Oil industry sources claim that Central Africa's new FX Initiative falls short of its target.
Two oil industry sources said that six Central African nations who were expecting to receive billions in foreign exchange from funds set aside for environmental restoration by oil companies may actually see less than 500 million dollars by the April 30 deadline. Bank of Central African States, the central bank of Cameroon and Gabon, Equatorial Guinea Central African Republic, Republic of Congo, Chad, Gabon and Chad, introduced rules in 2018 governing these funds that are mostly held by foreign banks. The funds in the BEAC-controlled accounts will be used to replenish the hard currency reserves of the six countries and to address their economic vulnerability.
Brazil prepares a new oil auction amid trade war threats to budget, sources claim
Four people with knowledge of the situation said that Brazil is planning to auction off stakes in offshore oil fields this year as a way to increase revenue. The plan has gained momentum amid declining oil prices and increasing global trade uncertainty. Two sources who spoke under condition of anonymity said that the auction would involve smaller and uncontracted portions of the Tupi, Mero, and Atapu pre-salt fields. They hoped to raise approximately 20 billion reais (US$3.4 billion) as a worst case scenario. The Brazilian Finance Ministry and Ministry of Mines and Energy have not responded to comments immediately.
Anglo American calls for faster approvals in Chile to reduce copper shortage
Anglo American Chile CEO Patricio Hdalgo stated on Tuesday that Chile must speed up its permit processes in order to expand copper mining ahead of the large supply gap anticipated in the next few years. The Chilean president Gabriel Boric pledged to reduce the time it takes for permits by a third. However, a reform which would streamline the procedure is still being debated in Congress. Many mining companies in Chile - which provides about a quarter the world's supply of copper - have called for a rapid passage of this initiative. Anglo American is one of the largest miners in the world and was targeted by BHP, a bigger competitor, last year.
US Senators ask Energy Secretary to comply with law regarding clean energy grants and loans
U.S. Democratic Senators on Wednesday called for Energy Secretary Chris Wright's department to comply with laws that mandate his funding of clean energy projects, which were included in laws passed prior to Donald Trump becoming president. This includes four hydrogen hubs. Wright's Department is considering funding cuts for four of seven hubs that are part of a $7 billion project to decarbonize America's economy. The program is a part of Joe Biden's efforts to do so. The hubs aim to boost the production of clean hydrogen and infrastructure required to deliver it to steelmakers and cement plants, among other industrial users.
Sources say that the Energy Department may cut funding for US carbon removal hubs.
Three sources familiar with this matter have confirmed that the U.S. Department of Energy has been considering cutting hundreds of millions of dollar in grants for two projects in Texas or Louisiana, which are aimed at demonstrating commercial-scale technology to capture CO2 from the air. Direct Air Capture hubs were developed by the DOE Office of Clean Energy Demonstrations as part of the former president Joe Biden’s efforts to reduce U.S. greenhouse gases emissions. The hubs are expensive and new technology for carbon removal. The two hubs, when fully operational, could remove over 2 million metric tonnes of carbon dioxide per year.
Alaska Governor briefs Trump on Asia Gas Push as Tariffs Bite
Alaska's Governor said that he would brief U.S. president Donald Trump's Administration after returning from Japan in the next week about progress made to secure Asian support for a project to develop natural gas, which has been part of a larger discussion on tariffs and trade. Governor Mike Dunleavy and the leaders of the state-run Alaska Gasline Development Corporation and Glenfarne Group visited Taiwan, Thailand and Japan to seek investors and long-term purchasers for a Trump-inspired project. The visit of the Alaskan delegation coincided with a renewed pressure on trade from Washington.
Trump hosts top US oil executives as trade wars threaten
Donald Trump, the U.S. president, will be hosting top oil executives in the White House this Wednesday to discuss plans for boosting domestic energy production amid falling crude prices and trade wars. This will be Trump's first meeting with oil and gas executives since he returned to the White House in January for his second term. According to a source familiar with planning the event, it will include members of American Petroleum Institute (API)'s executive committee. According to public bios, ExxonMobil's CEO Darren Woods is on the executive committee of the trade group, along with Chevron CEO Mike Wirth and ConocoPhillips Chief Executive Ryan Lance.
