Recent Confirmed Developments

1. U.S.Rig Count

• U.S.oiland gas firms added rigs for the fourth consecutive week.
• ThetotalU.S. rig count rose to 581 rigs for the week ending July 10, 2026.
• The July10 count was the highest level since May 2025.
• Oil rigs held at 445, and gas rigs held at 126.
• The total count was 44 rigs,or 8%, higher year on year.
• Eagle Ford rigs rose by three to 47, the highest level since April 2025.
• Texas reached 272 rigs, the highest since May 2025.
• Source: Reuters, Baker Hughes rig-count report, July 10, 2026. [1]

2. U.S. EIA July Energy Outlook

• EIA’s July Short-Term Energy Outlook projected U.S. crude oil production at 13.8 million b/d in 2026.
• EIA projected U.S. crude oil production at 14.0 million b/d in 2027.
• EIA projected U.S. LNG exports at 17.4 Bcf/d in 2026.
• EIA projected U.S. LNG exports at 18.6 Bcf/d in 2027.
• EIA stated that U.S. natural gas consumption in the power sector is expected to set a record next year.
• Source: U.S. Energy Information Administration, July 2026 Short-Term Energy Outlook. [2]

3. Canada: Trans Mountain Pipeline

• Trans Mountain reached a settlement with oil shippers after 18 months of toll negotiations.
• Trans Mountain is seeking approval to increase contracted capacity from 80% to 90% of the pipeline’s total capacity.
• The existing pipeline capacity is 890,000 b/d.
• Trans Mountain has planned optimization projects that could add up to 300,000 b/d by 2028.
• Trans Mountain planned to launch an open season on July 13, 2026, for about 90,000 b/d of new capacity expected by year-end.
• Source: Reuters, July 7, 2026. [3]

4. Canada Offshore: Bay du Nord

• BP agreed tosell its 37.2% stake in the Bay du Nord offshore oil project to Equinor.
• The transaction makes Equinor the sole owner of the project.
• Equinor aims to move Bay du Nord toward a final investment decision in early 2027.
• The initial phase isexpected to recovermore than 400 million barrels.
• The development plan includesan FPSO with subsea tiebacks.
• First oil is targeted for 2031.
• Estimated investment is about C$14 billion / US$9.84 billion.
• Source: Reuters, July 6, 2026. [4]

5. Strait of Hormuz Tanker Disruption

• At least four oil and gas tankers turned back from the Strait of Hormuz after renewed attacks heightened safety concerns.
• Reuters reported that three QatarEnergy-controlled LNG tankers changed course.
• Reuters also reported that a VLCC carrying Kuwaiti crude turned around.
• Reuters reported that LNG cargoes exiting Ras Laffan and ADNOC’s Das Island since the conflict began were only a fraction of typical monthly shipments from those hubs.
• Source: Reuters, July 8, 2026. [5]

6. Saudi Arabia: East-West Pipeline to the Red Sea

• Saudi Arabia is considering expanding the capacity of its East-West crude pipeline to the Red Sea.
• Reuters reported that up to 2 million b/d of additional capacity could be added.
• The existing system can transport up to 7 million b/d.
• Reuters reported that around                    5 million b/d of existing capacity is available for export.
• The possible expansion could include upgrades or a new pipeline.
• The possible expansion may also include a smaller line for refined products.
• Source: Reuters, July 7, 2026. [6]

7. Qatar: North Field East Expansion

• McDermott said work on QatarEnergy’s North Field East expansion did not stop during the Iran conflict.
• McDermott stated that the conflict imposed operational constraints.
• McDermott is responsible for offshore infrastructure to move gas from the North Field to LNG plants at Ras Laffan.
• The North Field East expansion is expected to add about 32 million tonnes per year of LNG export capacity.
• Technip Energiessaid project timing could depend on whether QatarEnergy prioritizes new construction or repairs to damaged infrastructure.
• Technip Energies also referenced logistics through the Strait of Hormuz as a timing factor.
• Source: Reuters, June 16, 2026. [7]

8. UAE: ADNOC Project Awards and Local Manufacturing

• ADNOC confirmed AED200 billion / US$55 billion in planned project awards for 2026-2028.
• The project-award program covers upstream and downstream operations.
• ADNOC connected EPC contractors with 70 UAE local manufacturers qualified under its Local+ list.
• ADNOC stated that Made-in-the-Emirates products are intended to be first choice across ADNOC project delivery.
• Source: ADNOC,2026 press release. [8]

