Daily Energy Price/News Update
Brent $66.55/bbl, WTI Crude $62.85/bbl, OPEC $66.92/bbl
London, October 09, 2025, (Oilandgaspress) –––Oil prices slightly up on Thursday as investors weighed a ceasefire deal in Gaza that could ease geopolitical tensions in the Middle East against stalled peace talks in Ukraine that could sustain sanctions on Russia and curb its export.
Chinese state-owned energy majors are building 11 new storage sites for crude oil this year and in 2026, Reuters reported this week, saying the country’s energy industry was taking advantage of current oil price trends and stocking up on the commodity while prices were low. The amount of storage capacity to be added over the two years is about 169 million barrels, and it compares with some 180 to 190 million barrels in capacity added over the four years between 2020 and 2024, the Reuters report also noted. Read More
ADNOC has announced a target to distribute AED158 billion ($43 billion) in dividends across its six publicly listed companies through to 2030, subject to customary approvals, in addition to the AED86 billion ($23 billion) already paid since the first company Initial Public Offering (IPO) in 2017. ADNOC’s six listed companies represent more than AED550 billion ($150 billion) of the market cap and nearly 40% of the annual dividends paid on the ADX1.
Today’s announcement was made at ADNOC’s inaugural Investor Majlis in Abu Dhabi, where it was also confirmed that ADNOC Distribution, ADNOC Gas and ADNOC Logistics & Services (L&S) will be joining ADNOC Drilling in distributing dividends on a quarterly basis, giving more frequent payments to investors. Combined with ongoing execution of the companies’ growth plans and focus on artificial intelligence (AI) and digital transformation, ADNOC remains a major driver of the UAE economy As part of its strategy to boost upstream capacity, unlock conventional resources, more than double domestic chemicals and LNG capacity, raise gas processing capacity by 30%, and satisfy strong regional growth in fuel demand, ADNOC’s listed companies offer a unique combination of growth and resilience. The implementation of AI and advanced technology across ADNOC’s business is further driving efficiency, unlocking growth and strengthening productivity. Read More
ADNOC Drilling Company PJSC announced that its Board of Directors increased the 2025 dividend payment and has proposed an upgrade to its dividend policy. This milestone reflects the Company’s robust financial performance, long-term contracted cash flows, strong balance sheet and commitment to delivering sustainable shareholder returns.2025 Dividend Payment Update and Dividend Policy Upgrade Highlights
The Board of Directors has proposed an upgrade to the ADNOC Drilling’s dividend policy, which will be presented for approval at the next Annual General Assembly (AGM), further reinforcing the Company’s unique position as one of the most attractive dividend and growth opportunities on the Abu Dhabi Securities Exchange (ADX).
- 2025 Dividend Floor: Raised to $1.0 billion (c. 23 fils per share), marking a ~27% increase year-on-year
- Quarterly Distributions: Continued quarterly payments, with $217 million (c. 5 fils per share) already distributed for each of 1Q and 2Q 2025 • Special Payment: An additional $66 million (c. 1.5 fils per share) to be paid around the end of October of record to shareholders of record as of October 20, 2025. This special payment is independent of the AGM and reflects the Company’s ongoing commitment to shareholder value
- 3Q and 4Q 2025 Dividend Guidance: A minimum of $250 million (c. 5.7 fils per share) for each of 3Q and 4Q 2025 subject to further approval by the Board of Directors
- Long-Term Growth Commitment: From 4 years of residual dividend commitment under the existing policy (until 2028), to at least 6 years of committed dividend floor under the new policy (until at least 2030)
- Higher Annual and Cumulative Dividends: Minimum 5% annual dividend growth through at least 2030, implying a higher annual dividend for each year when compared with existing policy • Committed dividend floor of at least $6.8 billion (c. AED1.6 per share) over 2025–2030, vs $4.0 billion (c. AED0.9 per share) for 2025-28 under current policy
- Yield Guidance: Represents a cumulative dividend yield floor of ~27% over 2025-2030 Read More
Aramco has advanced its strategic downstream expansion with the acquisition of an additional 22.5% stake in Rabigh Refining and Petrochemical Company (Petro Rabigh) from Sumitomo Chemical Corporation (Sumitomo) for $702 million (SAR 7 per share). Aramco is now Petro Rabigh’s largest shareholder with an equity stake of approximately 60%, while Sumitomo retains an equity stake of 15%.
