London, July 22, 2025 (Oilandgaspress) –-WTI down again as President Trump continues his trade war through tarriffs and OPEC+ struggles with supply curbs. Developments in the Middle East, as well as sanctions on crude from producers including Russia and Iran has also had a noticable effect on prices..
WTI for August delivery, which expires Tuesday, edged 14 cents lower to settle at $67.20 a barrel in New York.
The more active September contract settled at $65.95 a barrel.
Brent for September settlement slid 7 cents to settle at $69.21 a barrel.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $66.40 | Down |
| Crude Oil (Brent) | USD/bbl | $68.61 | Down |
| Bonny Light 18/07/25 CBN | USD/bbl | $74.38 | — |
| Dubai | USD/bbl | $70.17 | Down |
| Natural Gas | USD/MMBtu | $3.28 | Down |
| Murban | USD/bbl | $70.81 | Down |
| OPEC basket 21/07/25 | USD/bbl | $70.65 | Down |
Nigeria’s FIRST Exploration & Petroleum Development Company (FIRST E&P) has entered into a strategic agreement with the Tanzania Petroleum Development Corporation (TPDC) to assess and potentially develop the Mnazi Bay North Block, a gas-rich area in southern Tanzania.
The agreement, formalised through a Memorandum of Understanding (MoU) signed in Dodoma, Tanzania, is a major step forward in Tanzania’s bid to harness its vast hydrocarbon reserves and improve energy access across the region.
The event, held at TPDC’s headquarters, brought together senior government officials, industry leaders, and other stakeholders.
At the heart of this collaboration is a shared vision to unlock the country’s gas potential in a sustainable and commercially viable manner. FIRST E&P will fully fund the technical assessment phase, a move that underlines the company’s confidence in the block’s prospects and its long-term interest in Tanzania’s upstream sector. Read More
Shell, Aker BP, and Enbridge exit SBTi advisory group over a draft standard banning new oil and gas projects. Shell and other major energy players have withdrawn from a high-profile effort to establish a global “net zero” emissions benchmark, after draft proposals effectively demanded an end to new oil and gas developments, according to documents seen by the Financial Times.
The companies exited the expert advisory group convened by the Science Based Targets initiative (SBTi), a widely followed climate standard-setter whose approval is sought by global corporations ranging from Apple to AstraZeneca. Their departures reflect mounting tensions between the fossil fuel industry and evolving climate disclosure and accountability frameworks.
A Standoff Over New Oil and Gas Projects
The draft standard at the heart of the dispute would have prohibited companies from pursuing new oil and gas fields after submitting a climate plan to the SBTi, or after 2027—whichever came first. It also called for a sharp decline in fossil fuel production, escalating concerns in the oil and gas industry that the standard would impose an unworkable path toward net zero targets.
Shell, which has participated intermittently in the SBTi process since 2019, confirmed that it withdrew after concluding the draft “did not reflect the industry view in any substantive way.” The company maintained its commitment to achieving net zero by 2050 but argued that any credible standard must offer companies “sufficient flexibility” and reflect what it called a “realistic” societal pathway.
Aker BP said its ability to influence the emerging standard had proven “limited,” while emphasizing that its departure was “in no way” a sign of diminished climate ambition. Enbridge declined to comment, according to the Financial Times.
Vår Energi has made a commercial gas and condensate discovery in the Vidsyn exploration well, located close to the Vår Energi-operated Fenja field in the Norwegian Sea. The discovery is the third commercial discovery for Vår Energi so far in 2025 and will be evaluated as a potential tie-in to Fenja.
The discovery was made on the Vidsyn ridge, which has the potential to hold up to 100 million barrels of oil equivalent (MMboe) gross. The Vidsyn well confirms discovered recoverable resources in the range of 25 to 40 MMboe gross, which are considered commercial. The remaining potential of the ridge will be assessed through an appraisal program, to facilitate for a fast-track development.