Alaska LNG project to start by 2030, says state governor
Alaska Governor Mike Dunleavy announced on Friday that exports of liquefied gas from Alaska may begin as early as 2030. In his speech to Congress, Donald Trump praised the $44 billion Alaska LNG Project. The project will deliver approximately 3.5 billion cubic foot of gas each day, a large portion of which is destined for international markets. No final investment decisions have been made yet. The project requires an 800-mile gas pipeline from Alaska's North to Asia. Dunleavy, who spoke at a Houston energy conference, said that Alaska has been in contact with potential buyers from Taiwan, South Korea Japan and Thailand.
Mexican tycoon Slim targets two of Pemex’s key fields to gain clout within the energy sector
Sources familiar with the matter say that the Mexican state energy company Pemex has been in contact with Carlos Slim, and the billionaire could be asked to help fund two of the most promising crude oil fields and natural gas deposits in the country. These negotiations, which were not previously reported, show Slim's increasing influence in Mexico's energy sector. His business empire, which includes telecommunications and banking, retail, insurance, and hospitality, is expanding. Slim, who is one of the richest men in the world, has developed close ties with the leftist government…
Alaska LNG project could begin as early as 2030, says state governor
Alaska Governor Mike Dunleavy announced on Friday that exports of liquefied gas from Alaska may begin as early as 2030 or 2031. In his speech to Congress, Donald Trump praised the $44 billion Alaska LNG Project. The project will deliver approximately 3.5 billion cubic foot of gas per day from Alaska's North Slope, a large portion of which is destined for international markets. No final investment decisions have been made yet. The project requires an 800-mile gas pipeline from Alaska's North to Asia. Dunleavy, who spoke at a Houston energy conference, said that Alaska has been in contact with potential buyers from Taiwan, South Korea Japan and Thailand.
Sources: Trump wants to refine minerals on Pentagon bases in order to boost US production
U.S. President Donald Trump aims to build metals refining facilities on Pentagon military bases as part of his plan to boost domestic production of critical minerals and offset China's control of the sector, two senior administration officials told . The move is one of several planned for an executive order Trump could sign as soon as Wednesday after he told the U.S. Congress last week he would "take historic action to dramatically expand production of critical minerals and rare earths here in the USA." As part of the order, the Pentagon would work with other federal agencies to install processing facilities on its bases…
CERAWEEK - IEA chief sees investment needed in existing oil and gas fields
Fatih Birol said that the International Energy Agency in Paris, which is headed by Fatih Birol himself, has a responsibility to invest in oil and natural gas fields for the sake of global energy security. After years of pressure from fossil-fuel advocates, the pro-drilling campaign was relaunched. He said, "I would like to be clear... that there will be a requirement for investment. This is especially true to combat the decline of the existing fields." At the CERAWeek conference on energy in Houston. He said that there was a "need for upstream oil and gas investments".
Trump: Japan and South Korea are interested in partnering with the US on Alaska pipeline
Donald Trump, the U.S. In an address to Congress, Trump stated that this pipeline would be the largest of its kind in the world. He said that Japan, South Korea, and other nations wanted to be his partners, with trillions of dollars in investments each. On Tuesday, Ahn Duk Geun, South Korea’s Minister of Industry said that the United States asked South Korea and some other countries whether they were interested in taking part in the Alaskan project to liquefy natural gas. He claimed that Seoul and Washington agreed. Tariffs, non-tariff and tariff barriers, shipbuilding. Anh made his comments after visiting Washington, D.C.