The transaction reflects Aramco’s commitment to its partners and affiliates, as it forges ahead with a downstream strategy that promotes value creation, business integration and portfolio diversification. The transaction also enhances Aramco’s ability to support the transformation program underway at Petro Rabigh, which includes targeted asset upgrades to improve the yield of high-margin products and enhance plant reliability. .Aramco and Sumitomo agreed to inject a total of $1.4 billion to partly prepay Petro Rabigh’s debt, supporting its future growth opportunities and strengthening its balance sheet. This injection will involve the innovative issuance by Petro Rabigh of Class B shares, which will be fully subscribed to by Aramco and Sumitomo. Through the Class B share issuance, Aramco and Sumitomo will be able to inject fresh capital without altering Petro Rabigh’s existing governance structure or diluting the voting power of Petro Rabigh’s other shareholders.
As part of the transaction, Aramco and Sumitomo have also waived a total of $1.5 billion in shareholder loans to Petro Rabigh (completed in two phases in August 2024 and January 2025), improving its capital structure and partially remediating its accumulated losses. Read More
On September 17, CNPC Southern Sichuan shale gas field reported a cumulative output of 100.04 billion cubic meters (bcm), making it China’s first shale gas field reaching this milestone.
CNPC Southern Sichuan shale gas field serves as China’s largest shale gas production base, the development of which has both social and economic significance. Based on an average daily household consumption of one cubic meter, 100 bcm of shale gas can meet the annual gas consumption of 260 million households. The project has also driven regional GDP growth by RMB 861 billion and created around 4.5 million jobs across the entire industrial chain, giving a strong impetus to regional economic development. Read More .
N.W China’s Xinjiang Uygur autonomous region has solidified its position as the nation’s premier energy resource base, driven by accelerated oil and gas exploration, development and increased production in recent years.
Fueled by technological innovation and strategic policy initiatives, the region’s oil and gas equivalent output has ranked first in the country for the past four consecutive years, underscoring its strategic importance to China’s energy security.
China’s Tarim oilfield, for example, the country’s largest ultra-deep oil and gas production base, had achieved a significant milestone by extracting over 150 million metric tons of oil and gas equivalent from formations deeper than 6,000 meters as of March.
Successful extraction from these ultra-deep formations highlights the growing importance of ultra-deep resources in meeting China’s energy demands, while demonstrating the country’s advanced capabilities in accessing and developing challenging energy resources, according to its operator, China National Petroleum Corp (CNPC).
Globally, formations exceeding 6,000 meters are classified as ultra-deep, while those deeper than 4,500 meters are considered deep. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $62.85 | Up |
| Crude Oil (Brent) | USD/bbl | $66.55 | Up |
| Bonny Light 30/09/25 CBN | USD/bbl | $69.94 | Down |
| Dubai | USD/bbl | $66.03 | Down |
| Natural Gas | USD/MMBtu | $3.32 | Down |
| Murban | USD/bbl | $67.86 | Up |
| OPEC basket 08/10/25OPEC | USD/bbl | $66.92 | Up |
| At press time October 09, 2025 . |
Shell Plc is preparing to resume preliminary work on a Venezuelan offshore gas field to supply neighboring Trinidad and Tobago, as its confidence grows that the Trump administration will issue a new license exempting the project from sanctions, according to people familiar with the matter.
The project to develop the Dragon gas field, located in shallow waters between the two countries, would replenish feedstock for Trinidad’s gas-starved liquefaction complex and petrochemical plants. Trinidad is a significant exporter of LNG, ammonia and other gas-based products.
The imminent license for Shell emphasizes the administration’s divided approach toward Venezuela. On one side, U.S. warships arrayed off Venezuela’s coast and U.S. military jets bombing alleged drug-running boats. On the other, oil company executives and Trinidadian officials shuttling between Washington, Caracas and Port of Spain to try to get gas plans back on track. Read More
Cenovus Energy Inc. announced that it has entered into an amending agreement in respect of the arrangement agreement dated August 21, 2025 (as amended, the “Amended Agreement”) to acquire MEG Energy Corp..