The well encountered very good quality reservoirs with over 200 m of hydrocarbon column. The discovery is located updip of a previous exploration well, providing a clear framework confirming commerciality and supporting further evaluation of the broader Vidsyn ridge. The reservoir contains high quality gas-condensate only eight km from the existing Fenja subsea infrastructure, which is tied into the Njord host facility.
“Vidsyn is an exciting discovery unlocking a much larger potential along the ridge in our operated Fenja area and adding high-value barrels to be developed leveraging existing infrastructure in which Vår Energi holds significant equity,” said Vår Energi’s SVP of Exploration, Luca Dragonetti.
The discovery supports the company’s infrastructure-led exploration approach and strengthens its position in the Norwegian Sea.
“We are actively exploring in this area and are currently maturing new prospects,” added Dragonetti. “The Vidsyn discovery is the consequence of our disciplined and selective exploration strategy focused on expanding our ability to deliver value through proximity to existing infrastructure.”
The partners in the license are Vår Energi (operator, 75%) and DNO ASA’s wholly-owned subsidiaries DNO Norge AS (7.5%) and Sval Energi AS (17.5%).
Cash dividend to be paid by Vår Energi ASA Reference is made to the announcement by Vår Energi ASA (OSE: VAR) on 22 July 2025 regarding the notice of an extraordinary general meeting (“EGM”), to be held on 12 August 2025 to approve a dividend of NOK 1.222 per share, NOK 3,050,608,433 in total, equivalent to USD 300 million, relating to Q2 2025.
Dividend amount: 1.222
Announced currency: NOK
Last day including right: 15 August 2025
Ex-date: 18 August 2025
Record date: 19 August 2025
Payment date: 26 August 2025
Date of approval: 12 August 2025
The dividend will, subject to approval by the EGM, be paid in NOK, and the NOK dividend amount is based on the daily exchange rate published by Norges Bank 21 July 2025 approximately at 1600 CEST
Vår Energi second quarter 2025 results Reported strong results with key growth projects delivered as expected and a pipeline of quality new projects being moved forward to sustain long term resilience.
Production on-track for the mid-point of full year guidance
Jotun FPSO successfully on stream, peak production expected during September
Johan Castberg producing at plateau
Current production above 350 kboepd
Major turnarounds completed by end July
Strengthened financial position
Unit production cost on track to meet approximately USD 10 per boe by the fourth quarter
25% of gas volumes locked in at USD 92 per boe
Successful issuance of USD 1.5 billion senior notes
Increased liquidity through refinancing of credit facilities
Utilising flexibility to reduce spend by around USD 500 million in 2025/26
Demonstrating growth and unlocking future value
Adding approximately 180 kboepd at peak from new fields in 2025
Progressing project portfolio with four project sanctions year to date
Exploration successes adding high value barrels
Delivering predictable and attractive dividends
Second quarter dividend of USD 300 million (NOK 1.222 per share) will be distributed 26 August1
Full year dividend guidance for 2025 and 2026 of USD 1.2 billion
The board of directors of Vår Energi calls for an extraordinary general meeting (“EGM”) to be held on 12 August 2025 at 15:00 CEST to approve the dividend for the second quarter of 2025, based on the Company’s audited interim balance sheet and notes as per 30 June 2025.
Shareholders can participate in the EGM via webcast and also vote in advance or by proxy. The deadline for advance voting and proxy registration is 8 August 2025 at 15:00 CEST. Only shareholders registered in Euronext VPS as of 5 August 2025 are entitled to participate and vote.
Official Receiver takes over the Lindsey Oil Refinery in North East Lincolnshire As Prax went into administration, putting 420 jobs at risk. Prax Group, which is led by chairman and chief executive Sanjeev Kumar Soosaipillai, purchased the refinery from French company Total in 2021.
In a statement, Shanks said: “We are deeply disappointed with the untenable position in which the owners left Prax Lindsey Oil Refinery.
“Our sympathies are with the workers, their families and the local community.
“While we continue to strongly encourage the owners to do the decent thing and publicly commit to making a voluntary financial contribution to support workers, all those directly employed at the refinery are guaranteed jobs over the coming months.
