Latest News
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Deepsea Mira Semi-Sub Spuds Appraisal Well for BW Energy off Namibia
BW Energy, together with NAMCOR E&P, has started drilling the Kharas well in the Orange Basin, offshore Namibia, with Northern Ocean’s Deepsea Mira semi-submersible drilling rig.The drilling of the appraisal well is taking place in the Kudu license (PPL003) operated by BW Energy, with a 95% working interest, with NAMCOR E&P, a subsidiary of the national oil company of Namibia, holding the remaining 5% carried interest.Owned by Northern Ocean and managed by Odfjell Drilling, the Deepsea Mira has been deployed as part of a rig-sharing arrangement previously announced by the rig’s operator, with Rhino Resources.The contract, entered into by BW Kudu in July 2025, provides access to an in-country rig and an experienced services team.BW Energy Hires Deepsea Mira Rig for Drilling Ops off Namibia“Our Namibian crew, together with their international colleagues, mark another step in unlocking Namibia’s offshore potential. A big thank you to everyone involved for their teamwork, dedication, and professionalism,” Northern Ocean said on social media.Built in 2019, the Deepsea Mira is a 6th generation dynamically positioned/anchor-moored semi-submersible drilling rig of Moss Maritime CS60E design. It is designed to operate in both benign and harsh environments, with a maximum operational water depth of 3000 meters.
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US Army: 4 Special Ops troops presumed to be dead in Washington State helicopter accident
The Army announced on Friday that four U.S. Army Special Operations soldiers are presumed dead after their Black Hawk helicopter crashed during a routine exercise this week in a remote part of Washington State near Joint Base Lewis-McChord. According to Jacqui Hills, spokesperson of the U.S. Army Special Operations Command in Fort Bragg, North Carolina, the Sikorsky UH-60 Black Hawk crashed at around 9 p.m. on Wednesday evening, near a base located 15 miles south-east of Tacoma. She said that none of the four crew members aboard the aircraft, who are all members the elite 160th Special Operations Aviation Regiment 4th Battalion assigned to Lewis-McChord were survivors. This airborne unit, known as "Night Stalkers," is known for their expertise in performing operations under the cover of darkness. They also pioneered nighttime flying tactics for the Army. In a statement, Lieutenant General Jonathan Braga described the four soldiers as "elite warriors" who represented the Army Special Operations and Army values. Their sacrifice would never be forgotten. Hill said that the difficulty of reaching the accident site was due to the remote location and the thick vegetation. Recovery operations are continuing on Friday. Hill stated that the cause of this crash is still being investigated. Reporting by Steve Gorman, Los Angeles; editing by David Gregorio
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US forces kill an alleged senior ISIS terrorist in Syria
The U.S. Military said on Friday that it carried out an operation in Syria which resulted in the death of a senior Islamic State terrorist. The Iraqi Counterterrorism Service announced earlier on Friday that a senior Islamic State official was killed during a security operation carried out in Syria in coordination with the U.S. led international coalition. According to the U.S. Military statement, Omar Abdul Qader was killed in the raid. He had been "seeking an attack on the United States." The statement didn't mention if civilians were also killed in the raid. The Iraqi service reported that the militant, also known as "Abdul Rahman Al-Halabi", was the head of the group's external operations and security. The Iraqi service claimed that he was responsible for planning and executing attacks in Europe and America, including the bombing Iran's embassy, as well as overseeing multiple attacks across the globe, including the bombing Iran's embassy. The U.S. Central Command conducted a series strikes against Islamic State figures within Syria. U.S. officials warned that the group was hoping to stage a return in the country after the fall of Syrian president Bashar al-Assad in December last year.
