Oilandgaspress Energy / Automotive News, Rig Count: U.S. 540 Canada 177
London, August 04, 2025, (Oilandgaspress) –––OPEC+ countries, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 3 August 2025, to review global market conditions and outlook In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on 5 December 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1 April 2025, the eight participating countries will implement a production adjustment of 547 thousand barrels per day in September 2025 from August 2025 required production level. This is equivalent to four monthly increments as detailed in the table below. The phase-out of the additional voluntary production adjustments may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability.
The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting held on April 3rd 2024.
They also confirmed their intention to fully compensate for any overproduced volume since January 2024. The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on September 7, 2025.. Read More
Bentley Motors has announced the appointment of Franziska Jostock as Head of Communications for Europe, Middle East and Africa, starting today. Franziska will have dual reporting lines into Richard Leopold, Regional Director, Europe, MEIA and UK, and Wayne Bruce, Chief Communications and DEIB Officer.
Franziska joins Bentley having spent 12 years in automotive communications at Porsche AG. In her most recent role, she was Brand Communications Lead for the celebrated editorial platform, Type 7. Prior to this, Franziska held senior positions across communications, brand and marketing for the leading sports car marque. Commenting on her new role, Franziska said:
“Bentley is an extraordinary brand that embodies bespoke luxury and performance. I’m honoured to join the team and bring my experience in communications, storytelling, and car culture to support its exciting future.”
In her new role, Franziska will be responsible for all communications activities for Bentley in Europe, Middle East and Africa. Read More
Lamborghini has announced a strategic realignment of its motorsport activities, . with the decision to place the IMSA GTP program on hold for the 2026 season. Initially conceived as a natural evolution of Lamborghini’s successful customer racing platform, the Hypercar/GTP project was launched with the ambition of further expanding the brand’s presence in top-tier endurance racing. The program was designed to ensure global visibility through the presence of a hybrid racing car in each of the two championships where this class is admitted. However, the conditions on which the program was based have significantly changed. As the project developed, resource demands – both in terms of budget and technical complexity have grown beyond original projections.
Given this context, Lamborghini has made the strategic decision to refocus its efforts and investments on the GT3 platform and Super Trofeo, which remain the cornerstones of the brand’s motorsport activities and a key pillar in delivering performance excellence to its customers around the world.
The new Temerario GT3 and Temerario Super Trofeo represent two completely new projects, developed for the first time entirely in-house by Automobili Lamborghini.
The Temerario GT3 was officially unveiled in July 2025 during the Goodwood Festival of Speed and is currently undergoing an advanced phase of development through a series of tests on European circuits. Its official debut is scheduled for the 2026 12 Hours of Sebring, part of the IMSA Weathertech Sportscar Championship. The Temerario GT3 project aims to surpass both the sporting and commercial success the of the Huracán GT3, which has so far achieved 96 titles and 192 race victories worldwide. The new Temerario Super Trofeo model, meanwhile, is set to be revealed by the end of the year.
The LEGO Speed Champions Bugatti Centodieci Few cars in the world embody rarity quite like the Bugatti Centodieci – a hypercar so exclusive that only 10 were ever created. With an aesthetic inspired by the iconic Bugatti EB110 and the renowned 1,600 PS W16 engine at its heart, the Centodieci is a modern tribute to a legend of the past. Now, this icon of design and engineering has been immortalized in a way that fans of all ages can experience: as a LEGO® Speed Champions set. The LEGO Speed Champions Bugatti Centodieci captures the unmistakable character of the full-scale Bugatti hypercar, incorporating many of its defining features in intricate detail. Presented in a white finish – based on one of the most celebrated specifications of the Centodieci – with black accents, it mirrors the car’s striking, sculptural presence.
LG Chem and Enilive have taken a major step toward biofuels growth by breaking ground on Korea’s first hydrotreated vegetable oil (HVO) and Sustainable Aviation Fuel (SAF) production plant in LG Chem’s Daesan Chemical Complex located in Seosan, Chungcheongnam-do, 80 kilometers southwest of Seoul. The plant is going to be constructed by the LG Chem and Enilive joint venture, called LG-Eni BioRefining, and it is scheduled for completion in 2027 and will annually process approximately 400,000 tons of renewable bio-feedstock.
HVO and SAF, whose demand is expected to surge driven by renewable fuel mandates, are made by hydrogenating more sustainable vegetable oils such as Used Cooking Oil (UCO) and other waste and residues through Ecofining™, a technology developed by Eni in collaboration with Honeywell UOP. Taking into account the entire product value chain, HVO and SAF greenhouse gas (GHG) emissions are significantly reduced if compared to traditional fossil fuels.
bp announces hydrocarbon discovery at Bumerangue exploration well, offshore Brazil bp drilled exploration well 1-BP-13-SPS at the Bumerangue block, located in the Santos Basin, 404 kilometres (218 nautical miles) from Rio de Janeiro, in a water depth of 2,372 metres. The well was drilled to a total depth of 5,855 metres.