“The government will immediately fund a comprehensive Training Guarantee for these refinery workers to ensure they have the skills they need and are supported to find jobs in the growing clean energy workforce.”
He added that the Official Receiver “continues to pursue interest in individual assets”.
UK Energy Minister Michael Shanks said “no credible offers have been made to purchase the entire refinery and it will be winding down operations”.
Nissan Formula E Team to race in for title showdown in London Nissan Formula E Team is ready to take on the Excel London Circuit in Rounds 15 & 16 of the 2024/25 ABB FIA Formula E World Championship, with its sights firmly set on fighting for the manufacturers’ and teams’ titles. The squad currently sits second in both standings heading into the last two events of Season 11, but is determined to add to its recent success, after Oliver Rowland won the Drivers’ World Championship last time out in Berlin.
For this weekend’s racing, Nissan Formula E Team will showcase a special teal blue edition of its iconic cherry blossom livery, to celebrate the launch of the all-new, UK-manufactured, Nissan LEAF. A true, third-generation electric vehicle, the LEAF is built upon data and expertise collected since the debut of the pioneering first model in 2010, which was the world’s first mass market electric and zero-emission vehicle. The knowledge from the close to 700,000 units sold in the last 15 years has helped to create a family-friendly EV with sleek and bold looks throughout.
Nissan Formula E Team’s last visit to London in 2024 was a successful one. Oliver Rowland produced an excellent drive, coming through the field from ninth on the grid to take a special victory in front of his home fans. On the other side of the garage, Norman Nato returns to the cockpit of the #17 Nissan e-4ORCE 05 aiming to build on his strong track record at the Excel London Circuit, which has seen the Frenchman score points in three out of the last four races held there.
Capricorn to announce its half-year results on 18 September 2025 In advance of these results, the Company is providing an update on recent operations and the Group’s production for 2025. During the HY ended 30 June 2025, Capricorn collected $62m in Egypt. Capricorn’s receivables position remains relatively flat from YE 2024 at $172m at 30 June 2025, after expected credit loss adjustments. Total working interest (WI) cash outflows on operating costs and development expenditures on the Egypt assets were $53m over the six-month period. Based on an EGPC payment plan the Company is expecting payments in H2 2025 of at least $90m.
Capricorn’s cash position has increased from the $91m reported at the Company’s AGM in May 2025 to $96m at 30 June 2025, with $86m held outside the Egypt business. Debt outstanding in Egypt reduced from $100m to $64m over the six-month period ended 30 June 2025, with repayments of debt and related financing costs funded through Egypt in-country resources other than the final Shell contingent payment.
WI production for H1 2025 in the Western Desert averaged approximately 20,000 boepd (43% liquids), tracking slightly above the mid-point of the full year guidance range for 2025 of 17,000 – 21,000 boepd. The recent receipt of a payment plan from EGPC, along with payments consistent with that plan, is expected to resolve recent issues that have been impacting timely provision of oil field supplies and services in support of production at the Operator, Bapetco. Capricorn continues to work with the Operator to prioritise opportunities to add production, from reinstating high-graded shut-in wells, to identifying additional perforation opportunities and optimising the development well sequence.
In the first half of 2025, development drilling activity was limited by the need to fulfil outstanding exploration commitments, postponed from 2024 and backed by a parent company guarantee. In April, a fourth rig was brought into the fleet to accelerate the completion of these exploration commitments, and from August the entire fleet is expected to be allocated to development activity. Three exploration wells have been drilled with one each on the North Um Baraka, West El Fayoum and South East Horus concessions. All three wells encountered hydrocarbons and are currently under analysis in anticipation of testing to evaluate commerciality.
In the second half of 2025, Capricorn forecasts the drilling of 10 development wells, all focused on the Badr El Din area, targeting liquids. This work programme is expected to be attributed against the commitments that the Company will be required to fulfil as part of the recently agreed integrated concession agreement.
This information is unaudited and subject to further review.
