International Rig Count is up 8 from last month to 1,084 with land rigs up 8 to 841, offshore rigs unchanged at 243
London, October 08, 2025, (Oilandgaspress) –––EIA expect global oil inventories to rise through 2026, putting significant downward pressure on oil prices in the coming months. We forecast that the Brent crude oil price will fall to an average of $62 per barrel (b) in the fourth quarter of 2025 and $52/b in 2026. Global oil production. Global liquid fuels production increases throughout the forecast, which we expect will drive inventory accumulation. Production growth is led by countries outside of OPEC+, where production rises by 2.0 million b/d in 2025 and by 0.7 million b/d in 2026. OPEC+ increases total liquids production by 0.6 million b/d in both 2025 and 2026, as the group unwinds crude oil production cuts. However, we expect OPEC+ production will remain below announced targets, preventing inventory builds from accelerating too quickly and limiting the decrease in oil prices.
Adjusts forecast for U.S. oil production as producers set a record in July 2025
The U.S. Energy Information Administration (EIA) forecasts in its October Short-Term Energy Outlook (STEO) that U.S. crude oil production will average 13.5 million barrels per day in both 2025 and 2026, both slightly higher than the agency’s September forecast.
EIA data show U.S. crude oil production reached a record high of more than 13.6 million barrels per day in July, which was higher than EIA’s previous production estimate. . Read More
Equinor’s internal investigation of the fall accident at Hammerfest LNG is finalized. A number of measures have been initiated to capture lessons learned from the serious incident.
On 24 April 2025, an employee fell 4.4 metres during formwork activities in connection with the construction of a concrete building on Melkøya. The investigation concludes that the incident is not due to one single cause, but that several factors related to the interaction between Equinor, the main contractor Aibel and subcontractor Consto explain why the accident occurred.
The investigation shows that the follow-up has not been good enough as regards competence management and correct execution of work at Equinor and in the supply companies. Not everyone working for Equinor’s subcontractor has felt that they can stop unsafe work, although this is a clear expectation from Equinor. A few hours before the accident, Equinor and Aibel decided to stop work at height on the construction site. The message was given to the subcontractor, but did not reach those who carried out the job.The investigation points out that the subcontractor during planning and risk assessment mainly focused on progress. This contributed to the risk associated with the formwork activities at height not being sufficiently understood and managed. Read More
TotalEnergies and Veolia have signed a memorandum of understanding for further cooperation in several key areas of energy transition and the circular economy, in line with their respective approaches to reduce their greenhouse gases emissions and water footprint. This cooperation will benefit the entire industry through the scaling up of innovative processes and the advancement of research into future-oriented challenges.
The two companies will pool their industrial competencies: Veolia will contribute its expertise in water resource management and the resource recovery of new waste streams, and TotalEnergies its expertise in the measurement and reduction of methane emissions and the production and supply of low-carbon energies.
Reducing methane emissions from landfills Read More
SOEC Electrolyzer started up at Neste’s Rotterdam Refinery
The pioneering MultiPLHY project demonstrating renewable hydrogen production has reached a key milestone: The consortium partners have successfully started up the world’s largest multi-megawatt high-temperature electrolyzer (HTE) in an industrial environment at Neste’s renewable products refinery in Rotterdam, the Netherlands.
The pilot project demonstrates the viability of renewable hydrogen in reducing the use of fossil hydrogen in the refining industry. Replacing hydrogen produced from fossil raw materials with renewable hydrogen is one of the key means to lower greenhouse gas emissions in refining. As a next step in the demonstration project, a test program will validate the technology’s performance characteristics.
MultiPLHY is a demonstration project with consortium partners Neste, Sunfire, CEA, and ENGIE. The high-temperature electrolyzer is provided by the German electrolyzer manufacturer Sunfire and the hydrogen processing unit (HPU) by SMS group. Neste is responsible for the refinery integration and together with Sunfire oversees the operation of the unit. The research and technology organization CEA coordinates the project, and ENGIE is in charge of techno-economic assessment.