Mexico advances energy reform to reinforce dominant roles of state-owned companies
Mexico's Senate passed on Wednesday laws for an energy reform which strengthens the dominance of state-owned companies Pemex CFE, while opening up new opportunities for private investment in order to achieve the country's goals of self-sufficiency. The new laws, which received 85 votes for them, 39 against them and one abstention will be sent now to the lower chamber of Congress. It is expected that they will receive final approval. If the bill is passed, Pemex will be given more freedom to work with private firms in various investment schemes. They would also get better conditions and preferential treatment.
The EPA chief wants to recover $20 billion in climate funding
He said that the head of the U.S. Environmental Protection Agency wants to terminate contracts signed by the previous administration for the distribution of $20 billion in grant funds to fund clean energy projects and transportation in disadvantaged areas. In a message on X, EPA Administrator Lee Zeldin stated that he would ask the Inspector-General, Congress, and Justice Departments to work together with the agency in order to terminate the contracts with eight regional organizations who were named as financial agents, and rescind the grant money that was awarded under the Biden EPA’s Greenhouse Gas Reduction Fund.
Pemex CEO: Buyers of Mexican crude oil complain about salt and water content
The CEO of the state energy company Pemex, Victor Rodriguez, said that buyers have complained about the water and salt content in Mexico's crude oil over the last month. When asked by a journalist during her morning press conference if some platforms produced crude oil with higher than usual salt and water contents, Mexican President Claudia Sheinbaum acknowledged this but said that it was only temporary. She said, "We do not have problems with Pemex or oil production. Rodriguez, who spoke with Energy Minister Luz E. Gonzalez and the President, said that the company is addressing the problem, adding that "so far, no shipments have rejected".
Reforms to the Mexican oil company Pemex will give it more flexibility in forming partnerships
A bill that was sent to Congress Wednesday will allow Pemex, the state-owned Mexican oil company, to work with private companies. This will ease restrictions imposed by the previous administration. The bill is expected to be passed by a large margin. Pemex can then enter into exploration and extraction contracts with private companies, after these contracts were canceled by the former president Andres Manuel Obrador. In August, just before Lopez Obrador’s successor Claudia Sheinbaum assumed office in October of that year, it was reported that Sheinbaum’s government would seek to restart joint ventures with Pemex to increase its reserves and manage mounting debt.
Clean energy companies pressure US lawmakers to protect subsides
On Wednesday, U.S. clean energy companies will be heading to Capitol Hill to urge Republican legislators not to eliminate lucrative tax credits that are contained in the landmark climate change legislation of former president Joe Biden. Members of Congress of both parties are being met by hundreds of representatives of firms from the solar, wind, and other renewable energy sectors to promote their role in creating employment and investment, as well as lowering electricity prices and meeting the soaring demand for power from data centers. Republican areas have benefitted from the Biden administration's Inflation Reduction Act since its enactment in 2022…
Senators introduce resolution to repeal Biden methane fees rule
The U.S. Senate Republicans introduced a resolution on Tuesday to overturn Biden's administration's proposed methane emission fee, which was one of the last measures taken by the former Environmental Protection Agency to force oil and gas companies to reduce emissions of this powerful greenhouse gas. The resolution, introduced by Republican Senators John Kennedy from Louisiana and John Hoeven from North Dakota under Congressional Review Act(CRA), allows Congress to overturn new federal rules by a simple majority. It would reverse the escalating charges set by the agency that they have called a "tax".
Senate confirms Chris Wright, a fracking executive, as Trump's Energy Secretary
The U.S. Senate confirmed Chris Wright as President Donald Trump's Energy Secretary on Monday. Wright is a fracking executive. Seven Democrats and an Independent who caucuses alongside Democrats crossed the aisle. Wright, 60 years old, has been the CEO of Liberty Energy, since 2011. He announced that he would step down as soon as the confirmation was received. In a Liberty Energy report published last year, he wrote that he believed climate change caused by humans is real but its dangers are "distant" and "uncertain." He also stated that government policies to combat climate change are doomed to failure. Wright will oversee an agency with a budget of around $50 billion.