Frauscher x Porsche 850 Fantom sets speed record The sports boat, jointly developed by Porsche and the Austrian boat builder Frauscher, is continuing to cause a sensation in the maritime sphere. The elegant day cruiser, which features a fully electric drive system carried over from the Porsche Macan Turbo, set a new speed record at the Monaco Energy Boat Challenge. The Frauscher x Porsche 850 Fantom electric sports boat demonstrated its impressive capabilities at the 12th Monaco Energy Boat Challenge. With an average speed of 49.84 knots (92.3 km/h), it not only left its rivals behind in the speed competition but also set a new all-time record in the history of the event.
The Frauscher x Porsche project
Together with the renowned Austrian boat builder Frauscher, Porsche has developed an 8.67-metre-long and 2.49-metre-wide electric boat that is designed to impress on the water with a level of electric performance that is typical of the sports car brand. At the core of the project is the drive system from the fully electric Porsche Macan Turbo, which has been extensively adapted for use on the water. Combined with the iconic hull shape of the Frauscher 858 Fantom, the result is an electric day cruiser with exceptional performance, state-of-the-art technology and stylish aesthetics. Just as two-door Porsche sports cars are available as coupés and convertibles, among other variants, Frauscher offers the choice between the Runabout and Air – in other words between a closed foredeck, a classic look, a cabin under the foredeck or a centre helm with a seating and lounging area at the bow.
The Frauscher x Porsche 850 Fantom is manufactured at the Frauscher boatyard in Ohlsdorf, Upper Austria. Porsche supplies the high-voltage battery and the drive system, including control unit, as pre-assembled modules. Frauscher is responsible for final assembly, sales logistics and after-sales management.
Hydro release second quarter 2025 results Hydro’s adjusted EBITDA for the second quarter of 2025 was NOK 7,790 million, up from NOK 5,839 million in the same quarter last year. The results increased from higher aluminium and energy prices, and realization of previously eliminated internal profits. This was partly offset by negative currency effects and higher raw material costs, mainly driven by higher alumina cost. Hydro generated NOK 5 billion in free cash flow, while the twelve month adjusted RoaCE ended at 12 percent. Hydro is reducing the capital expenditure guidance for 2025 by NOK 1.5 billion, to NOK 13.5 billion, to ensure financial flexibility. Under the current political environment, investments will focus on flexibility, risk mitigation, and responsiveness to changing economic and policy conditions. Hydro targets NOK 6.5 billion in accumulated improvements by 2030, with 70 percent of the 2025 estimate of NOK 600 million achieved year to date, driven by operational, procurement and commercial initiatives. In the operational improvement program, Hydro Extrusions targets to reduce more than 100 full time equivalents by 2025 through automation to further boost productivity, safety, ergonomics and quality. In the commercial excellence program, greener product sales increased by approximately 50 percent year-to-date 2025 versus the previous year in upcharge revenue. The achievements include the first Hydro CIRCAL contract with a major North American automaker and a strong growth in low-carbon product sales.
OVO has announced the proposed launch of OVO Renewables, a major new arm of the business that could see OVO move into energy generation for the first time.
With an initial investment of hundreds of millions of pounds, OVO Renewables plans to repower the UK’s existing onshore wind farms, improving them with modern technology which extends their lifespan and boosts output. The move would cut the queue on infrastructure planning, bringing green energy to millions of customers faster and directly support Britain’s journey to cleaner, cheaper, and more secure energy.
As global energy markets remain volatile, OVO Renewables has the potential to deliver more homegrown, reliable power for UK households with the first phase delivering up to c.500MW of capacity, enough to supply apporox 400,000 homes; directly contributing to the Government’s 30GW target under the 2030 Clean Power Action Plan.
UK Government welcomes potential new UK green energy generation powerhouse OVO Renewables
Iberdrola completes the acquisition of the energy distribution, marketing and generation business of Electra del Maestrazgo, a family-owned utility based in Castellón. The CNMC has announced its approval of the transaction.