The electrolyzer integrated into Neste’s refinery processes is based on SOEC (Solid Oxide Electrolysis Cell) technology by Sunfire. The high-temperature electrolyzer (2.6 MW) consists of twelve electrolysis modules, operating at high temperatures of 850°C to produce more than 60 kg of renewable hydrogen per hour. Due to the utilization of heat, the high-temperature electrolyzer requires significantly less electricity to produce renewable hydrogen compared to other solutions on the market. Read More
Baker Hughes Company announced that shareholders of Chart Industries (“Chart”) approved the pending acquisition by Baker Hughes. The completion of this transaction, anticipated for mid-year 2026 pending regulatory approvals, represents a significant step forward in Baker Hughes’ strategy to position itself as a premier energy and industrial technology company. In connection with the acquisition, the Baker Hughes Board of Directors continues its review of additional value creation opportunities.
The acquisition of Chart is one of several steps that is accelerating the Company’s strategy of becoming a leading energy and industrial solutions provider focused on delivering substantial value to shareholders. Other recent steps have included the pending sale of the Precision Sensors & Instrumentation product line and the Surface Pressure Control joint venture with Cactus, and the acquisition of Continental Disc Corporation.
The acquisition of Chart will transform Baker Hughes’ Industrial & Energy Technology (IET) segment, bolstering the Company’s capabilities across a wider array of energy and industrial applications. The transaction will expand Baker Hughes’ presence in high-growth markets, including LNG, data centers, and clean energy, and is expected to further support resilient earnings and cash flow. Read More .
OPEC+ countries, Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 5 October 2025, to review global market conditions and outlook In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to implement a production adjustment of 137 thousand barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023. This adjustment will be implemented in November 2025 as detailed in the table below. The 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner. The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to pause or reverse the additional voluntary production adjustments, including the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023.
The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC).
They also confirmed their intention to fully compensate for any overproduced volume since January 2024. The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on 2 November 2025.. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $62.57 | Up |
| Crude Oil (Brent) | USD/bbl | $66.25 | Up |
| Bonny Light 30/09/25 CBN | USD/bbl | $69.94 | — |
| Dubai | USD/bbl | $69.95 | Down |
| Natural Gas | USD/MMBtu | $3.52 | Up |
| Murban | USD/bbl | $67.61 | Up |
| OPEC basket 07/10/25OPEC | USD/bbl | $66.51 | Up |
| At press time October 08, 2025 . |
Nel Hydrogen US, a subsidiary of Nel ASA has received a firm purchase order from H2 Energy for one MC500, a containerized 2.5 MW PEM electrolyser. The system will be delivered to the Association for Waste Disposal (Verein für Abfallentsorgung, VfA) in Buchs, Switzerland. VfA Buchs has selected H2 Energy to deliver a turn-key hydrogen production and refueling facility. The hydrogen produced will be integrated into the Swiss green hydrogen ecosystem and contribute to further decarbonize regional energy supply and mobility solutions.
The new plant will utilize locally generated electricity to produce hydrogen for VfA’s own fleet of waste collection trucks, for industrial use and for distribution within the broader Swiss hydrogen ecosystem. This purchase order marks the second MC500 system H2 Energy has ordered from Nel, alongside a containerized MC400 and a smaller C30 PEM unit, a testament to the quality and reliability of Nel’s PEM technology, as well as the company’s long-standing experience in electrolyser manufacturing.Read More
TotalEnergies and Banque des Territoires are partnering to create an investment platform to support the deployment of electric vehicle charging infrastructure in France. This initiative is part of the two partners’ shared desire to respond more effectively to the needs of local areas and support the development of electric vehicles. Owned by TotalEnergies (51%) and Banque des Territoires (49%), this structure will support municipalities and local authorities in their projects by: continuing the development of concessions already under construction or operated by TotalEnergies in several major French cities, responding to the demands of the territories by launching new charging concession projects intended to strengthen the territorial network. Read More
Baker Hughes Rig Count: : International -3 to 1076, :U.S. unchanged at 549 Canada unchanged at 190
U.S. Rig Count is unchanged from last week at 549 with oil rigs down 2 to 422, gas rigs up 1 to 118 and miscellaneous rigs up 1 to 9.
