17 Dec Energy price, news update today
(Oilandgaspress) –The UK Government’s decision in the November Budget to maintain the Energy Profits Levy (EPL) at 38%—pushing the headline tax rate on North Sea producers to 78%—has placed the future of the industry in immediate jeopardy.
Domestic oil and gas production is already faltering under restrictive licensing policies and a punitive fiscal regime. The consequences are stark: thousands of highly skilled workers are losing their jobs, public revenues are falling, and the UK’s energy security is becoming increasingly fragile. The North Sea Transition Authority’s revised forecasts (November 2025) underscore the scale of the problem. By 2030, oil and gas output is projected to fall to just 33 million tonnes, down from 74 million tonnes in 2022—more than a halving of production in only eight years.
This is policymaking driven by ideology rather than evidence, with little meaningful debate or economic logic. Reviving investment in the North Sea does not mean abandoning climate commitments. On the contrary, it is essential to protecting jobs, stabilising the economy, and providing a managed bridge to a lower-carbon energy system. Businesses cannot invest in that future if they are being taxed and regulated out of existence. Related News
Bonterra Energy Corp. announced its latest Charlie Lake well results, a strategic Charlie Lake acquisition and its 2026 preliminary budget guidance. The Company has finished completion operations on its latest two gross (1.8 net) wells in the fourth quarter of 2025. These wells were executed with three-mile laterals and increased fracture stimulation intensity as compared to the Company’s previously drilled Charlie Lake wells and are showing encouraging early-stage results averaging 30-day peak rates at a combined 2,650 BOE per day, including approximately 1,100 barrels per day of light crude oil, 100 barrels per day of natural gas liquids and 8.7 mmcf per day of conventional natural gas. The Company has an additional well (0.9 net) drilled from the same surface location which is planned to be completed and brought on production in the first quarter of 2026.
Bonterra’s execution and results to date in the Charlie Lake play have solidified its intention to continue increasing size and scale as an operator in the play moving forward. The Company also announced that it has entered into a definitive agreement with a private company to acquire an asset adjacent to its existing Charlie Lake operations in the Greater Bonanza Area for total cash consideration of $15.7 million, subject to customary closing adjustments. The Acquisition is immediately accretive to production, cash flow and free cash flow per share. Related News
Baker Hughes Rig Count: International +14 to 1,073, U.S. -1 to 548 Canada +1 to 192
U.S. Rig Count is down 1 from last week to 548 with oil rigs up 1 to 414, gas rigs down 2 to 127 and miscellaneous rigs unchanged at 7.
Canada Rig Count is up 1 from last week to 192, with oil rigs down 3 to 123, gas rigs up 4 to 69 and miscellaneous unchanged at 0.
International Rig Count is up 14 from last month to 1,073 with land rigs up 14 to 833, offshore unchanged at 226.
The Worldwide Rig Count for November was 1,812, up 12 from the 1,800 counted in October 2025, and down 95, from the 1,907 counted in November 2024.
| Region | Period | Rig Count | Change |
| U.S.A | December 12, 2025 | 548 | -1 |
| Canada | December 12, 2025 | 192 | +1 |
| International | November 2025 | 1073 | +14 |
Baker Hughes |
Reuters reported today that the average daily so far this month has stood at 1.2 million barrels. That’s down from 1.77 million barrels in November, ahead of the sanctions, but nowhere near the sharp drop that many analysts forecast. Reuters used LSEG data for its report, as well as unnamed sources. One of these told the publication the rate of imports could rise to 1.5 million barrels daily by the end of the year.
What’s more, flows could remain strong in January as well, as non-sanctioned oil companies step in to put their name on the shipments instead of Rosneft and Lukoil. The targets of the latest U.S. sanctions handled around half of Russia’s total oil exports, or some 2 million barrels daily, until November 21, when the sanctions came into effect. Since then, importers and exporters alike have been looking for—and finding—ways around the sanctions. As many expected, while exports by Rosneft and Lukoil are down, exports of crude by non-sanctioned companies have spiked since November 21. Related News
U.S. Energy Information Administration (EIA) again raised its West Texas Intermediate (WTI) price forecast for both 2025 and 2026.
According to this STEO, the EIA now expects the WTI spot price to average $65.32 per barrel in 2025 and $51.42 per barrel in 2026. The EIA’s December STEO marks the latest in a line of STEOs with average WTI spot price forecast increases for both 2025 and 2026. Related News
Oil prices rose in early trade on Wednesday following heightened tensions between the United States and Venezuela. The price movements came after US President Donald Trump linked the significant US military presence off Venezuela’s coast to the South American country’s oil reserves and ordered a “TOTAL AND COMPLETE BLOCKADE OF ALL SANCTIONED OIL TANKERS” entering or leaving Venezuela.
Trump labeled the Venezuelan government a “foreign terrorist organization”,
The US seized an oil tanker off the Venezuelan coast last week, marking a sharp escalation in Trump’s campaign against President Nicolás Maduro’s government.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) Oilprice | USD/bbl | $56.25 | Up |
| Crude Oil (Brent) | USD/bbl | $59.87 | Down |
| Bonny Light 12/12/25 CBN | USD/bbl | $63.37 | — |
| Dubai | USD/bbl | $60.99 | Down |
| Natural Gas | USD/MMBtu | $3.96 | Up |
| Murban | USD/bbl | $61.01 | Up |
| OPEC basket 16/12/25 OPEC | USD/bbl | $59.54 | Down |
| At press time December 17, 2025 . |
More Energy, Oil & Gas Stories !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Submit your Releases or contact us now!, victor@oilandgaspress.com
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