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Source: International Association of Drilling Contractors – IADC
Headline: Celebrating Safety: Nabors Rig 707 Reaches 1 Year LTI-Free!
CONGRATULATIONS to Nabors Industries Rig 707 in Kazakhstan for achieving 1 year LTI/TRI-free!!
Such an achievement requires the whole team to be on the same page, with a strong focus on prioritizing safety and looking out for each other. Well done to everyone involved! Thank you for your commitment and dedication.
Source: International Association of Drilling Contractors – IADC
Headline: IADC Endorses ADIPEC 2026 as a Supporting Association
IADC and Drilling Contractor are proud to be recognized as a Supporting Association of ADIPEC 2026, a premier event for the energy industry. From 2-5 November in Abu Dhabi, ADIPEC will convene the global energy industry to respond to energy systems being tested in real time—strengthening resilience, securing supply, and advancing the systems needed to support long-term stability and growth.
Representatives from IADC and Drilling Contractor will attend the event to connect with Members and participate in these important conversations. We’re looking forward to attending ADIPEC 2026 in November and are pleased to continue supporting this forum of collaboration and innovation.
Source: International Association of Drilling Contractors – IADC
Headline: Newly Revised IADC Standard Equipment List for Jack Up Rigs Now Available for Review and Comments
The IADC Standard Equipment List has been developed to provide a comprehensive summary of all relevant items of equipment and to streamline the tender process for both contractor and operators.
The last edition of the equipment list was released in 1993. A Workgroup under the IADC Contracts Committee was formed in 2025 to review and revise the document. A final draft is now available for Member review and input.
Source: International Association of Drilling Contractors – IADC
Headline: Membership Updates for July 2026
IADC welcomes 13 new Members:
Source: International Association of Drilling Contractors – IADC
Headline: IADC Attends IPAA’s 97th Annual Meeting
Thad Dunham, IADC VP of Government & Industry Affairs – Onshore, attended the 97th Annual Meeting of the Independent Petroleum Association of America (IPAA). The event took place in Colorado Springs from 17-18 June.
IADC’s involvement with IPAA gives Drilling Contractors a seat at the table with Operators during important conversations. Of particular interest were the state trade association and regulatory updates, market outlooks, and opportunities to network with operators and other industry colleagues.
During the annual meeting, a merger between IPAA and the Domestic Energy Producers Alliance (DEPA) was approved to better advocate for the interests of America’s independent oil and gas producers. IADC previously served on the DEPA Board of Directors and, due to the merger, will now serve on the IPAA Advisory Board.
IADC looks forward to contributing to the IPAA in this new capacity, working together to strengthen advocacy efforts under a unified voice.
Source: International Association of Drilling Contractors – IADC
Headline: Geothermal Committee Welcomes New Leaders
Congratulations to the incoming leaders of the IADC Geothermal Committee:
Special thanks to Scott Farmer, H&P, for his leadership as the Committee’s first Chair since 2023. Under his leadership, the development of the Geothermal Well Construction Guideline began to take shape. This is a major undertaking, with more than 20 contributors working on what is expected to become a foundational document for the geothermal drilling industry. Notably, Scott was one of the principal authors of the fundamental chapter, Geothermal Well Classification.
We look forward to seeing the Committee continue to flourish under Doug and Toney’s guidance!
Source: International Association of Drilling Contractors – IADC
Headline: UTP Student Chapter Explores Leadership Development in Interactive Session
The IADC Universiti Teknologi PETRONAS Student Chapter recently hosted Mr. Hazli Sham Kassim, Senior Vice President, Malaysia Assets Upstream & CEO PETRONAS Carigali, PETRONAS, for an insightful session under the Chapter’s Beyond the Barrel leadership programme.
This exclusive session brought together top Petroleum Engineering students, along with the Committee Members of the IADC UTP Student Chapter and the SPE UTP Student Chapter, creating a meaningful platform for leadership development and industry engagement.
The session began with an inspiring leadership sharing, where Mr. Hazli reflected on his professional journey and shared valuable lessons on leading with purpose, navigating challenges, and making impactful decisions throughout his career.
The session came alive through an interactive live voting discussion, where participants explored real-world leadership scenarios before hearing Mr. Hazli’s perspectives. An engaging Q&A followed, with participants seizing the opportunity to exchange ideas and gain valuable career and leadership insights directly from one of the industry’s distinguished leaders.
Source: International Association of Drilling Contractors – IADC
Headline: Brazil Chapter Operational Workshop Focuses on Mental Health in the Offshore Industry
The IADC Brazil Chapter recently hosted an Operational Workshop on Mental Health in the Offshore Industry at Universidade Estadual do Norte Fluminense (UENF) in Macaé. During the workshop, Members discussed best practices on psychological safety, emotional support, and the role of leadership in building stronger and healthier teams.
