31 Jul Latest Oil prices, news and commentary 31 July 2026
(Oilandgaspress) 31/07/26, BP will sell its North Sea oil division after the government’s tax raid on domestic oil, in a move that will leave the British energy giant without any petrochemicals production in its home market for the first time in decades. This is part of a major restructuring being overseen by boss Meg O’Neill. BP has already offloaded its lubricant division Castrol and a host of its less productive gas assets and is targeting $20bn (£14.9bn) of divestments by the end of this year.
Keir Starmer’s government banned all new oil and gas exploration in the North Sea as part of its flagship drive to become a “clean energy superpower”. Andy Burnham has since suggested he might partly overturn that decision, and push through licenses for the Jackdaw and Rosebank projects that have been held up in the courts for years.. Related News
Po Valley Energy Limited presented its Quarterly Activities Report for the period ending 30 June 2026, outlining gas exploration, development and production activities across its onshore and offshore assets in northern Italy
Key Highlights
● Continued safe and reliable production from the Podere Maiar-1 (PM-1) gas field generating €1.4 million of operating cash from production during the quarter.
● Environmental Impact Assessment (EIA) lodged with Italy’s Ministry of Environment and Energy Security (MASE) for the proposed four-well drilling programme and related
development within the Selva Malvezzi Production Concession; representing a significant permitting milestone.
● Data processing of the recently completed 3D seismic survey continued during the quarter, supporting optimal well placement and future field development planning
including the Podere Maiar 1 gas field production area.
● Strong realised gas prices of €0.48/scm, benefiting from supportive European gas market fundamentals amid ongoing energy security concerns.
● €8.76 million of liquidity comprising €2.76 million cash and €6.0 million invested in short-term Italian Government bonds Related News
| Oil and Gas Blends | Units | Oil Price | Notes |
| Crude Oil (WTI) Oilprice | US$/bbl | $84.01 | Down |
| Crude Oil (Brent) | US$/bbl | $89.53 | Down |
| Bonny Light 27/07/26 CBN | US$/bbl | $94.42 | — |
| Dubai | US$/bbl | $76.29 | — |
| Natural Gas | US$/MMBtu | $2.77 | Up |
| Murban | US$/bbl | $78.54 | Down |
| OPEC basket 30/07/26 OPEC | US$/bbl | $89.44 | Up |
| At press time July 31, 2026 |
bp has started production from its Atlantis expansion project in the U.S. Gulf of America/Mexico, adding approximately 10,000 boed of gross peak annualized production while extending the life of one of the company’s flagship deepwater developments.
Located about 150 miles south of New Orleans, the Atlantis field has been producing for nearly two decades. The expansion includes two new subsea water injection wells, new subsea trees and topside water injection pumps designed to maintain reservoir pressure, improve recovery and unlock additional oil production. The project was completed ahead of schedule and under budget. Related News
Wintermar reports 24.4% YOY Growth in Attributable Net Profit to US$8.4 million with additional High Tier vessels in operation and better fleet utilization at 62% for 1H2026 compared to 56% in 1H2025.
Owned Vessel revenue grew by 41.4% YOY to US$45 million in 1H2026 as more vessels were operational compared to 1H2025. Margins for owned Vessels widened to 51.7% in 1H2026 compared to 39.1% in 1H2025 as more PSVs were deployed. However, fleet utilization in 2Q2026 was slightly lower than 1Q2026 as the market is still largely dominated by spot contracts in the period, although charter rates are higher.
As the acquisition of FOS was completed at the end of June, earnings from FOS will only be consolidated in 2H2026. There has been a delay in the tendering timeline for some longer term domestic OSV contracts, which prolong the volatility in the fleet utilization as a large proportion of the fleet are still on short term contracts. The conflict in the Middle East has also impacted some vessels which had been planned for deployment in that region.
Chartering Division and Other Services
Revenue contribution from the Chartering division continues to decline as management focus has shifted toward maximizing the utilization of Owned Vessels and marketing the additional vessels, which offer significantly higher margins than chartered vessels. Total chartering revenue fell by 40.5% YOY to US$1.6 million for 1H2026, and gross profit fell to US$0.11 million compared to US$0.2 million in the previous year.
Conversely, revenue from Other Services rose by 40.8% to US$3.4 million for 1H2026 from more fee-based income, with gross profit of US$1.5 million compared to US$1.4 million in 1H2025.
Direct Expenses for Owned Vessels rose by 12% YOY to US$21.7 million for 1H2026, largely from higher depreciation (+16.8% YOY to US$8.0 million) due to additional vessels in operation, and a 25.6% YOY jump in crewing costs also arising from the increase in the number of certified crew for the Dynamic Positioning vessels and vessels working in foreign countries. Total Gross Profit jumped by 76.9% YOY in 1H2026 to US$24.9 million, with the Owned Vessels Related News
The Board of Shell plc announced an interim dividend in respect of the second quarter of 2026 of US$ 0.3906 per ordinary share. Shareholders will be able to elect to receive their dividends in US dollars, euros or pounds sterling.
An alternative ‘Electronic Election Entitlement’ (‘EEE’) process is available in CREST for dividends with options elections.
Absent any valid election to the contrary, persons holding their ordinary shares through Euroclear Nederland will receive their dividends in euros.
Absent any valid election to the contrary, shareholders (both holding in certificated and uncertificated form (CREST members)) and persons holding their shares through the Shell Corporate Nominee will receive their dividends in pounds sterling. The pound sterling and euro equivalent dividend payments will be announced on September 7, 2026. Related News
On July 29 and 30, Ukraine’s Defense Forces successfully struck the Lukoil-Permnefteorgsintez oil refinery in Perm, Russia (one of the largest oil refineries in Russia)., as well as a Russian military training ground in the occupied part of the Zaporizhzhia region. The Lukoil-Permnefteorgsintez refinery in Perm, Perm Krai, was targeted the previous day. The refinery has a capacity of around 13 million metric tons of crude oil per year and produces gasoline, diesel fuel, jet fuel, bitumen, lubricants and other petroleum products, according to Ukraine’s General Staff. Related News
According to a Guardian report, a production facility operated by Terminal Autonomy was destroyed in the Russian strike on Kyiv. The company is registered in the US state of Delaware. The company specializes in the production of high-precision long-range drones equipped with guidance systems designed to withstand Russian electronic warfare interference. .Related News
ENGIE has successfully completed its LINK 2026 employee share ownership plan, with the subscription period running from 3 to 17 June 2026. This edition marks a new milestone in the development of employee share ownership within the Group, with the scheme now being offered on an annual basis.
Participation reached a record level of 51%, representing more than 39,000 employee subscribers across nearly 30 countries, an increase of almost 10 percentage points compared with the 2025 edition, which had already achieved a historic subscription level.
The plan generated a total subscription amount of €93 million, corresponding to the acquisition of nearly 4.3 million ENGIE shares. Employees benefited from an attractive offering, including a 20% discount on the share price, resulting in a subscription price of €21.71 per share, as well as a company matching contribution.
This result confirms employees’ growing interest in share ownership and their confidence in ENGIE’s development strategy. The average subscription amount reached €1,847 per employee. In France, nearly 70% of eligible employees subscribed to the plan.
LINK 2026 marks a new stage in the development of employee share ownership at ENGIE. Now offered every year, the scheme reflects the Group’s commitment to associating employees more closely and sustainably with its value creation and long-term performance. This momentum is reflected in the steady increase in participation rates, which stood at 31% in 2022, 35% in 2024, and 42% in 2025. Related News
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Submit your Releases or contact us now!, victor@oilandgaspress.com
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