Canada Rig Count is unchanged from last week at 190, with oil rigs unchanged at 129, gas rigs unchanged at 60 and miscellaneous unchanged at 1.
International Rig Count is up 8 from last month to 1,084 with land rigs up 8 to 841, offshore rigs unchanged at 243
The Worldwide Rig Count for August was 1,793, up 7 from the 1,786 counted in July 2025, and down 153, from the 1,946 counted in July 2024.
| Region | Period | Rig Count | Change |
| U.S.A | October 03, 2025 | 549 | — |
| Canada | October 03, 2025 | 190 | — |
| International | September 2025 | 1084 | +8 |
International Rig Count is down 72 rigs from last year’s count of 1,156, with land rigs down 44, offshore rigs down 28. The average U.S. Rig Count for September was 542 up 3 from last month count of 538 and down 45 year-over-year. The average Canada Rig Count for September was 187 up 8 rigs from last month count of 179 and down 30 year-over-year. Baker Hughes
Eni and its partners CNPC, ENH, Kogas, and XRG have reached the Final Investment Decision (FID) to develop the Coral North FLNG project, deepwater offshore Cabo Delgado, north of Mozambique. The signing took place in Maputo , at the presence of the President of Mozambique Daniel Francisco Chapo, and Eni CEO Claudio Descalzi. The project will put in production the gas volumes from the northern part of Area’s 4 Coral gas reservoir, in the Rovuma basin, through a state-of-the-art floating LNG facility. The project will be implemented by the Joint Venture formed by Eni (50%), CNPC (20%), Kogas (10%), ENH (10%) and ADNOC’s subsidiary XRG (10%).
Coral North is Eni’s second development in Mozambique and the second large-scale FLNG delivered in ultra-deep waters worldwide, with Coral South being the first. Leveraging the experience gained with Coral South, which has been in production since 2022, Coral North will offer competitive advantages in terms of schedule, costs, performance optimization, and minimization of execution risks, aiming to deliver the project within schedule in 2028.
With a production liquefaction capacity of 3.6MTPA, the newly built Coral North FLNG – coupled with its predecessor Coral South – will bring Mozambique’s overall LNG production to exceeding 7MTPA, making the country the third-largest LNG producer in Africa and further reinforcing its role in the global energy scenario. The project is expected to boost Mozambican economy as well as the competitiveness of the local industries, creating more new jobs and opportunities for national enterprises, significantly scaling up the impacts already generated by Coral South and the investments in local development projects. Read More
TotalEnergies, through its affiliate TotalEnergies E&P Denmark, has entered into a Farm-Down Agreement with CarbonVault, the Danish affiliate of the German cement producer SCHWENK. Under this agreement, TotalEnergies E&P Denmark will hold a 45% interest in the Bifrost Carbon Capture and Storage (CCS) Project as the operator, alongside CarbonVault (35%) and Nordsøfonden (20%).
The Bifrost Project, which comprises two CO2 offshore storage licenses located approximately 200 kilometers west of the Danish coast, is part of TotalEnergies’ North Sea CCS portfolio.
SCHWENK is committed to the decarbonization of its activities in Europe and chose Bifrost to be its preferred solution to store its future emissions. This partnership within the Bifrost Project illustrates how TotalEnergies can contribute to its customers’ own emissions reduction by combining the decarbonization roadmap of an industrial emitter with the capabilities of a CCS developer. Read More
More Energy, Oil & Gas Stories !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Victor Cole , victor@oilandgaspress
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