.68 | Down |
| Crude Oil (Brent) | USD/bbl | $74.69 | Down |
| Bonny Light 21/02/25 CBN | USD/bbl | $78.24 | Up |
| Dubai | USD/bbl | $76.34 | Down |
| Natural Gas | USD/MMBtu | $4.27 | Down |
| Murban Crude | USD/bbl | $77.07 | Down |
| OPEC basket 20/02/25 | USD/bbl | $78.15 | Down |
(Reuters) – Equinor is looking to sell its onshore assets in Argentina’s Vaca Muerta region, the Mas Energia online publication reported, citing unnamed sources. Equinor has hired Bank of America to conduct the sale of its 30% stake in the Bandurria Sur licence and 50% in Bajo del Toro Norte, though no decision has yet been made on a divestment, the report said.. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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