London, June 10, 2025 (Oilandgaspress) –-The EIA now projects that fewer wells will be drilled and completed through 2026. As a result, annual production averages are set to plateau: 13.42 million bpd in 2025, and 13.37 million bpd in 2026. The days of year-on-year output growth may be over—for now. Adding to the bearish case: the EIA expects Brent crude prices to average $59 per barrel next year, from an average $66 this year—not exactly a rallying cry for new investment. Producers, still laser-focused on capital discipline and investor returns, are holding off on aggressive drilling campaigns.
What the EIA is now forecasting:
Growth is hitting a ceiling: The EIA sees U.S. supply expansion slowing as rig attrition begins to outpace productivity gains.
Price volatility could return: With thinner supply buffers, the market may react more sharply to any geopolitical flare-ups.
Shale discipline isn’t going anywhere: EIA projects that operators will continue favoring shareholder returns over production growth.
Time to temper the “supercycle” talk: The U.S. remains a heavyweight, but EIA no longer sees it as the same relentless engine of crude growth.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $65.39 | Up |
| Crude Oil (Brent) | USD/bbl | $67.24 | Up |
| Bonny Light 10/06/25 CBN | USD/bbl | $71.36 | Up |
| Dubai | USD/bbl | $65.88 | Up |
| Natural Gas | USD/MMBtu | $3.54 | Down |
| Murban | USD/bbl | $67.37 | Up |
| OPEC basket 09/06/25 | USD/bbl | $66.48 | Up |
Saudi $5 Billion Loan to Nigeria on hold Falling oil prices have made negotiations between Aramco and Nigeria’s government more difficult over a record $5-billion loan backed by oil, which Saudi Arabia’s state oil giant has agreed to extend to Africa’s largest oil producer, sources told Reuters on Tuesday. Nigeria is using at least 300,000 barrels per day (bpd) to repay other oil-backed loans that its national oil firm NNPC has taken.
A $5 billion oil-backed loan would be Nigeria’s largest such loan, as well as the biggest participation of Saudi Arabia in the African OPEC producer.
However, the 20% decline in oil prices since January has delayed an agreement over the loan deal.
The dip in oil prices means that Nigeria will have to back the $5 billion loan with more oil production, and may have to back it with at least 100,000 bpd of oil, as estimated by Reuters’ sources.
But Nigeria has been struggling in recent years to raise its oil production.
Finavia’s Helsinki Airport operations reach net-zero carbon emissions Airport company Finavia’s Helsinki Airport has achieved net-zero carbon emissions targets in its own operations and has received an international Airport Carbon Accreditation (ACA) program’s net-zero certification. Neste MY Renewable Diesel™, powering the machinery and emergency power generators at the Helsinki Airport since 2024, has played a significant role in reducing greenhouse gas emissions. Finavia aims to reduce the carbon dioxide emissions of all its airports to net zero by the end of 2025.
Repsol lights up the Madrid Book Fair with solar energy For the second consecutive year, the Madrid Book Fair features Repsol as a multi-energy partner. In this, its 84th edition, it operates with solar energy for the first time, thanks to 176 Repsol solar panels that will generate 100% renewable energy for the fairgrounds. In addition, as it did in the previous edition, the company supplies 100% renewable fuels for the different pavilions of the Madrid Book Fair: on this occasion, approximately 2,000 liters will contribute to avoiding the emission of more than 5.5 tons of CO2. Repsol’s 100% renewable fuels represent a 90% reduction in CO2 emissions, compared to the mineral fuel they replace, due to their lower carbon intensity.
Renewable fuel is produced from organic waste, such as used cooking oil or agri-food waste, giving a second life to this type of waste. It is a fast and cost-efficient solution for the decarbonization of all transport sectors and the best solution for powering generators. These temporary setups produce energy for infrastructures that, due to their transient nature, do not have a permanent electricity supply (such as those at the Book Fair).
In addition, one of the Book Fair’s two supply points are powered by 100% renewable energy, and the venue has two solar-powered outdoor installations that will allow fairgoers to enjoy digital interconnection services and recharge their mobile devices.
Collaboration between Halliburton and Repsol Resources UK Repsol Resources UK (OTC: REPYF) awarded Halliburton (NYSE: HAL) a 5-year contract to support the full well lifecycle on their platform assets in the UK North Sea.
