02 Apr Energy News,commentary 02/04/26 | Worldwide Rig Count for March down 94 to 1,791
(Oilandgaspress) Oil prices up again after President Donald Trump vowed in a primetime address to pound Iran “extremely hard” for the next two to three weeks and “bring them back to the Stone Ages”.. Its been more than a month after the US and Israel launched their first attacks. Mr Trump further declared that US military objectives in Iran had largely been met but signalled a fresh wave of intense strikes. Trump said in his address: “To those countries that can’t get fuel, many of which refuse to get involved in the decapitation of Iran… build up some delayed courage, go to the Strait and just take it. Protect it.”
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) Oilprice | USD/bbl | $108.90 | Up |
| Crude Oil (Brent) | USD/bbl | $109.30 | Up |
| Bonny Light 02/04/26 CBN | USD/bbl | $134.72 | Up |
| Dubai | USD/bbl | $128.52 | — |
| Natural Gas | USD/MMBtu | $2.83 | Down |
| Murban | USD/bbl | $113.70 | Up |
| OPEC basket 01/04/26 OPEC | USD/bbl | $110.63 | Down |
| At press time April 02, 2026 |
Saab has received an order from the Swedish Defence Materiel Administration (FMV) for a mobile and modular counter-unmanned aerial system (C-UAS). The system is designed to protect the Swedish Armed Forces as well as civil infrastructure from threats posed by drones. The order value is approximately SEK 2.6 billion and deliveries will take place 2027-2028.
In partnership with the Swedish Armed Forces and FMV, Saab is developing and deploying an advanced C-UAS system that offers proven, adaptable and cost-efficient layered defence against modern drone threats. The system will strengthen and complement Sweden’s current air defence and drone defence posture. Related News
Mitsubishi Heavy Industries Environmental & Chemical Engineering Co., Ltd. (MHIEC), a part of Mitsubishi Heavy Industries (MHI) Group, has successfully completed the construction of the Nanbu Relay Center for the Ken’ou-Kennan Clean Authority (comprising the municipalities of Shimabara City, Isahaya City, Unzen City, and Minamishimabara City) in Nagasaki Prefecture. This project is part of the waste transfer facility development and operation contract awarded to MHIEC in 2024.
The project involved establishing a new Nanbu Relay Center in Minamishimabara City and managing a total of three relay centers, including the existing Tobu and Seibu Relay Centers. This initiative supports the efficient and stable transportation of combustible waste generated throughout the member municipalities to the second-phase waste treatment facility, the Ken’ou-Kennan Clean Center, newly constructed in Isahaya City and scheduled to commence operations in April 2026.
A relay center serves as a critical hub where waste collected by refuse collection vehicles is compressed using compactors and transferred to large transport vehicles for delivery to incineration plants or final disposal sites. At the Nanbu Relay Center, approximately 43 tons of combustible waste per day are compressed and volume-reduced by using a compactor-container system before being transported to the Ken’ou-Kennan Clean Center.
The total contract value for construction and operation of the facility amounts to approximately 11.375 billion yen (excluding tax). MHIEC, in joint venture with MHI Group’s Jukan Operation Co., Ltd., has been entrusted with the 20-year operation and management of all three relay centers under a DBO(Note2) scheme. Related News
Mitsubishi Heavy Industries had entered into an agreement to transfer its domestic onshore wind power generation equipment business (including engineering and after-sales service businesses, excluding some continuing businesses such as the joint venture with Vestas GmbH of Denmark) (hereinafter referred to as the “Target Business”) to J-POWER (hereinafter referred to as “J-POWER”), we are pleased to announce that the transfer procedures were completed on April 1st.
The transfer of this business will combine J-POWER’s foundation as a power generator with the expertise that Mitsubishi Heavy Industries has cultivated in its wind power business. This will lead to the expansion of J-POWER’s wind power development and the strengthening of its foundation in wind power technology and maintenance, ultimately resulting in further growth. We are confident that this will not only provide even greater value to our customers but also offer new value and opportunities for advancement to the employees engaged in this business. Related News
The Worldwide Rig Count for March was 1,791, down 94 from the 1,885 counted in February 2026, and down 91, from the 1,881 counted in March 2025.