Special thanks to the speakers:
Thank you to each professional who was present and contributed to strengthening this important discussion in our industry. Well done to Erica Drumond, Joao Humberto Guandalini Batista, and the entire board of directors of the IADC Brazil Chapter for making this workshop possible.
Source: International Association of Drilling Contractors – IADC
Headline: MONTHLY ENERGY WATCH: July 2026
Monthly Energy Watch is IADC’s advocacy update from Capitol Hill. Each month, IADC’s Vice President of Policy, Joe Lillis, shares the key topics he’s monitoring to help keep you informed.
Joe serves as YOUR representative in Washington, DC. Contact him directly anytime with questions or for more information at Joe.Lillis@IADC.org or (202) 256-2656.
Here’s what Joe is hearing on the Hill for July 2026!
1) President Trump accuses oil companies of gouging drivers, orders the Department of Justice to investigate
President Trump recently accused major US oil companies of keeping gasoline prices high. Trump said consumers were being “gouged” and he ordered the Department of Justice to investigate big oil companies for not bringing gasoline prices down fast enough.
He stated, “The big oil companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for oil— those prices are dropping like a rock!” Inflation rose to 4.2% in May, driven largely by energy costs. Many oil industry analysts have stated that gas prices don’t move in lockstep with crude oil, especially amid ongoing global supply disruptions. They have dismissed Trump’s call as “politics as usual” in Washington, DC, noting past price-gouging probes have never found collusion.
In its latest short-term energy outlook, the US Energy Information Administration stated that the average gas price for 2026 is expected to be $3.90, or some 80 cents higher than the 2025 average.
2) US Strategic Petroleum Reserve hits lowest level in four decades
The Strategic Petroleum Reserve (SPR) has fallen to just over 340 million barrels of oil—its lowest level since it was built four decades ago, the Department of Energy recently reported. The SPR, a system of salt caverns along the US Gulf Coast that can hold over 700 million barrels, is now below levels last seen in August 1983.
The Trump administration opened the reserve to offset a drop in global oil supply after the US-Israel war against Iran led Iran to close the Strait of Hormuz, a key waterway for Middle East Oil exports. Traffic through the Strait ground to a halt starting in February, greatly affecting oil shipments around the world.
The Biden administration released about 40% of the SPR’s oil after crude prices spiked following Russia’s 2022 invasion of Ukraine. In the weeks after the closing of the Strait of Hormuz, Trump joined a 32-country International Energy Agency effort to release 400 million barrels—the IEA’s largest release ever.
The Trump administration promised to refill the reserve but instead offered companies 172 million barrels if they promise to return it with an additional premium. The Department of Energy plans to release up to 40 million more barrels in August-September 2026; companies taking the crude will have to return the same amount plus an additional percentage into the SPR starting next year.
3) Department of Interior eases rules for oil and gas drilling on public lands
The Interior Department recently proposed two changes to federal regulations that would slash upfront costs for oil and gas drillers on federal land and drop the requirement that cleanup plans accompany drilling applications. The goal is to make it easier for companies to pump oil and gas from federal lands as the Trump administration pushes to increase domestic fossil fuel production.
The shift would reverse Biden-era bonding increases to cover cleanup costs and make it easier to issue noncompetitive leases.
“These targeted updates cut through the red tape that has historically deterred investment, ensuring our public lands remain a reliable engine for economic growth and innovation,” Interior Secretary Doug Burgum said of the changes to Bureau of Land Management (BLM) rules.
The Interior Department under Biden had bumped the bond required of companies for drilling on multiple leases in a single state from a $25,000 minimum to a minimum of $500,000. The new proposal drops the requirement back down to the $25,000 rate. The Trump administration’s changes would also shorten public comment periods for drilling applications from 90 days to 10 days, “modernize” filing fees, conduct additional lease sales when prior ones were canceled or delayed, and “authorize noncompetitive leases after competitive auctions,” among other changes. The second BLM rule change would remove requirements that operators submit waste minimization plans along with their drilling permit applications.
4) Independent oil companies eye Permian production boost
Four months after the war in Iran sent crude prices soaring, oil producers in the Permian Basin are starting to ramp up production. The new push may only boost production by about 250,000 barrels a day, too little to lower the price of oil or provide relief for drivers.
Independent drillers have begun adding rigs, albeit slowly, according to the data analysis firm Enverus. The same companies are working through a backlog of wells that can be brought online quickly. The trends show that producers expect high oil prices to last into 2027 because it will take that long for the new wells to come online and the volume of oil expected from the new activity isn’t likely to bring them down.