Electra del Maestrazgo has 1,350 km of medium and low voltage lines, 21,000 supply points, 19,000 customers and 6.8 MW of installed capacity with photovoltaic plants and hydroelectric generation. These assets will be integrated into Iberdrola’s business, strengthening its operations and presence in the region. With this purchase, Iberdrola reinforces its commitment to energy efficiency in the provinces of Castellón and Teruel.
The transaction is in line with Iberdrola’s strategic plan, which focuses on the sale of non-strategic assets and reinvestment in assets that are relevant to the company’s current business and objectives, such as smarts grids. With the recent sale of Maine Natural Gas and the acquisition of Electra del Maestrazgo’s electricity business, a capital movement has been executed in line with this strategy. This acquisition is expected to have a positive impact on Iberdrola’s results, consolidating its position as a leader in the energy sector.
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 |
Iberdrola’s Solar Park in Germany Powers Vodafone’s Mobile Network Iberdrola Deutschland, the Group’s subsidiary in Germany, has started up its first solar farm in Germany, located in Mecklenburg-Vorpommern. Approximately 180 kilometers north of Berlin, a photovoltaic installation has been completed in the municipality of Boldekow and inaugurated together with Vodafone. The solar park will generate more than 53 gigawatt-hours of renewable electricity annually, supplying power to around 3,000 Vodafone mobile towers. Over its planned 30-year lifespan, Iberdrola’s new solar park is expected to save approximately 20,000 tons of CO₂ per year, making a sustainable contribution to decarbonization and the energy transition.
The Boldekow facility marks Iberdrola’s first photovoltaic project in Germany. With its offshore wind farms Wikinger, Baltic Eagle, and Windanker, Iberdrola is already the largest operator of offshore wind energy in the German Baltic Sea. The new solar park expands the company’s commitment in Germany to include onshore renewable energy. The electricity generated across an area equivalent to more than 65 football fields will be supplied entirely to Vodafone Germany under a long-term agreement. The solar panels utilize not only direct sunlight but also reflected radiation from the surroundings. Vodafone recently announced its CO₂ neutrality for its own emissions (Scope 1 & 2). A key lever: electricity consumption. Since 2020, Vodafone has been using renewable energy. The partnership with Iberdrola now enables long-term planning for sustainable electricity procurement. The solar park was implemented with partner companies including Solarpro, Sungrow, P&Q, and 4Energy.
Iberdrola signs a €2.5 billion credit line with international banks The deal, closed with 32 international banking institutions, was oversubscribed by 45%, reflecting the confidence of the banking sector in Iberdrola’s creditworthiness and strategy. Iberdrola is the largest utility in Europe and one of the two largest in the world by market capitalisation.
The credit facility has a term of five years, with the option to extend for a further two years. It is a multi-currency facility and has the most competitive cost of all credit lines currently available to Iberdrola.
Avangrid, Iberdrola’s subsidiary in the United States, has joined the deal due to the significant growth opportunities in the country, which has already become the Group’s main investment destination.
During the signing, Iberdrola’s Executive Chairman, Ignacio Galán, stated: “This deal strengthens our capacity to continue increasing our investments in networks, renewables and storage, to meet the strong growth in demand driven by electrification in countries such as the United States and the United Kingdom. This credit facility once again demonstrates the full confidence of the international financial community in our growth strategy, through which we promote energy self-sufficiency and security, economic growth and social well-being.”
With this transaction, the company has reinforced its liquidity, which stood at €20.9 billion at the end of the first quarter, and strengthens its leadership in sustainable financing by linking the cost of the credit facility to the achievement of decarbonisation targets and the alignment of its investments in networks, renewables and storage with the European Union taxonomy.
BBVA acted as co-coordinator and agent bank, and Bank of America as co-coordinator. The sustainability coordinators were BBVA, BNP Paribas and Crédit Agricole. Following the agreement signed today, more than 97% of the company’s credit lines are now sustainable.
Innovative and sustainable financing
More Energy, Oil & Gas Stories !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole , victor@oilandgaspress
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