9. U.S. Offshore: BSEE Standards Rule

• BSEE’s final rule on documents incorporated by reference becomes effective on August 10, 2026.
• The rule incorporates 23 standards not previously incorporated into regulations.
• The rule updates 40 standards already referenced.
• The standards were developed by API, AGA,GPA Midstream and ASME.
• The standards address measurement technologies and safety design factors for Outer Continental Shelf oil and gas operations.
• Source: U.S.Federal Register, June 10, 2026. [9]

10. API Specification 5L, 47th Edition

• API published the 47th edition of API Specification 5L in June 2026.
• APIstated that the new edition includes requirements across more than 15 topic areas.
• API identified high-frequency welded pipe quality as one of the covered areas.
• API identified pipe used inCO2 transportationas one of the covered areas.
• API also published RP 1192 for CO2 pipeline transportation.
• Source: API, Important Standards Announcements. [10]

11. U.S. Pipeline Safety: PHMSA Repair Criteria Proposal

• PHMSA issued a proposed rule to modernize anomaly response criteria for gas transmission and hazardous liquid pipelines.
• Comments on the proposed rule are due by September 8, 2026.
• The proposal uses modern engineering concepts and improved in-line inspection data.
• The proposal includes clearer anomaly-response categories, including immediate, near-term and other conditions.
• The proposal includes updatedevaluation methods formetal loss, dents and cracks.
• Source: U.S.Federal Register, July 8, 2026. [11]

12. Competitor Activity: Baker Hughes and Chart Industries

• Baker Hughes received conditional EUapproval for its US$13.6 billion acquisition of Chart Industries.
• The approval requires divestments in parts of Chart’s business.
• The approval also requires interoperability commitments with third-party LNG systems for ten years.
• Chart isactive in industrial equipment including valves and measurement technologies for gas and liquid applications.
• Source:  Reuters, July 10, 2026. [12]

Sources

[1] Reuters – US energy firms add rigs for fourth week in a row, says Baker Hughes:

https://www.reuters.com/business/energy/us–energy–firms–add–rigs–fourth–week–row–says–baker–hughes-2026-07-10/

[2] U.S. Energy Information Administration – Short-Term Energy Outlook: https://www.eia.gov/outlooks/steo/

[3] Reuters – Trans Mountain pipeline reaches settlement with oil shippers on tolling dispute:

https://www.reuters.com/business/energy/trans-mountain-pipeline-reaches-settlement-with-oil-shippers-tolling-                   dispute-2026-07-07/

[4] Reuters – BP exits Bay du Nord oil project, leaving Equinor sole owner: https://www.reuters.com/business/energy/bp- exits–bay–du–nord–oil–project–leaving–equinor–sole–owner-2026-07-06/

[5] Reuters – Four oil and gas tankers turn back from Hormuz strait after vessel attacks:

https://www.reuters.com/world/middle–east/four–oil–gas–tankers–turn–back–hormuz–strait–after–vessel–attacks-2026-07-08/

[6] Reuters – Saudi Arabia considers expansion of oil pipeline to Red Sea:

https://www.reuters.com/business/energy/saudi–arabia–considers–expansion–oil–pipeline–red–sea–sources–say-2026-07-07/

[7] Reuters – McDermott expects to deliver Qatar Energy expansion project on time:

https://www.reuters.com/world/middle-east/mcdermott-expects-deliver-qatarenergy-expansion-project-time-post-                conflict–says-2026-06-16/

[8] ADNOC – ADNOC to accelerate growth with AED200 billion in project awards: https://www.adnoc.ae/en/news-and-     media/press-releases/2026/adnoc-to-accelerate-growth-and-delivery-of-its-strategy-with-aed200-billion-in-project-awards

[9] Federal Register – Oil and Gas and Sulfur Operations in the Outer Continental Shelf – Documents Incorporated by

Reference: https://www.federalregister.gov/documents/2026/06/10/2026-11648/oil–and–gas–and–sulfur–operations–in–the–    outer-continental-shelf-documents-incorporated-by-reference

[10] API – Important Standards Announcements: https://www.api.org/products-and-services/standards/important-               standards-announcements

[11] Federal Register – Pipeline Safety: Repair Criteria for Hazardous Liquid and Gas Transmission Pipelines:

https://www.federalregister.gov/documents/2026/07/08/2026-13805/pipeline–safety–repair–criteria–for–hazardous–liquid–    and-gas-transmission-pipelines

[12] Reuters – Baker Hughes wins conditional EU nod for Chart deal: https://www.reuters.com/legal/litigation/baker-          hughes–wins–conditional–eu–nod-136-billion–chart–deal-2026-07-10/