Analysts have stated that when the US began bombing Iran in February, sending crude prices above $90 a barrel, producers were cautious about drilling new wells because they were concerned that the price increase wouldn’t last. Independent producers, particularly shale drillers in the Permian Basin, are typically willing to take on more risk than major oil companies. Some smaller operators are finishing drilled-but-uncompleted wells (DUCs) that haven’t been hydraulically fractured, since they bring production online faster than new drilling, letting them cash in on high prices now.
5) Trump administration moves to revoke Endangered Species Act listing of Permian Basin lizard
The Trump administration wants to reconsider the Endangered Species Act (ESA) designation of a Texas lizard found in the Permian Basin, asking a federal judge to approve a legal settlement requiring the Fish and Wildlife Service (FWS) to take another look at the 2024 listing. The reversal comes as part of the lawsuit filed in 2024 by the state of Texas against the federal government. At the time, Texas Attorney General Ken Paxton said the move to list the dunes sagebrush lizard as endangered was part of the Biden administration’s efforts to undermine oil and gas production.
The lizard lives in shrublands and dunes in Texas and New Mexico. FWS in 2024 found the lizard’s habitat had contracted, often due to oil and gas drilling in its shinnery oak ecosystems. The determination followed more than 20 years of debate over the lizards and their status. Part of that 2024 decision, FWS said in the court filing, was based on an incorrect conclusion that habitat losses were “effectively permanent” and could not be recovered. “The Service has since re-evaluated its determination and concluded that it improperly assumed that habitat restoration could not occur,” Justice Department lawyers said in the filing, adding that FWS had made a “serious and fundamental” error. The lawyers added that “experimental efforts” to restore habitat “showed promise.”
Under the proposed settlement outlined in court, the judge would overturn the Endangered Species Act listing and return the fate of the lizards to FWS for further evaluation. Another decision would be made within the next two years.
Source: US Energy Information Administration – EIA
Headline: EIA increases global oil production forecast after the opening of the Strait of Hormuz
U.S. ENERGY INFORMATION ADMINISTRATION
WASHINGTON DC 20585
FOR IMMEDIATE RELEASE
July 7, 2026
The U.S. Energy Information Administration published its July Short-Term Energy Outlook (STEO), increasing its expectations for global oil production.
Shipping traffic through the Strait of Hormuz has increased following the June 18 memorandum of understanding (MOU) between the United States and Iran to end a months-long conflict and reopen the strait. EIA now expects worldwide crude oil production and trade flows to rebound to near pre-conflict levels by year’s end, with most previously shut in production returning online by the first quarter of 2027. EIA forecasts that more oil production globally will lower crude oil and gasoline prices, with the U.S. average retail gasoline prices averaging about $3.60 per gallon (gal) in the second half of this year, down from $4.48/gal in May.
Key takeaways from the July STEO are below.
| U.S. energy market indicators | 2025 | 2026 | 2027 |
|---|---|---|---|
| Brent crude oil spot price (dollars per barrel) | $69 | $82 | $65 |
| Retail gasoline price (dollars per gallon) | $3.10 | $3.64 | $3.09 |
| U.S. crude oil production (million barrels per day) | 13.6 | 13.8 | 14.0 |
| Natural gas price at Henry Hub (dollars per million British thermal units) | $3.53 | $3.67 | $3.49 |
| U.S. liquefied natural gas gross exports (billion cubic feet per day) | 15 | 17 | 19 |
| Shares of U.S. electricity generation | |||
| Natural gas | 40% | 40% | 40% |
| Coal | 17% | 15% | 15% |
| Nuclear | 18% | 18% | 18% |
| Conventional hydropower | 6% | 6% | 6% |
| Wind | 11% | 11% | 12% |
| Solar | 7% | 8% | 9% |
| Other energy sources | 1% | 1% | 1% |
| U.S. GDP (percentage change) | 2.1% | 2.1% | 2.3% |
| U.S. CO2 emissions (billion metric tons) | 4.9 | 4.8 | 4.8 |
| Data source: U.S. Energy Information Administration, Short-Term Energy Outlook, July 2026 Note: Values in this table are rounded and may not match values in other tables in this report. |
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The full July 2026 Short-Term Energy Outlook is available on the EIA website.
The product described in this press release was prepared by the U.S. Energy Information Administration (EIA), the statistical and analytical agency within the U.S. Department of Energy. By law, EIA’s data, analysis, and forecasts are independent of approval by any other officer or employee of the U.S. government. The views in the product and this press release therefore should not be construed as representing those of the U.S. Department of Energy or other federal agencies.
EIA Program Contact: Tim Hess, STEO@eia.gov
EIA Press Contact: EIAMedia@eia.gov