Under the terms of the Amended Agreement, each MEG shareholder will have the option to elect to receive, for each MEG common share, (i) $29.50 in cash; or (ii) 1.240 Cenovus common shares, subject to rounding and pro-ration based on a maximum amount of $3.8 billion in cash and a maximum of 157.7 million Cenovus common shares. The pro-rated consideration represents a mix of 50% cash and 50% Cenovus common shares. On a fully pro-rated basis, the consideration per MEG common share represents approximately $14.75 in cash and 0.620 of a Cenovus common share.
The fully pro-rated consideration for MEG represents a value of approximately $29.80 per MEG share at Cenovus’s closing share price on October 7, 2025, an increase of approximately $1.32 per share based on current market pricing relative to the terms of the original arrangement agreement.
The consideration under the Amended Agreement represents Cenovus’s best and final offer for MEG. Read More
bp has safely started up its sixth major upstream oil and gas project of 2025 with production from the Murlach field in the UK North Sea.
The six projects add around 150,000 barrels of oil equivalent per day (boed) combined peak net production, contributing to bp’s target to deliver an additional 250,000 boed combined peak net production by the end of 2027..The project, which received government and regulatory approvals in 2023, involved the redevelopment of a field originally in operation in the early 2000s. bp acquired the field licence after it was relinquished by the previous operator.
The redevelopment included drilling two new wells, adding subsea equipment, reusing some existing kit, and making topside changes to the ETAP central processing facility. 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 has launched the authorisation process for the Environmental Impact Assessment (VIA) to transform its industrial site in Priolo, Sicily. In recent days, the Italian Ministry of the Environment and Energy Security approved the application to proceed with the construction of a biorefinery and a chemical recycling plant based on Versalis’ proprietary Hoop® technology.
The project will use of the area currently occupied by Versalis’ ethylene plant, which will be gradually decommissioned, along with an adjacent area used for site services. The new biorefinery will have a production capacity of 500,000 tonnes per year, fed mainly by residues and waste of vegetable origin, animal fats and vegetable oils. In addition to the Ecofining™ plant, the project includes a biogenic feedstock pre-treatment unit and a plant for the production of hydrogen.
The Priolo biorefinery will be the second in Sicily, after the Gela plant, in operation since 2019, and will produce HVO diesel for road, marine and rail transport, as well as SAF-biojet for the aviation sector, with maximum flexibility. Completion is scheduled by the end of 2028.
The Versalis Hoop® plant will employ the company’s proprietary technology for chemical recycling, based on the pyrolysis of mixed plastic packaging waste. It will have a processing capacity of 40,000 tonnes per year and will produce around 32,000 tonnes per year of pyrolysis oil. In June 2025 a Hoop® demo plant was commissioned at the Versalis plant in Mantua; the Priolo facility will be the first at industrial scale. . Read More
ABB announced it has signed an agreement to divest its Robotics division to SoftBank Group Corp. for an enterprise value of $5.375 billion and not pursue its earlier intention to spin-off the business as a separately listed company. The transaction is subject to regulatory approvals and further customary closing conditions and is expected to close in mid-to-late 2026..As a result of the signing of the agreement ABB will adjust its reporting structure and move to three business areas. As of the fourth quarter 2025, the Robotics division will be reported as Discontinued operations. At the same time, the Machine Automation division, which together with ABB Robotics currently forms the Robotics & Discrete Automation business area, will become a part of the Process Automation business area. Upon closing, the divestment will result in a non-operational pre-tax book gain of approximately $2.4 billion with expected cash proceeds, net of transaction costs, of approximately $5.3 billion. The expected separation costs related to the divestment are approximately $200 million, about half of which was already included in our 2025 guidance. ABB’s current best estimate of the transaction-related cash tax outflows in respect of the local business carve-out is in the range of $400 – $500 million. Read More
ABB announced that Sami Atiya, President Robotics & Discrete Automation business area and Member of the Executive Committee, will leave ABB by the end of 2026 in line with the announced divestment of the Robotics division to SoftBank Group. As part of the plans, ABB will dissolve its Robotics & Discrete Automation business area as of Q4 2025 and move to three business areas. Sami will step down from ABB’s Executive Committee at the end of 2025 and will continue to support the Robotics business and the carve-out process in 2026 as a strategic advisor. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Victor Cole , victor@oilandgaspress
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