London, July 23, 2025 (Oilandgaspress) –-WTI oil traders remain focused on the tariff deadline. of August 1 deadline, which could lead to higher tariffs and hurt global economic growth. Brent oil is also under same pressure amid broad pullback in the oil markets. Natural gas traders expect demand to be lower than previously expected due to mild weather forecasts.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $65.13 | Down |
| Crude Oil (Brent) | USD/bbl | $68.44 | Down |
| Bonny Light 22/07/25 CBN | USD/bbl | $73.80 | — |
| Dubai | USD/bbl | $70.17 | — |
| Natural Gas | USD/MMBtu | $3.23 | Down |
| Murban | USD/bbl | $70.92 | Up |
| OPEC basket 22/07/25 | USD/bbl | $70.31 | Down |
TotalEnergies and CMA CGM Group, have entered into an agreement to develop a 50/50 logistics joint venture dedicated to the implementation and operation of a liquefied natural gas (LNG) bunker supply solution at the port of Rotterdam, in the Netherlands. This strategic partnership reflects the shared ambition of both French companies to work jointly towards the acceleration of the energy transition in the maritime sector.
As part of this new logistics joint venture, a new 20,000 cubic-meter LNG bunker vessel will be positioned in Rotterdam by the end of 2028 and jointly operated. The CMA CGM-TotalEnergies JV will offer a complete logistics service, from reload access at Gate terminal facilities to LNG bunker delivery to a wide range of vessels operating in the Amsterdam-Rotterdam-Antwerp (ARA) region, including those of CMA CGM as well as other shipping operators. The joint venture will capitalize on TotalEnergies’ established logistics infrastructure in the ARA region, where the 18,600 m³ LNG bunker vessel Gas Agility has been in operation since 2020… Read More
Central European Petroleum (CEP) has discovered 22 million tonnes of recoverable crude oil and condensate in the Polish port city winoujcie on the Baltic Sea. The find, combined with the discovery of 5 billion cubic metres of commercial-grade natural gas could have enormous benefits for the country as it attempts to wean itself off of Russian energy. The oil was found just six kilometres from the coast and was announced by the company in a statement on Monday. CEP CEO Rolf G. Skaar said: “This is a historic moment for both Central European Petroleum and the Polish energy sector.The discovery of oil more than doubles Poland’s current estimated oil reserves, which previously stood at approximately 20.2 million tonnes in 2023, according to Polish public broadcaster TVP.
Stellantis discontinuing its hydrogen fuel cell technology development programme. Experts have lamented the decision for Stellantis to axe hydrogen vehicle development. Under the new plans, Stellantis said it would no longer launch its new range of hydrogen-powered Pro One vehicles.
Jean-Philippe Imparato, CEO for Enlarged Europe at Stellantis, said it was unlikely that there would be mass adoption of hydrogen-powered light commercial vehicles before the end of the decade.In light of this decision, it appears that the mass adoption of hydrogen fuel cell vehicles could have missed an opportunity to fill a gap between combustion engines and electric cars.
U.S. and Japan trade deal Oil prices steadied in early trading on Wednesday after falling for three consecutive sessions as a U.S. trade deal with Japan signaled progress on tariffs and a poll showed U.S. crude stockpiles fell last week, indicating stronger demand.
Brent crude futures rose 33 cents, or 0.48%, to $68.92 a barrel by 0023 GMT. U.S. West Texas Intermediate crude futures rose 33 cents, or 0.51%, to $65.64 per barrel.
The Renault brand shows a growth in its global sales of +2.7% compared to the first half of 2024 with 808,413 vehicles sold worldwide.
Outside Europe, the brand grew by 16.3% compared to the first half of 2024, in a market up by +4.7%, driven by the commercial success of the vehicles from the Renault International Game Plan 2027. Renault is the leading French car brand worldwide, with 36% of its sales now made outside Europe.
In Latin America: sales up by 24%, notably thanks to Kardian. In Brazil, sales increase by 8.8% and in Argentina by +96.7%. Renault ranks No. 1 in Colombia with a 14.6% market share.
In Morocco: sales up by 48%, benefiting from the launch of Kardian.
In South Korea: sales up by 150% thanks to Grand Koleos. The model has also just been launched in Mexico under the name Koleos, continuing its global deployment.
In Europe, the brand gains a rank and becomes the second brand, with a market share of 6.7%. Clio is the best-selling vehicle in Europe across all channels.
In a PC market down by 1.0% vs H1 2024, Renault grew by 8.4% and achieved the strongest sales growth among TOP15 brands.
Concerning commercial vehicles, Renault’s sales dropped by 29% due to a declining market (-13%), the end of life of Renault Express in Europe (these sales have not yet been fully compensated by Renault Kangoo), and an incomplete diversity of the New Renault Master range. The brand still maintains its second position in the European LCV market.
Renault continues its electrification strategy with two engine offerings. For electric vehicles, sales increased by 57% in a European market up by +24,9%, driven notably by the Renault 5 E-Tech electric, the best-selling B-segment electric vehicle in Europe with nearly 49,000 vehicles sold since its launch. Renault is the leading brand in France for electric vehicles.