The Baker Hughes International rig count is a monthly census of “active” drilling rigs exploring for or developing oil or natural gas outside North America (US & Canada).
The Baker Hughes rig count defines active rigs as rigs that are actively conducting drilling operations on a given well For a rig to be active the below conditions must be met:
• The rig must be drilling (turning to the right)
• Drilling needs to have occurred for a majority of the week (4 days out of 7)
• The active rig must be working on a well which is a significant consumer of oilfield products and services
| Region | Period | Rig Count | Change |
| Africa, Land/Offshore | March 2026 | 101 | -2 |
| Middle East, Land/Offshore | March 2026 | 500 | -38 |
| Asia-Pacific, Land/Offshore | March 2026 | 190 | -17 |
| Latin America, Land/Offshore | March 2026 | 143 | +5 |
| Europe Land/Offshore | February 2026 | 124 | -2 |
| Baker Hughes |
Repsol has decided to extend until May 3 the offer announced on March 18, under which it is maintaining the discounts available to private Waylet app users, as well as professionals and self-employed workers using the Solred card. The company is extending this measure amid pressure on fuel prices driven by developments in international markets and the conflict in the Middle East, in line with the measures approved by the Spanish Government.
This extension reinforces Repsol’s commitment to supporting its customers through initiatives that help ease daily travel costs and support the country’s economic activity. Until and including May 3, clients using the Waylet app as a means of payment at any of the company’s more than 3,300 service stations in Spain will be able to accumulate discounts of up to €0.40 per liter of fuel, depending on the energy products they have contracted with the company. Likewise, transport professionals and the self-employed workers will continue to benefit from an additional discount of €0.05 per liter when using the Solred card, Spain’s leading professional fuel card, with more than 250,000 clients and 2 million active cards. This discount is in addition to the rebates already in force, further strengthening Repsol’s support for a group that is essential to the functioning of the country. Related News
Iraq hosts both entrenched Iran-aligned forces and significant U.S. interests, leaving it exposed to attacks from both sides. Since the war started, oil production in southern Iraq, where Basra is located, has fallen by more than 70% and the volume of imported goods reaching the country’s ports has been cut in half. Drone and missile attacks have targeted American companies and military bases. Iran’s allied Iraqi militias also have struck oil fields and energy infrastructure. Many foreign workers have left. Iran has offered assurances that Iraqi crude can safely transit the strait, said Bassem Abdul Karim, the head of the state-run Basra Oil Company, which oversees production in the province. Related News
Ukrainian drones struck an oil refinery in the Russian city of Ufa in the early hours of April 2, independent media reported. The Bashneft-Novoil oil refinery was struck by Ukrainian long-range drones, leaving a fire at the site, according to the Ukrainian Open Source Intelligence project CyberBoroshno. A residential building was also struck and set on fire in Ufa, independent Telegram outlet Astra reported.
Regional governor Rady Khabirov claimed that the Ukrainian drones were all shot down on their way to the refinery, and that only debris from the downed drones caused any damage.
There were no injuries or deaths as a result of the strike on the building, and the flames have been extinguished, local authorities said. Related News
New research shows that ice loss on the sea is increasing the frequency of concurrent summer heatwaves across Europe and eastern Asia
The study, published in the Journal of Geophysical Research: Atmospheres, highlighted how rapid Arctic warming increases the frequency of these extreme events, and the multi-continental nature of the heatwaves increases the risk of widespread crop failures, public health emergencies and ecosystem damage.
However, increased understanding of the triggers behind the heatwaves could help to improve early warning systems and develop greater resilience to extreme weather events.. Related News
A “system malfunction” has caused several self-driving robotaxis to stall in the middle of the road in China, police have confirmed, after distressed riders were stranded for hours.
