Exxon is committed to moving quickly on Guyana gas project, but it needs demand sources for the gas, says executive
Exxon Mobil's chief upstream said that the company is 'committed' to moving quickly to develop natural gas resources in Guyana, but the government of the South American country must advance industrial projects if it wants to ensure a long-term demand for the gas. Exxon Mobil, the company that leads the oil consortium operating Guyana's Stabroek Block has been pressed by the 'Guyanese' government to develop and build natural gas projects…
Politico reports that Trump has slammed the energy deal between California, Britain and Trump
Reports from Politico indicate that President Donald Trump denounced the clean energy agreement signed between California Governor Gavin Newsom and the United Kingdom on Monday. In an interview, Trump stated that it was "inappropriate for Britain" to deal with the Democratic Governor. Trump, who is Republican, called Newsom, "a loser", saying that "his state had gone to hell and his environmental work was a disaster." Newsom, an outspoken Trump opponent, has considered running for the Democratic presidential nomination in 2028.
Commonwealth LNG signs 20-year supply agreement with Mercuria in response to US LNG export growth
Commonwealth LNG announced on Tuesday that it had signed a sale-and-purchase agreement for 20 years to supply Mercuria 1 million metric tonnes of liquefied gas per year. The deal stipulates that Mercuria would provide Commonwealth with the equivalent amount of natural gas (estimated at 133 millions cubic feet per day) and Commonwealth will convert it to LNG, which Mercuria can then purchase. Commonwealth, a company owned by energy asset management firm Kimmeridge and majority-owned by Commonwealth…
Sources say that Nscale, a UK AI company backed by Nvidia, has hired banks to prepare for its IPO.
People familiar with the situation said that Nscale Global Holdings, a British artificial intelligence company backed by Nvidia, has hired Goldman Sachs and JPMorgan in order to prepare for a public offering. Sources who asked not to be named because the discussions were private said that the timeline for a potential listing had not been determined. Goldman Sachs JPMorgan Nscale all declined to comment. Nscale's move to a public listing comes after a period of expansion in its data center capacity…
US natgas Futures Soar 119% in Five Days as Freezing Wells Cut Output to Two-Year Low, Short Covering
In Supply According This This According Met These If The Week Week Residential 33.7 44.6 36.8 28.4 29.9 U.S. Power Plant 35.2 39.1 35.6 34.4 32.5 U.S. Industrial 26.7 28.4 27.2 25.3 26.0 U.S. Plant Fuel 5.3 4.9 5.1 5.3 5.2 U.S. Eastern Gas (old 40.00 8.36 3.74 2,79 2.96 Dominion South). ICE U.S.
US energy chief: US gets 30% more for Venezuelan oil compared to what Venezuela paid in the past few weeks
Chris Wright, the U.S. Energy secretary, said Thursday that?U.S. The price of?Venezuelan?crude oil is 30% higher than what Venezuela paid before U.S. Special Forces captured President Nicolas Maduro in early this month. Wright stated at an event of the U.S. Energy Association that "we're getting a 30 percent higher realized price" when we sell a barrel of crude oil than the barrel they sold?three-weeks ago. Wright did not detail the prices of oil sales before and following Maduro's capture. The U.S. The?U.S. A U.S.
US permits negotiations over Lukoil’s foreign assets to take place until January 17, 2019.
The United States extended Wednesday a deadline for negotiations to buy the global assets of Russian Oil?company Lukoil. It was originally set at?January 17th. Lukoil's assets were put up for sale soon after President Donald Trump imposed sanctions against the two largest Russian energy companies on October 22, as part of a campaign to pressure Moscow regarding its war in Ukraine. The assets of the company, which include oil fields, refineries and a retail gas station network, are valued at $22 billion.
Trump Energy Department reorganizes to focus on fossil and nuclear priorities
The U.S. Department of Energy announced on Thursday a reorganization of its agency, which prioritizes oil and nucleic resources over offices dedicated to renewables or efficiency. DOE released a new organization chart along with a short statement stating that the changes aligned to President Donald Trump’s agenda of energy dominance. The chart includes several new divisions including the Hydrocarbons Office, Geothermal Office and Office of Fusion.
Orplana CEO: Sugarcane farmers in Brazil's key region are feeling the pinch of low prices
Sugarcane growers in Brazil's central-south region feel the pinch due to low sugar prices. They do not want their crops to expand and may even reduce the area they plant with the crop. Jose Nogueira is the CEO of the cane growers association Orplana. He said this on Friday. Last week, raw sugar futures reached a low of 14,04 cents per lb. Prices had dropped to 14.96 cents a lb on Friday but were still subdued in comparison with recent highs.
