01 Sep Energy Price, news and commentary 01/09/26: Brent Crude @ $91.77/bbl
(Oilandgaspress) 01/09/26, Chevron, India’s ONGC, GE Vernova, Eni and GeoPark are preparing to sign final energy agreements in Venezuela, bringing new foreign investment into the country’s oilfields and power infrastructure, Reuters reported Monday, citing five sources close to the preparations. The new terms allow companies to export their own crude and receive the proceeds directly, a major departure from the state-controlled model that governed the industry for decades. Several of those contracts are now ready for signature, along with separate agreements covering new oil and power projects.
| Oil and Gas Blends | Units | Oil Price | Notes |
| Crude Oil (WTI) Oilprice | US$/bbl | $87.06 | Up |
| Crude Oil (Brent) | US$/bbl | $91.77 | Up |
| Bonny Light 28/08/26 CBN | US$/bbl | $92.28 | Up |
| Dubai | US$/bbl | $88.72 | Down |
| Natural Gas | US$/MMBtu | $2.93 | Up |
| Murban | US$/bbl | $98.45 | Up |
| OPEC basket 31/08/26 OPEC | US$/bbl | $91.98 | Up |
| At press time September 01, 2026 |
VH Global Energy Infrastructure plc announced that it has entered into an agreement for the sale of its two operating liquid storage terminals (the “Asset”) in the Port of Brownsville on the Texas Gulf Coast (the “Transaction”).
The Asset will be acquired by Victory Hill Midstream CV I, LP, a newly established continuation vehicle (“CV”). A US-based secondaries investor focusing on North American energy investments will be the lead investor in the CV, which will be managed by Victory Hill Capital Partners LLP (“Victory Hill”), the Company’s investment manager.
The Transaction represents a significant milestone in the Company’s shareholder-approved asset realisation strategy and delivers an attractive combination of value realisation, liquidity and execution certainty for shareholders. The Board believes the Transaction demonstrates the benefits of a proactive approach to portfolio realisation and reflects the quality and performance of the underlying assets.
Transaction highlights
• The total sale price of the Asset is $134 million[1]
• The Transaction is subject to customary closing conditions, and two further conditions precedent that (i) alongside the agreed lead investor commitment, further funding is obtained from syndicate investors, and (ii) the Asset’s principal customer contract is renewed, both conditions to be secured within 90 days, with a possible further 60 day extension.
• Subject to closing of the Transaction:
o The total value delivered to shareholders since the Reference NAV date of 31 December 2024 including dividends will be approximately 105% of the asset’s NAV as of 31 December 2024 ($149.8 million); and
o The investment will have generated a 13.4%1 IRR and 1.78×1 MOIC over ENRG’s ownership period, exceeding the Company’s target return of 10% per annum.
Oil and Natural Gas Corporation (ONGC) plans to enter crude and petroleum-product trading and build a new strategic petroleum reserve as it seeks to strengthen supply security and extract more value across its energy portfolio, while continuing to make upstream exploration its central focus.
ONGC’s new trading unit is expected to begin operations “end of this year”, Chairman and CEO Arun Kumar Singh told reporters. The will initially handle the group’s own crude and product requirements, while also pursuing third-party business.
The unit, which ONGC is considering locating in Dubai or Singapore.
POWWR announced a partnership with Perse to provide brokers the ability to expand into the lucrative residential energy market. Through the deal, POWWR will offer a bespoke white labelled price comparison website solution to brokers that provides both traditional and renewable energy options.
“Most of the brokers we speak to are looking to expand their offerings to open up additional revenue earning opportunities,” says Andy Taylor, Head of Brokerage, POWWR. “Through this agreement, brokers will be able to enhance and grow their proposition by expanding into the residential market with a market leading price comparison platform.”
Not just residential brokers, but commercial brokers will be able to launch their own branded price comparison website. Plus, the solution is the only one currently on the market that will show end users how much they could save by moving to a renewable energy plan, including options to install solar PV and batteries for storage or flexibility
“This is a unique offering in the broker aggregation market. For the first time, brokers will be able to provide customers with the clear benefits and cost savings of switching to renewable products. Helping accelerate the path to net zero,” adds Taylor.
The agreement is part of POWWR’s Preferred Partner Programme that is expanding to provide a full portfolio of solutions to deliver additional revenue streams to the over 1600 brokers that already rely on POWWR’s award-winning cloud-based energy solutions.
