BP, U.S. Rig Count: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

POLITICS
Trump Rescinds Defense Production Act Support for Clean Energy Components - U.S. President Donald Trump has issued an executive order undoing a series of actions taken by the Biden administration, including removing solar modules, solar module components, insulation, electrolyzes, fuel cells and electric heat pumps from Section 303 of the Defense Production Act (DPA). In 2022, Biden invoked the DPA to support the production and deployment of the above-mentioned technologies. Invoking the law included a $500 million appropriation, filed under the Inflation Reduction Act, to fund U.S. clean energy manufacturing, including solar panels and heat pumps. (PV Magazine)

PRODUCTION
U.S. Rig Count Rises for First Time in Three Weeks - U.S. energy firms last week added oil and natural gas rigs for the first time in three weeks, energy services firm Baker Hughes Company (NASDAQ:BKR) (Houston, Texas) said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by one to 593 in the week ending March 21. Baker Hughes said oil rigs fell by one to 486 last week, while gas rigs rose by two to 102. (Reuters)

PIPELINES
BP to Sell Stake in TANAP Gas Pipeline - BP (NYSE:BP) (London, England) has agreed to sell a stake in a firm invested in the TANAP gas pipeline linking Azerbaijan and Turkey for $1 billion to Apollo Global Management (NYSE:APO) (New York, New York), the two firms said on Friday. The TANAP pipeline is part of a network that transports natural gas from the Shah Deniz gas field in the Azeri Caspian Sea to Italy and Greece. BP is selling Apollo 25% of a company that holds a 12% stake in TANAP. (Reuters)

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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).