"The legislation, if enacted, is a big political win for members of Congress who want to take a strong stance on Russia," Elizabeth Rosenberg, a senior fellow and director of the energy, economics and security program at the Center for a New American Security, said Sunday. "It will rearrange the way the global energy industry does business with Russia and significantly increase the risk around dealings with Russia."

U.S. Rig Count is up 488 rigs from last year's count of 462, with oil rigs up 393, gas rigs up 98, and miscellaneous rigs down 3 to 0. Canadian Rig Count is up 104 rigs from last year's count of 102, with oil rigs up 70, gas rigs up 35, and miscellaneous rigs down 1 to 0.

Fitch Ratings anticipates most investment-grade and 'BB' category U.S. E&P companies will see minimal ratings changes in a steady $45 per barrel environment as the realization of further production efficiency gains and lower costs per barrel of oil equivalent (boe) should contribute to resilient margins and cash flow.

Australia's LNG exports in fiscal 2017-2018 (July-June) will be 63 million mt, after it crossed, for the first time, 50 million mt in fiscal 2016-2017, energy consultancy EnergyQuest said in its forecast on Wednesday.

The move fulfills a plan, first outlined in February, to create an Indian oil giant through consolidation and mergers, forming a company comparable with international rivals that could weather crude-price volatility.

CHINA’S installed solar power capacity surged over the first half year amid shrinking costs and government policies. Over the first six months, 23.6 gigawatts of solar power were installed, 34.2 percent higher from a year ago, UBS said yesterday, adding that it was “far more than expected as most domestic analysts predicted at the beginning of the year that only 20-25 gigawatts would be added for the whole year.”

ExxonMobil Corp. has decided to walk away from development of the East Natuna natural gas permit in Indonesia saying it no longer wishes to continue discussions or activity in the block.

Crude oil production from the seven major US onshore regions is projected to rise 113,000 b/d month-over-month in August to 5.585 million b/d.

While US demand for gas is rising because of higher industrial consumption, more than half of the production increase will be used for LNG for export. By 2022, IEA estimates that the US will be on course to challenge Australia and Qatar for global leadership among LNG exporters.

US Energy Sec. Rick Perry observed, “History teaches us that the world is not stagnant. Mexico had one of its biggest natural gas discoveries in history last week. I’ve just returned from talks with government leaders there, and I believe Mexico will become an even bigger oil and gas supplier as we go about building this new North American energy partnership.”