The well intersected the reservoir about 500 metres below the crest of the structure and penetrated an estimated 500 metre gross hydrocarbon column in high-quality pre-salt carbonate reservoir with an areal extent of greater than 300 square kilometres.
Results from the rig-site analysis indicate elevated levels of carbon dioxide. bp will now begin laboratory analysis to further characterize the reservoir and fluids discovered, which will provide additional insight into the potential of the Bumerangue block. Further appraisal activities are planned to be undertaken, subject to regulatory approval. bp holds 100% participation in the block with Pré-Sal Petróleo S.A. as the Production Sharing Contract manager. bp secured the block in December 2022 during the 1st Cycle of the Open Acreage of Production Sharing of ANP, on very good commercial terms.
Kent Joins FEED Team to Help Deliver the UK’s Hydrogen Future . Kent, a global integrated energy services partner, is proud to announce its support to the Front-End Engineering Design (FEED) delivery team for Project Union East Coast, a landmark initiative by National Gas to create a core-hydrogen network across Great Britain.
Kent has joined the expert delivery team, contributing to the two-year FEED phase of Project Union East Coast, led by WSP, acting as FEED Integrator. This multidisciplinary team will deliver the two-year FEED phase, including engineering design, environmental assessment, public consultation, and route consenting, alongside National Gas’s in-house experts and other appointed specialists.
As part of this team, Kent will contribute its extensive experience in end-to-end project delivery and engineering design, helping to shape the infrastructure required to support a hydrogen economy across the UK. Project Union will initially connect key industrial clusters in the Humber and Teesside regions, eventually forming a 1,500-mile core hydrogen network capable of transporting 100% hydrogen. This network will be vital in reducing industrial emissions, supporting clean growth, protecting jobs and advancing the UK’s Net Zero targets.
The report, authored by Senior Commodity Strategist Mike McGlone, is published monthly and provides insights into the global commodity markets, including energy, metals, and agriculture. It analyses the key trends shaping these markets and offers forecasts and solutions.
Vestas announces 128 MW order in Chile
Vestas is proud to announce the following order as part of our Q3 order intake:
| Country | Region | Customer | Project name | MW | Turbine variant | Service agreement | Delivery & commissioning |
| Chile | Americas | Undisclosed | Undisclosed | 128 | V162-6.4MW | 10-year AOM5000 Service Agreement | Delivery and commissioning are planned for Q1-2027 |
bp starts up Argos expansion project in US Gulf of America bp successfully started up the Argos Southwest Extension project, the first in a series of new projects bp is planning in the US Gulf of America between now and the end of the decade that will expand domestic energy production and deliver on bp’s strategy to safely and profitably grow its global oil and natural gas business.
The project adds 20,000 barrels of oil equivalent per day (boe/d) of gross peak annualized average production at the existing Argos platform. Argos, which began production in 2023, is bp’s fifth operated production platform in the Gulf of America with a gross production capacity of up to 140,000 barrels of oil per day. The Argos Southwest Extension project will add three wells and include a new drill center roughly 5 miles southwest of Argos. The subsea tieback, which connects new wells to existing offshore production facilities through pipelines, will extend the footprint of the Mad Dog field discovered in 1998. bp successfully delivered the Argos Southwest Extension project seven months ahead of schedule by implementing concurrent workstreams, optimizing project management and engaging in early procurement. From the completion of the appraisal well in May 2023 to first oil, the project reached startup in approximately 25 months – setting a record for bp.
Baker Hughes Rig Count: : International +27 to 913, U.S. -2 to 540 Canada -5 to 177
U.S. Rig Count is down 2 from last week to 540 with oil rigs down 5 to 410, gas rigs up 2 to 124 and miscellaneous rigs up 1 to 6.
Canada Rig Count is down 5 from last week to 177, with oil rigs down 4 to 124, gas rigs down 1 to 53 and miscellaneous rigs unchanged at 0.
International Rig Count is up 1 from last month to 914 with land rigs down 10 to 720, offshore rigs up 11 to 194.
The Worldwide Rig Count for July was 1,621, up 22 from the 1,600 counted in June 2025, and down 92, from the 1,713 counted in July 2024.
| Region | Period | Rig Count | Change |
| U.S.A | August 1, 2025 | 540 | -2 |
| Canada | August 1, 2025 | 177 | – 5 |
| International | July 2025 | 914 | +1 |
More Energy, Oil & Gas Stories !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole , victor@oilandgaspress
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