States sue Trump to stop cancellation of $7 Billion Solar Grant Program
According to court documents, nearly two dozen states have filed a lawsuit against the Trump administration for canceling a $7 billion grant aimed at increasing solar energy in low income communities. In a Thursday statement, California Attorney-General Rob Bonta announced that a group states who received grants through the Environmental Protection Agency’s Solar for All Program have filed two lawsuits. In August, EPA Administrator Lee Zeldin officially announced the end of the Solar for All program.
States sue Trump to stop cancellation of $7 billion solar grant program
According to court documents, nearly two dozen states have filed a lawsuit against the Trump administration for canceling a $7 billion grant aimed at increasing solar energy in low income communities. In a Thursday statement, California Attorney-General Rob Bonta announced that two lawsuits were filed by a group states who received grants through the Environmental Protection Agency’s Solar for All Program. EPA Administrator Lee Zeldin officially announced the termination in August.
Panel of OPEC+ stresses the need to fully comply with oil production limits
OPEC released a statement saying that an OPEC+ panel at a Wednesday meeting stressed the importance of full compliance with oil production agreements, and additional output cuts some members must make to compensate for exceeding quotas earlier. Around 1230 GMT, the online meeting of the Joint Ministerial Monitoring Committee began. It included top ministers of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia.
Democratic Senators: Trump administration gives China a 'free-pass' on Russian LNG
Democratic U.S. Senators called on Trump officials to resume targeted sanctions against Russian energy supplies on Friday, claiming that the administration allows China to purchase shipments of Russia’s liquefied gas which supports the war in Ukraine. Donald Trump said that he was frustrated by the failure of Russian President Vladimir Putin to reach a peaceful agreement with Ukraine. Trump, however, has not imposed direct sanctions against Russian energy companies during his second term.
Data shows that Pemex crude exports rose in July, while refinery production dropped.
According to the most recent data from the company, Pemex, the Mexican state oil company, reported that crude oil exports rose by 31% in July, compared to last month. However, the company's refining production fell slightly in the same time period. Pemex exports and refinery output are closely monitored as the government attempts to reduce motor oil imports and prioritize domestic processing in order to achieve energy independence.
Brokers say that the global supply of sugar will keep prices in check.
Broker StoneX stated on Tuesday that the expected increases in sugar production by key growers would keep prices under pressure over the coming months and reduce profit margins for millers. StoneX projected that the global sugar supply balance would shift from a negative 2.8 million metric tonnes in October 2024-September 2025, to a positive 3.7 million tons by 2025/26. Monday is a holiday. The market structure has changed. "We had a lot of windows last year to price sugar for mills…
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.
Shell downplays Namibia's oil discovery as a blow to the country
Shell has written down $400 million in oil discoveries offshore Namibia, which it considered commercially unviable. This is a major blow to Namibia's attempts to become a crude-producing country. Shell, its partners QatarEnergy, and Namibia's National Oil Company discovered hydrocarbons in block PEL39 2022. This discovery along with a second TotalEnergies in a block nearby sparked colossal global interest in this southern African nation that has no oil or gas production.
Chevron CEO: Chevron targets a growth of $6-8 billion in free cash flows next year.
Michael Wirth, CEO of Chevron, said on Wednesday that the company is in a position to increase its cash flow from free to $8 billion and to reduce expenses "by a couple of billion dollars". The U.S. oil producer No.2 expects to benefit from the start of new or expanded oil production projects in Kazakhstan, U.S. shale and offshore Gulf of Mexico. The No. 2 U.S. Oil Producer expects to see positive results from new or expanded oil projects in Kazakhstan, U.S. Shale and offshore U.S. Gulf of Mexico.
US offers PG&E a conditional loan of up to $15 billion for climate resilience
The Department of Energy announced on Tuesday that the United States had offered PG&E, a California-based utility, a conditional $15 billion loan to upgrade its electrical grid and support climate resilience. PG&E is a natural-gas and electric utility and the parent company of Pacific Gas and Electric Company. It serves about 16,000,000 people in northern and central California. The loan will be paid in cash over several years if the U.S. Department of Energy Loan Programs Office finalizes the record amount.
Siemens Energy extends CEO Contract as Recovery Continues
Siemens Energy announced on Wednesday that it had extended Christian Bruch's contract for another five years. This is the latest indication that the power equipment provider has made a turnaround following a major wind turbine crisis. Bruch has been leading the former Siemens AG division, since 2020. Last year, a plan to buy the remaining shares of Siemens Gamesa, a wind unit, caused the company to be in turmoil because of quality issues.