The boards of DNO, Bidco and Capricorn announced that they have reached agreement on the terms of a recommended cash acquisition of the entire issued and to be issued ordinary share capital of Capricorn by Bidco (the “Acquisition”). The Acquisition is to be effected by means of a Scottish scheme of arrangement under Part 26 of the Companies Act (the “Scheme”).
- Under the terms of the Acquisition, each Capricorn Shareholder shall be entitled to receive, in aggregate: US$5.214 in cash for each Capricorn Share held (the “Acquisition Value”)
- The Acquisition Value comprises, for each Capricorn Share:
- US$4.224 in cash (the “Acquisition Price”); and • a special dividend of US$0.99, which is intended and expected to be declared by the Capricorn Board prior to the Effective Date (the
“Permitted Dividend”). - The Sterling equivalent value of the Acquisition Value, being 384 pence per Capricorn Share based on the Announcement Exchange Rate, represents a premium of approximately
(Not for release, publication or distribution, in whole or in part, directly or indirectly in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction)
Oil and Natural Gas Corp. (ONGC), plans to build strategic crude reserves as the country seeks to strengthen its buffers against supply disruptions.
The state-run producer will invest 70 billion rupees ($736 million) to develop underground storage in southern India able to hold about 13 MMbbl of crude, Chairman Arun Kumar Singh told reporters in New Delhi on Monday. The land for the project has been acquired and construction will start soon, he said.
The additional capacity would support the government’s push to expand emergency energy reserves after the Middle East war exposed India’s vulnerability to disruptions due to its heavy import dependence.
Ranger Energy Services has agreed to acquire STEP Energy Services’ U.S. coiled tubing assets for approximately $27.5 million, a transaction that will position Ranger as the second-largest coiled tubing provider in the Lower 48.
The acquisition includes 13 full coiled tubing spreads, related equipment and inventory, along with certain property and vehicle lease obligations. STEP’s U.S. coiled tubing operations span five facilities across Ranger’s existing footprint, with the largest presence in the Permian basin and additional operations extending from the Bakken through South Texas.
Ranger expects to hire approximately 220 STEP coiled tubing professionals and support staff and assume operations when the transaction closes, which is expected on or about Sept. 11, 2026.
The acquired assets include STEP’s COIL+ extended-reach technology and ultra-deep intervention capabilities designed for longer and deeper U.S. wells. Ranger said the expanded coiled tubing business will also complement its high-specification well servicing rig operations and provide additional flexibility for drillout programs.
Subsea Cable Assets (SCA) has expanded its service offering with the introduction of cable carousel rental solutions, giving its global clients access to carousel capacity as and when projects require it, without the long-term commitment of ownership.
This new rental capability marks a multi-million dollar investment and will see SCA offer an initial two new carousel systems for hire with capacities of 4,000 and 6,000-ton. A first rental contract with a European client has been secured for the two systems.
These additions strengthen its asset base whilst supporting growing demand for storage, loading and handling solutions for cables, flexibles and umbilicals across onshore and offshore applications worldwide. The two systems also benefit from being easily re-purposed to any size due to the fabrication technique used, promoting sustainability.
By combining carousel rental with associated loading equipment, cable handling services and operational support, SCA, which operates engineering and manufacturing facilities in Europe as well as Dubai, can provide clients with a practical solution for temporary or project-specific cable storage requirements.
North American Blue Energy Partners has reportedly been granted 14 oil deals by the Venezuelan government. The U.S. government will have rights to a 35% stake in the company plus access to 20% of NABEP’s production at cost. The federal government will also have the right of first refusal for the purchase of the other 80% of NABEP’s production from Venezuelan fields.
Baker Hughes Rig Count: : International +23 to 1,096. U.S. unchanged at 588 Canada -5 to 211
U.S. Rig Count is unchanged from last week at 588 with oil rigs down 5 to 447, gas rigs up 5 to 132 and miscellaneous rigs unchanged at 9.
Canada Rig Count is down 5 from last week to 211 with oil rigs down 4 to 144, gas rigs down 2 to 63 and miscellaneous rigs up 1 to 4
International Rig Count is up 23 from last month to 1,096 with land rigs up 14 to 847, offshore up 9 to 249.
The Worldwide Rig Count for June was 1,822, up 88 from the 1,734 counted in May 2026, and up 60 from the 1,762 counted in June 2025
| Region | Period | Rig Count | Change |
| U.S.A | 28 August 2026 | 588 | — |
| Canada | 28 August 2026 | 211 | -5 |
| International | July 2026 | 1,096 | +23 |
| Baker Hughes |
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