Regarding hybrid offerings, Renault confirms its second place in the European hybrid (HEV) market. The brand recorded a growth of more than 36%. The full hybrid E-Tech technology now represents more than 41% of Renault’s PC sales, and the brand is approaching the symbolic milestone of one million full hybrid E-Tech vehicles sold.
In the C and higher segments, which represent 40.1% of the sales mix in the first half of 2025 (+0.4 points), and notably in the C-SUV and D-SUV segments, the Renault brand is accelerating (+52% compared to the first half of 2024), driven particularly by Austral, Espace, and Rafale.
Baker Hughes Declares Quarterly Dividend . Baker Hughes announced today that the Baker Hughes Board of Directors declared a quarterly cash dividend of $0.23 per share of Class A common stock payable on Aug. 15, 2025, to holders of record on Aug. 5, 2025.
Baker Hughes expects to fund its quarterly cash dividend from cash generated from operations.
Baker Hughes announced results today for the second quarter of 2025. Second-quarter highlights
Orders of $7.0 billion, including $3.5 billion of IET orders.
RPO of $34.0 billion, including record IET RPO of $31.3 billion.
Revenue of $6.9 billion, down 3% year-over-year.
Attributable net income of $701 million.
GAAP diluted EPS of $0.71 and adjusted diluted EPS* of $0.63.
Adjusted EBITDA* of $1,212 million, up 7% year-over-year.
Cash flows from operating activities of $510 million and free cash flow* of $239 million.
Returns to shareholders of $423 million, including $196 million of share repurchases.
In the second quarter, Baker Hughes announced three strategic transactions, all of which reflect a disciplined capital allocation framework and a focus on core businesses with strong return potential.
First, the Company signed an agreement to form a joint venture with a subsidiary of Cactus, Inc., contributing the Oilfield Services & Equipment’s (“OFSE”) Surface Pressure Control (“SPC”) product line in exchange for approximately $345 million while maintaining a minority ownership stake.
Second, the Company announced an agreement to sell the Precision Sensors & Instrumentation (“PSI”) product line within Industrial & Energy Technology (“IET”) to Crane Company for approximately $1.15 billion. These proceeds will enhance the Company’s flexibility to reinvest in higher-growth, higher-return areas that support further margin expansion and improved returns.
Finally, Baker Hughes agreed to acquire Continental Disc Corporation (“CDC”), a leading provider of pressure management solutions, for approximately $540 million. The CDC acquisition strengthens the IET Industrial Products portfolio with a highly complementary, margin-accretive business that expands the Company’s position in the flow and pressure control market and enhances recurring, lifecycle driven revenue.
Cash dividend to be paid by Equinor for the second quarter 2025.
Cash dividend amount: 0.37
Announced currency: USD
Last day including rights: 12 November 2025
Ex-date Oslo Børs: 13 November 2025
Ex-date New York Stock Exchange: 14 November 2025
Record date: 14 November 2025
Payment date: 26 November 2025
Date of approval: 22 July 2025
Other information: The cash dividend per share in NOK will be communicated on 20 November 2025.
Equinor second quarter 2025 results Equinor delivered an adjusted operating income* of USD 6.53 billion and USD 1.74 billion after tax* in the second quarter of 2025. Equinor reported a net operating income of USD 5.72 billion and a net income of USD 1.32 billion. Adjusted net income* was USD 1.67 billion, leading to adjusted earnings per share* of USD 0.64.
Equinor delivered a total equity production of 2,096 mboe per day in the second quarter, up 2% from 2,048 mboe in the same quarter last year.
On the Norwegian continental shelf the operational performance was strong. New production from the Johan Castberg field reaching plateau and Halten East contributed. Together, this offset natural decline, impact from the turnaround at Hammerfest LNG and maintenance at the Kollsnes processing plant.
The acquisition of additional interests in US onshore assets in 2024, and higher production from these assets, contributed to a 28% increase in oil and gas production from US in the second quarter, compared to the same period last year.
Equinor delivered an adjusted operating income* of USD 6.53 billion and USD 1.74 billion after tax* in the second quarter of 2025. The results are affected by lower liquids prices, which were partially offset by higher gas prices and higher production.
The reported net operating income of USD 5.72 billion is down from USD 7.66 billion in the same quarter last year. This is impacted by an impairment of USD 955 million due to regulatory changes causing loss of synergies from future offshore wind projects and increased exposure to tariffs. Of this, USD 763 million is related to Empire Wind 1/South Brooklyn Marine Terminal project and the remainder is related to the Empire Wind 2 lease.
Equinor realised a European gas price of USD 12.0 per mmbtu and realised liquids prices were USD 63.0 per bbl in the second quarter.
Adjusted operating and administrative expenses* are stable from the same quarter last year.
Strong operational performance generated cash flows provided by operating activities, before taxes paid and working capital items, of USD 9.17 billion for the second quarter.
Equinor to commence third tranche of the 2025 share buy-back programme Equinor will on 24 July 2025 commence the third tranche of up to USD 1,265 million of the share buy-back programme for 2025, as announced in relation with the second quarter results 23 July 2025.