Local authorities in the central Chinese city of Wuhan said they began receiving calls “one after another” on Tuesday night from riders reporting that autonomous vehicles operated by the Chinese internet company Baidu had frozen.. Related News
Russia’s largest oil company’s net income drops by 73% in 2025. Rosneft’s net income fell by 73% to 293 billion rubles ($3.6 billion) last year due to high taxes and interest rates, as well as geopolitical factors, the company said. Against the background of lower oil prices and ruble appreciation, the Company’s revenue1 in 2025 decreased by 18.8% year-on-year, amounting to RUB 8,236 bln. At the same time, the rate of reduction in costs and expenses was less than that of the revenue, with one of the reasons being price pressure caused by the outpacing inflation indexation of tariffs by the natural monopolies. As a result, EBITDA in 2025 decreased to RUB 2,173 bln with an EBITDA margin of 26%.
In 2025 net income attributable to Rosneft shareholders amounted to RUB 293 bln. The indicator is still negatively affected by the high key rate of the Bank of Russia. In addition, growing rate of the profit tax, non-monetary and one-off factors negatively impacted on the indicator performance in the reporting period.
In 2025, capital expenditures amounted to RUB 1,360 bln, which is 5.7% lower year-on-year, due to the planned implementation of the investment program, primarily at the Upstream assets based on strict ranking and optimization of the investment projects portfolio. At the same time, free cash flow in the reporting period reached RUB 700 bln. Related News
The IEA launched clean energy policy projects with several African countries, including publishing Energy Policy Reviews with Kenya and Mozambique, starting the policy review process with Ethiopia, and advancing investment plans for Uganda’s power grid. We also supported clean cooking initiatives in Kenya and South Africa and delivered an energy efficiency policy training week in Ghana.
Kenya’s 2024 Energy Policy Review highlights the country’s ongoing strides toward universal access to electricity and clean cooking, as well as renewable energy development progress. The IEA’s analysis and insights helped inform Kenya’s draft National Energy Policy 2025-2034 and reinforced the country’s role as a regional leader in energy and sustainability. Read More
The International Energy Agency has launched a dedicated policy tracker to monitor government actions taken in response to the energy market impacts of the conflict in the Middle East.
The tracker provides an up-to-date overview of measures introduced by governments to conserve energy and protect consumers from rising prices, as governments respond to supply disruptions and increased volatility, notably in markets for crude oil, oil products and liquefied natural gas (LNG).
The conflict, which began on 28 February, has significantly impeded energy trade flows through the Strait of Hormuz, creating the largest supply disruption in the history of the global oil market. Global supply of LNG has also been reduced by around 20% as a result of the situation. The IEA’s new tracker presents two main categories of action: measures aimed at conserving energy and those designed to support consumers. The tracker will be updated regularly as new policies are announced and the situation evolves, providing timely insights into how countries are addressing the crisis. The IEA has also published a menu of demand-side measures that governments, businesses and households can take to shelter consumers from oil price pressures and support energy security. Related News
Chevron has taken final investment decision (FID) on the Aseng Gas Monetization Project offshore Equatorial Guinea, advancing development of gas resources tied to its operated assets in the country.
The project, led by Noble Energy EG Ltd., a Chevron subsidiary, will develop gas from the Aseng field using existing midstream infrastructure. The approach is designed to accelerate timelines and improve capital efficiency while supporting long-term gas supply.
Chevron said the development is expected to help sustain liquefied natural gas (LNG) exports from Equatorial Guinea into the mid-2030s, reinforcing the country’s role in global gas markets.
The FID follows agreements signed in September 2025 with the government of Equatorial Guinea establishing fiscal and commercial terms for the project. Final regulatory approvals remain pending.
In addition to the Aseng field, the project is expected to support further investment across Chevron’s regional portfolio, including the Alen field in Block O, the cross-border Yoyo-Yolanda field, and exploration activity in recently acquired blocks EG-06 and EG-11. Related News
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