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Stellantis introduces a lighter and faster-charging EV Battery
Stellantis revealed a prototype electric vehicle on Friday, featuring a lighter, faster charging and more affordable battery. This eliminates the requirement for an inverter or charger. IBIS, the Intelligent Battery Integrated System (Intelligent Battery Integrated System), was developed by TotalEnergies subsidiary Saft in partnership. Stellantis stated that it is the first system of its kind, and offers weight and space saving and is easier for service. The new system has a 10% higher efficiency than an electric vehicle with the same size battery, and it reduces charging times by one hour. The public has been unable to accept EVs because of the lack of affordable models, and long charging times. The German manufacturer Porsche has also been working on a concept for a "modular multiple-level inverter", which integrates numerous electrical components into one unit. The new IBIS Battery is currently being road tested in a Peugeot E-3008. Stellantis stated in a release that "this milestone marks a significant step forward in electrifying mobile and stationary applications of energy." According to the Franco-Italian-American automaker, this technology could be integrated into its production vehicles by the end of the decade. Modern EVs use inverters to convert direct current from the battery into alternating to power the motor. In the charging mode, the grid's alternating current is converted to direct current. Stellantis stated that the IBIS integrates these functions directly into the battery, using electronic control through 200 transistors. This reduces vehicle weight by up to 40 kg (88 pounds), and frees up space while reducing charging times by 15 percent. (Reporting and editing by Gilles Guillaume)
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Type One CEO: Tennessee Valley Authority will harness its fusion technologies
Type One Energy CEO Christofer Mowry announced on Friday that the Tennessee Valley Authority, a government-owned utility in the United States, plans to use the technology of Type One Energy at the retired coal fired Bull Run plant. This plant will become the site for a commercial fusion facility. After decades of stagnation in the U.S., nuclear power is making a comeback. This is due to the record demand for electricity from AI data centres as well as electrifications of industries like transportation and manufacturing. Type One Energy announced that it would provide stellarator technology. This is an advanced version of the Tokamak reactor, and it is the only fusion tech shown to work in a steady and stable state, making it suitable for power generation applications. Nuclear fission is the current method of nuclear power plants, which involves splitting larger atoms to smaller ones. Nuclear fusion, however, joins together two or more small particles into one larger particle, providing greater energy without producing large quantities of radioactive waste. Fusion is at the experimental stage, as developers are yet to reach a net energy gain that can be commercially viable. However, investment has been boosted due to a rush of interest by Big Tech groups who have entered this sector along with investors like energy giants Chevron Shell and Siemens. In an interview, Mowry stated that fusion energy has a light regulatory structure. "The timeline and cost of licensing and permitting is a fraction of what is seen in nuclear projects," he said. Type One has not disclosed the exact value signed by TVA for the contracts. Axios reported today that TVA will use Type One technology in the plant. (Reporting and editing by Shreya Biwas and Krishna Chandra Eluri in Bengaluru.
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The central bank of Peru raises its growth forecast for 2025 and holds steady the outlook for 2026
Peru's central bank on Friday slightly raised its economic growth forecast for 2025 to 3.2%, from 3.1% previously, citing stronger-than-expected non-primary sector activity and private spending. The bank projected that annual inflation would be 1.7% at the end 2025, and 2.0% at the end 2026. This was supported by the diminishing impact of supply shocks as well as an economy operating close to its potential. In August, annual inflation fell to 1.11%. This is the lowest level in seven years. It brings it closer to the lower limit of the 1%-3% target range set by the central bank. Last year, inflation was 1.97%. In its report the central bank forecasts a fiscal surplus of 2,4% of GDP in 2025, and 2.1% of GDP in 2026. Last week, the central bank's chief economist Adrian Armas stated that the economy was expected to grow by around 3% during the third quarter of the year. The bank's growth forecast for 2026 is 2.9%. Julio Velarde, the chief of the Central Bank, said that the projection takes into account the temporary effects from the presidential election next year. Velarde said that if this effect was not present, there would be a greater growth rate. Dina Boluarte is expected to leave the presidency in July 2026. She has one of the lowest approval ratings around, at 2%. (Reporting and editing by Gabriel Araujo, Aurora Ellis and Natalia Siniawski)
