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CommodityOilPrice.com

Chevron Raises Exploration Spending By 50%

After years of focusing on growing exploration and production in the U.S. Gulf of Mexico and the Permian shale basin, U.S. oil and gas supermajor Chevron returns to high-impact frontier exploration as it seeks to renew its portfolio with diverse opportunities globally. Exploration in South America, Africa, and the Eastern Mediterranean is now a key focus of Chevron’s upstream business, which the…

CommodityOilPrice.com

U.S. Intelligence: China Could Put Laser Weapons in Space by 2030

A new United States intelligence report warns that China is developing energy weapons and spaceplanes that it could use for military operations in outer space, with the capability of using directed-energy weapons in orbit by the end of the 2020s. The US Defence Intelligence Agency (DIA) report, published on Sunday, includes a rare image of the newly developed reusable spaceplane. The DIA report,…

CommodityOilPrice.com

Jackdaw Approval Sparks Fierce Debate Over Britain's Energy Future

The United Kingdom approved the development of the Jackdaw North Sea gas field on the 21st of October following years of legal battles and political uncertainty. Jackdaw is a large offshore natural gas field in the North Sea, owned by Adura, a joint venture between Shell and Equinor, since 2025, located around 240 km east of Aberdeen in Scotland. The field was approved by the U.K. government in…

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DARPA Backs Project to Measure AI Energy Use at Every Stage of the Workflow

The artificial intelligence boom is creating an energy monster. The indiscriminate integration of machine learning into everything from from our energy grids to our electric toothbrushes – no, really – has created a global race to build up data center capacity as quickly as humanly possible, causing energy demand projections to skyrocket and placing unprecedented strain on the world’s energy…

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Senegal’s Ambitious Plan to Slash Electricity Costs and Boost Energy Security

The government of Senegal has ambitious energy diversification aims, with plans to develop both the country’s oil and gas sector and grow its renewable energy capacity. As part of its Vision 2050 plan, the government aims to reduce energy costs and enhance energy security by diversifying energy sources. The government has announced several renewable projects in recent years and has recently made…

CommodityOilPrice.com

Europe Is Now Seriously Rethinking Its Oil Refinery Phase Down

Over the past couple of decades, Europe has pursued some of the world’s most ambitious clean energy policies, aiming to become the first climate-neutral continent by 2050. Hardly surprisingly, Europe is now further along the clean energy transition compared to its western peers, with renewables accounting for roughly half of the continent’s power mix compared to about 26% by the U.S. However,…

CommodityOilPrice.com

Gasoline Up 34% and Heating Oil Up 74% as Voters Head to the Midterms

The results of the upcoming midterm elections will reveal just how much power global energy markets have over state-level politics – and how much changing political regimes can cost the global energy sector in return. As voters head to the polls, energy prices are blisteringly high. As of Monday, average gasoline prices in the United States officially edged higher than at any point of Joe Biden’s…

CommodityOilPrice.com

Chevron Profits Nearly Triple to $9.9 Billion

Chevron's third-quarter profit nearly tripled to $9.9 billion, with its refineries doing much of the heavy lifting despite processing just 3% more crude than a year earlier. The company reported earnings of $5.06 per share Friday, up from $1.82 a year ago. Adjusted earnings reached $10.4 billion, or $5.28 per share, comfortably beating Wall Street's estimate of $4.89. Chevron's downstream…

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Water Tank Rupture Triggers Safety Concerns at Tajikistan’s Rogun Dam

A recent industrial “incident” disrupted work on the Rogun Dam in Tajikistan. Depending on which source is to be believed, either no one was harmed or at least five people were injured. According to Tajikistan’s State Service for the Supervision of Industrial and Mining Safety, an accident occurred in a tunnel at a section of the plant that is under construction on October 21. The Asia-Plus news…

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ExxonMobil Profits Double to $15.4 Billion

ExxonMobil reported $15.4 billion in third-quarter profit Friday, more than double its earnings a year earlier, with its Gulf Coast refineries running at full capacity and diesel prices doing the rest. The company earned $3.72 per share, or $4.23 on an adjusted basis, beating Wall Street's $4.08 estimate. Adjusted net income reached $17.5 billion, making it one of Exxon's most profitable quarters…

CommodityOilPrice.com

U.S. Oil, Gas Drillers Still on Hold

The total number of active drilling rigs for oil and gas in the United States remained unchanged again this week, according to new data that Baker Hughes published on Friday, with the total rig count in the US staying at 603, up 57 from this same time last year. The number of active oil rigs rose by 2, to 462 during the latest reporting period, according to the data. This is 48 above this same…

CommodityOilPrice.com

Oil Traders Brace for a Wild Week as Brent Approaches $120

Fears of renewed U.S.-Iran hostilities are intensifying, with rising Hormuz attacks, reported explosions at Iran's Jask port and military repositioning overshadowing diplomatic efforts. Friday, October 30, 2026 With only several days left until the US midterm elections, oil prices are set for a hefty 13-14% month-on-month increase as ICE Brent trends around $118 per barrel. Qatari and Pakistani…

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