Halliburton will provide subsurface technology, drilling and completion services, and digital solutions for major new developments. The company will deliver a rigless intervention framework that enables Repsol Resources UK to optimize well construction, production, and intervention to maximize plug and abandonment (P&A) operations. The two companies aim to establish an industry standard for innovation and economic growth. Halliburton’s services will support Repsol Resources UK’s decommissioning efforts in the region.
Building Uses Ice for Staying Cool Without Power-Hungry A/C Units Eleven Madison stays cool and cost-effective by using that ice to chill the air circulating through the building.
It’s just one of 4,000 buildings worldwide that have installed one of the ice-based cooling systems from Trane Technologies Commercial HVAC, a product which offers significant advantages to traditional AC.
The ice machine freezes water at night when the cost of electricity and the demand for it are both low. During late-spring and summer days in the Big Apple, when as much as 70% of all electricity available on the grid is being consumed for cooling buildings, the Trane Tech ice machine pumps air over the ice to cool it down—drastically reducing the amount of electricity the building consumes.
Trane says this can lower cooling costs by 40%—a big difference when cooling costs are predicted to be the highest for Americans in a decade.
ADNOC Gas Takes Final Investment Decision and Awards $5 Billion in Contracts ADNOC Gas Plc and its subsidiaries announced today it has taken a FID and awarded $5 billion in contracts for the first phase of its Rich Gas Development (RGD) Project, marking a key milestone in the company’s largest-ever capital investment.The contracts involve expanding key processing units to increase throughput and improve
operational efficiency across four ADNOC Gas Facilities: Asab, Buhasa, Habshan (Onshore), and the Das Island liquefaction facility (Offshore). The company intends to take FIDs on two additional phases of the RGD project at Habshan and Ruwais to enable the delivery of greater production capacity to meet growing market demands. The RGD project will enable the development of new gas reservoirs, which are key to boosting
liquid gas exports, supporting gas self-sufficiency in the UAE, and providing essential feedstock to the country’s growing petrochemical industry. EPCM contracts have been awarded in three tranches for phase 1. The first tranche, valued at $2.8 billion, has been awarded to Wood for the Habshan facility. The remaining two tranches – $1.2billion for the Das Island liquefaction facility and $1.1 billion for the Asab and Buhasa facilities – have been awarded to two consortia: Petrofac; and Kent Plc.
Norsk Hydro Announce placement of inaugural European Green Bond Norsk Hydro ASA has successfully issued EUR 500 million of senior unsecured European Green Bonds (EuGB) under its Euro Medium Term Note (EMTN) Programme. The new bond has a tenor of 8 years and a fixed annual coupon of 3.75 percent (3.779 percent reoffer yield). An amount equivalent to the proceeds from the bond issue will be allocated to eligible activities as detailed in Hydro’s European Green Bond Factsheet. The transaction also markets Hydro as the first issuer of an EuGB from the Nordic region, highlighting the company’s commitment to the development of the sustainable finance markets.
The bonds will be listed on the Irish Stock Exchange (Euronext Dublin).
BNP Paribas, Citi, Crédit Agricole Corporate and Investment Bank, DNB Carnegie, Goldman Sachs Bank Europe SE and Nordea are Joint Lead Managers for the transaction. Citi acted as the Green Structuring Bank.
Hydro implements temporary hiring freeze Hydro is taking proactive measures to reinforce its long-term resilience and operational efficiency. As part of this initiative, the company is implementing a temporary hiring freeze for white collar positions across Group functions, Business Areas and Global Business Services, effective immediately.
The global business environment is increasingly shaped by geopolitical tensions, trade disruptions and economic volatility. While Hydro has already introduced measures to mitigate these challenges, the company is now taking further action to ensure it remains well positioned for the future.
“Our 2025 strategy was built around growth in selected areas, and we have taken steps, including adding resources, to prepare for this growth. The 2030 strategy focuses on growing the core of the integrated value chain. The world has changed, and we must adapt to the new reality. We are now taking action,” says Eivind Kallevik, President and CEO of Hydro.
The hiring freeze will pause all new and ongoing external recruitment for white collar roles in the affected areas. Recruitment for blue collar positions in the Business Areas will continue as planned.
In parallel, Hydro is launching a structured review of the number of white collar employees to ensure alignment with strategic priorities and operational efficiency. This review will help the company assess its current and future needs.
Hydro is committed to conducting this process with transparency and care, and in close collaboration with its employee representatives.
By taking these steps, Hydro aims to enhance its ability to navigate uncertainty and continue delivering long-term value through its values of care, courage and collaboration.
More Energy, Oil & Gas Stories !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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