In this third tranche of the share buy-back programme for 2025, shares for up to USD 417.5 million will be purchased in the market, implying a total third tranche of up to USD 1,265 million including shares to be redeemed from the Norwegian State. The tranche will end no later than 27 October 2025.
Equinor announced at the Capital Market Update in February 2025 a share buy-back programme of up to USD 5 billion for 2025, including shares to be redeemed from the Norwegian State, in order to conclude the two-year programme for 2024 – 2025, announced in February 2024. The share buy-back programme will be subject to market outlook and balance sheet strength and be structured into tranches where Equinor will buy back shares for a certain value in USD over a defined period. For the third tranche in 2025, Equinor will be entering into a non-discretionary agreement with a third party who will execute repurchases of shares and make its trading decisions independently of the company.
Commencement of new share buy-back tranches after the third tranche in 2025 will be decided by the board of directors on a quarterly basis in line with the company’s dividend policy and will be subject to board authorisation for share buy-back from the company’s annual general meeting and agreement with the Norwegian State regarding share buy-back (as further described below).
Baker Hughes Rig Count: : International +27 to 913, U.S. U.S. +7 to 544 Canada +10 to 172
U.S. Rig Count is up 7 from last week to 544 with oil rigs down 2 to 422, gas rigs up 9 to 117 and miscellaneous rigs unchanged at 5.
Canada Rig Count is up 10 from last week to 172, with oil rigs up 8 to 120, gas rigs up 2 to 52 and miscellaneous rigs unchanged at 0.
International Rig Count is up 27 from last month to 913 with land rigs up 31 to 730, offshore rigs down 4 to 183.
The Worldwide Rig Count for June was 1,600, up 24 from the 1,576 counted in May 2025, and down 107, from the 1,707 counted in June 2024.
| Region | Period | Rig Count | Change |
| U.S.A | July 18, 2025 | 544 | +7 |
| Canada | July 18, 2025 | 172 | +10 |
| International | June 2025 | 913 | +27 |
| Baker Hughes |
Saab to supply mobile air defence to Czech Republic Saab has received an order for its Mobile Air Defence (MSHORAD) solution from the Ministry of Defence and Armed Forces of the Czech Republic. The order value is SEK 1.8 billion and deliveries will take place 2028-2030.
The order includes Saab’s mobile firing units based on the RBS 70 NG short range missile system along with its Bolide missiles. Saab will integrate the MSHORAD solution onto the MARS S-330 vehicle, manufactured by the Czech company SVOS.
The MSHORAD solution will include a command-and-control system delivered by a Czech partner together with Saab, as well as a third-party radar solution already in operation with the Czech Armed Forces.
MSHORAD is Saab’s vehicle-integrated mobile air defence solution. It is modular and flexible and consists of radar units for detection, firing units for enemy engagement, connected with a command-and-control system. Saab can deliver everything from a complete turnkey MSHORAD solution, to selected modules and integration alongside customers’ existing equipment.
Noble announce drillship contract for Black Sea exploration OMV Petrom and NewMed Energy have awarded a drilling rig contract to Noble Corporation for the drilling of two offshore exploration wells in the Black Sea, offshore Bulgaria.
Two exploration wells will be drilled on the Han-Asparuh Block with the selected ultra-deepwater drillship, Globetrotter I. Halliburton and SLB will provide associated drilling services. The two wells will be drilled on the Han-Asparuh Block.
The drilling campaign is expected to start in the fourth quarter of this year and last approximately four months. The value of the rig contract is approximately $80 million (USD).
The integrated drilling services will be provided by Halliburton and the well testing services will be provided by SLB.
Total drilling budget expected at approximately EUR 170 million.
This initiative aligns with Bulgaria’s broader energy diversification goals and has the potential to contribute significantly to regional energy security.
NY Supreme Court denies ExxonMobil’s motion to dismiss InterOil lawsuit The Supreme Court of the State of New York recently denied ExxonMobil’s motion to dismiss a lawsuit that claims it breached a Contingent Resource Payment Agreement (CRPA) it held with InterOil Corporation, an oil and gas company with natural gas interests in Papua New Guinea that was acquired by Exxon in 2017.
The Plaintiffs, which were investors of InterOil, alleged that ExxonMobil conspired to undervalue appraisals of natural gas fields in Papua New Guinea to reduce the payments owed to investors under the CRPA.
Iraq signs gas field deal with Schlumberger Iraq has signed a new agreement with Schlumberger to ramp up production at the Akkas, the Middle East’s second-largest gas field.
Oil Minister Hayan Abdul Ghani described the deal as central to Iraq’s gas strategy, with Schlumberger set to drill new wells to initially produce 100 million standard cubic feet per day (mmscfd), targeting 400 mmscfd long-term.
The contract, which replaces a previous deal with a Ukrainian firm, also covers surface infrastructure and pipeline construction to connect Akkas in Al-Anbar province to central processing units and power the al-Anbar Power Station now under development.
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole , victor@oilandgaspress
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