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Oil prices drop as Fed cuts are outweighed by robust supply
The price of oil fell on Friday, as fears about large supply and decreasing demand overshadowed expectations that the first interest rate cut by the U.S. Federal Reserve this year would lead to more consumption. Brent crude futures fell 97 cents or 1.44% to $66.47 per barrel at 10:42 AM CDT (1542 GMT), whereas U.S. West Texas intermediate futures dropped 72 cents or 1.13% to $62.85. Both benchmarks are still on course for a second weekly gain. Andrew Lipow of Lipow Oil Associates said, "Oil supply continues to be robust and OPEC has reduced its oil production cutbacks." "We have not seen any impact on Russian crude exports." The Fed reduced its policy rate on Wednesday by a quarter-point and said that it would continue to do so as a response to signs of weakness within the job market. Low borrowing costs usually boost oil demand and drive prices higher. Phillip Nova analyst Priyanka Sackdeva said, "The market is caught between contradicting signals." Sachdeva stated that all energy agencies including the U.S. Energy Information Administration have expressed concern over a weakening of demand. This has tempered expectations for significant price increases in the near term. Lipow pointed out the continued decline in refinery demand. He said that "the refinery turnaround will further reduce the demand." Turnarounds are the term used to describe the shutdown of production units at refineries in spring and autumn for major overhauls. The increase in U.S. stockpiles of distillate was higher than expected, and pushed up prices. The latest economic data has also raised concerns. While the U.S. job market is softening, single-family homebuilding fell to a multiyear low in august, a result of an oversupply of new homes that have not been sold. According to PVM Oil Associate analyst Tamas Variga, an uneven recovery in the U.S. economy is one factor that's holding down oil prices. He said that the corporate sector was benefiting from the ongoing deregulation while consumers were beginning to feel the pressure of import tariffs. Both the housing and labour markets showed signs of weakness. (Reporting from Erwin Seba, Stephanie Kelly, and Sudarshan Varadhan in London. Additional reporting by Sudarshan, David Goodman, Jan Harvey, and David Gregorio.
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Hezbollah's chief of staff makes overtures to Saudi Arabia in order to front against Israel
Naim Qassem, the Hezbollah leader, urged Saudi Arabia on Friday to "turn a new page" and put aside past disputes in order to create a united front against Israel. This comes after years of hostility which strained Riyadh’s ties to Lebanon. Saudi Arabia and the other Gulf States designated Shi'ite Hezbollah as a terrorist organization in 2016. Riyadh, Washington, and Hezbollah rivals in Lebanon have been pressing the Lebanese Government to disarm Hezbollah, which has been severely weakened since last year's conflict with Israel. Qassem, in a Friday televised speech, said that regional power should view Israel and not Hezbollah as the primary threat to the Middle East, and suggested "mending relationships" with Riyadh. Qassem stated: "We assure that the weapons of resistance (Hezbollah), are aimed at the Israeli enemy and not Lebanon, Saudi Arabia or any other entity or place in the world." He said that dialogue will "freeze disagreements from the past at least during this extraordinary phase so that we can face Israel and curb it" and that pressing Hezbollah is "a net gain for Israel." Saudi Arabia spent billions of dollars in Lebanon in 2006, helping to rebuild the south following a war between Hezbollah & Israel. But the group grew more powerful with the help of Iran. In 2021, the relationship deteriorated dramatically when Sunni Saudi Arabia expelled the Lebanese Ambassador, recalled their own envoy, and banned Lebanese Imports. In a statement published in Saudi state-run media, it was claimed that Hezbollah controlled Lebanon's decision making processes. Hassan Nasrallah, then Hezbollah secretary general, called Saudi Arabian crown prince Mohammad bin Salman "a terrorist" and criticised Saudi Arabia's role against Yemen repeatedly. In recent months, the political landscape in the Middle East has changed dramatically. Israel destroyed Hezbollah in 2014 and killed Nasrallah. Rebels then toppled Bashar al Assad, the group's Syrian partner. Reporting by Laila Basam and Maya Gebeily, Writing by Enas alashray, Editing by Alex Richardson and Aidan Lewis
United States might increase rate of renewing oil reserve, Energy Secretary Granholm says
The U.S. might speed up the rate of renewing the Strategic Petroleum Reserve as maintenance on the stockpile is finished by the end of the year, Energy Secretary Jennifer Granholm informed on Tuesday.
