U.S. energy firms this week added rigs for the eighth time in nine weeks, energy services firm Baker Hughes said in its closely followed report on Thursday. The total oil and gas rig count, an early indicator of future output, rose by one to 563 in the week to June 18, its highest since early June. Baker Hughes released the report a day early due to the U.S. Juneteenth holiday on Friday. With this week's rig increase, Baker Hughes said the total count was up nine rigs, or 2% above this time last [Read more]
Headlines
Iran’s Khamenei says he approved MoU with US, despite reservations, after assurances on Iran’s rights
Iran's Supreme Leader Mojtaba Khamenei said on Thursday he had authorised a memorandum of understanding signed by the Iranian and U.S. presidents, despite holding a different view, after receiving assurances from President Masoud Pezeshkian and other senior officials that Iran's rights and the interests of the "Resistance Front" would be safeguarded. In a written message to the Iranian nation, Khamenei said Pezeshkian, in his capacity as head of the Supreme National Security Council, had [Read more]
Final decision on Bay du Nord set for early 2027 as estimated oil reserves grow
ST. JOHN'S - Equinor has told investors it will decide in early 2027 whether it will proceed with its proposed Bay du Nord oil project off the east coast of Newfoundland. Geir Tungesvik, an executive vice-president with the Norwegian energy company, described Bay du Nord as a "basin opener" with a reserve of 550 million barrels of recoverable oil. That's up from recent estimates of 430 million barrels, and nearly double initial estimates of 300 million barrels. Tungesvik made the [Read more]
LNG Canada Ships 100th Cargo, Marking Milestone Year for Canada’s LNG Industry
LNG Canada has shipped its 100th liquefied natural gas (LNG) cargo from its export facility in Kitimat, British Columbia, marking a significant operational milestone less than a year after the project began exports, the company said in a LinkedIn post Thursday. The milestone underscores a strong first year for Canada's largest LNG export project, which has helped establish the country as a new supplier to global energy markets. LNG Canada said its focus remains on safe and responsible [Read more]
Iran deal redraws the Middle East: Iran gains, rivals alarmed
The U.S.-Iran agreement — the first signed by an American and an Iranian president since Iran's 1979 Islamic Revolution — is being hailed by its backers as the deal of the century. But for Tehran's adversaries across the Middle East — from Israel to Gulf states and factions in Lebanon — it looks more like the curse of the century: an accord that could leave Iran more secure, more legitimate and ultimately more influential. U.S. President Donald Trump and Iranian President Masoud Pezeshkian [Read more]
Top US energy regulator pushes grids to overhaul data center power rules
The top U.S. energy regulator ordered the country's electric grid operators on Thursday to reconsider rules for connecting very large energy users such as data centers, as demand from server warehouses strains power grids. Data centers are pushing U.S. electricity use to record highs and requiring more electricity in large swaths of the country than grids can supply, sending regulators scrambling to manage the demand. The Federal Energy Regulatory Commission draft "show cause" orders [Read more]
Full Hormuz reopening could lower 2026 Brent average to $82/bbl, BofA says
Bank of America said that a full reopening of the Strait of Hormuz could see Brent crude prices average $82 a barrel this year, compared with its previous forecast of $93 a barrel. The note dated Wednesday added that Brent would likely trade in the $70 to $80 range for most of the second half of this year. * On Thursday, oil prices fell to their lowest since the first trading day of the Iran war, as a U.S.-Iran interim deal to end the conflict, reopen the Strait of Hormuz and ease [Read more]
From AI Pilot to Production in Weeks: Join the Conversation
As operational complexity increases, Canadian oil and gas companies are turning to AI to support faster, more informed decisions in the field and across asset networks. The emphasis is on practical application - using AI to reduce unplanned downtime, improve execution consistency, and support frontline teams where work actually happens. Join IFS and industry leaders in Calgary for a focused lunch discussion on how AI is being applied in operational environments today. Seats are filling [Read more]
Why a New Generation of Junior Producers Is Emerging in Western Canada
Those who have participated in oil & gas capital markets in Western Canada over the decades know the cycle well: boom and bust, consolidation and rebirth. While consolidation gets all of the front page headlines these days, and rightly so, the "rebirth" phase is already quietly underway for those paying close attention. Several industry sources have indicated that anywhere between 25-65 new management teams are out there in various stages of securing financing, evaluating opportunities, [Read more]
Ukraine brings the war to Moscow as huge blasts shake refinery
The blast was so powerful that the huge disc-shaped lid of an oil storage tank was launched into the sky over Moscow like a frisbee. Evading Russian air defences, Ukrainian drones struck an oil refinery in southeast Moscow on Thursday for the second time in three days, igniting a fierce blaze that spewed out clouds of black smoke. The attacks are part of a wider Ukrainian campaign to cripple the oil industry whose revenues finance Russia's war effort. But by striking with apparent [Read more]
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