Granholm stated she believes the global oil market is well-supplied which she does not expect a big increase in oil and gas rates in the next instant.
The Energy Department this year has actually been purchasing about 3 million barrels of oil monthly for the Strategic Petroleum Reserve after offering 180 million barrels in 2022 following Russia's intrusion of Ukraine.
President Joe Biden, a Democrat, directed the sale, the biggest ever from the SPR, in an effort to manage fuel rates after the intrusion. However the relocation sank levels in the reserve to the most affordable in 40 years, causing criticism from Republican politicians that it left the U.S. emergency oil buffer too thin.
It might get more than that, Granholm informed in an interview in Washington, about the 3 million barrel per month rate. She said that a couple of the SPR's 4 websites on the coasts of Texas and Louisiana have remained in maintenance.
All four websites will be back up by the end of the year, so one might imagine that pace would get, depending on the market, she stated.
The U.S. has redeemed about 38.6 million barrels and canceled congressionally mandated sales of 140 million barrels through 2027. The administration has stated it wants to keep purchasing oil as long as the rate remains below $80 a barrel .
We want to continue to benefit from the market when it is ideal for the taxpayers, Granholm said.
The Organization of Petroleum Exporting Countries settled on Sunday to extend production cuts into 2025 amid tepid demand development. However Granholm was not worried the contract might result in higher oil rates. It seems that they have actually withdrawed a bit from their objectives of getting much higher oil prices she said about OPEC. Therefore that is motivating.
LNG PAUSE
The Biden administration plans to complete an ecological and economic review of its liquefied natural gas exports by the end of the first quarter of 2025, following a. duration of public remark, Granholm stated.
She did not anticipate the time out to have any impact on U.S. competitiveness in the international LNG market, given U.S. exporters. are just shipping a portion of what has currently been. authorized.
The oil industry, Republican legislators, and presidential. prospect Donald Trump have actually lambasted the Biden administration. for its decision earlier this year to pause LNG export. permitting.
It doesn't pause anything that's already happening and. already licensed, Granholm said.
The U.S. is the world's top LNG exporter at around 14. billion cubic feet per day. Granholm said the administration had. authorized 48 billion cubic feet per day of LNG exports.
OIL COMPANY COMBINATION
Granholm said she was stressed over the current flurry of. mergers and acquisitions in the U.S. oil market including. companies like Exxon Chevron and ConocoPhillips. saying they ran the risk of hurting consumers.
I'm always worried about consolidation in any market and. what the effects genuine individuals are on that, and the antitrust. problems associated. We've got to be vigorous on that throughout. Competition is great. Therefore consolidation is anti-competition,. frequently. And I think that we need to all be worried about that.
Asked if she supported efforts by Democratic legislators to. convince Attorney general of the United States Merrick Garland to launch an. examination into the oil market, Granholm stated: I believe. it's up to Merrick Garland whether he takes this up. As a. Cabinet member I respect his decision.
As the U.S. and allies aim to minimize dependence on fossil. fuels and increase output of electrical automobiles and eco-friendly power,. Granholm stated the production of a strategic strength reserve. to stockpile critical minerals like graphite and lithium is a. excellent concept. The reserve could protect versus dependence on. China for such minerals. The administration is talking with. allies and need to have announcements on important minerals quickly,. Granholm said.
(source: Reuters)