Trump's Energy dominance aims to attract more global companies to the US
Executives said that the market upheaval caused by U.S. president Donald Trump's protectionist policies on trade has not dampened interest from foreign investors in the U.S. Energy Industry. They praised his promise to reduce regulations and support fossil energies. Trump made energy dominance the cornerstone of his administration. He declared a national emergency on his first official day in office, and pulled the U.S. out of the Paris Climate Agreement. He has encouraged energy companies to increase fossil fuel production, and promised lower prices for consumers.
BP CEO: It's time to increase U.S. production of gas
HOUSTON, 11 March - BP will increase U.S. Natural Gas production in its onshore shale operation following the recent rise of domestic gas prices. CEO Murray Auchincloss announced this on Tuesday. Auchincloss said at the CERAWeek Conference in Houston that "with rising gas prices, it is time for the Haynesville basin" in eastern Texas. As new LNG export terminals on the Gulf Coast ramped-up, the benchmark U.S. Natural Gas prices more than doubled in the last year to $4.4 per million British Thermal Units (mmBtu). BP's onshore U.S. shale operation produced 434,000 barrels equivalents per day last year.
UAE's ADNOC CEO pledges US gas investment
ADNOC's international investment arm will begin investing in U.S. Natural Gas in the next few months, according to ADNOC CEO Sultan Al Jaber. The UAE is a part of OPEC+ and is one of the top oil producers in the world. ADNOC’s wholly owned international investment arm XRG, which has assets of about $80 billion, reported last week that the UAE is considering options for a XRG IPO. He told the largest gathering of energy executives ever held in Houston that "it is time to make the energy industry great again." This was a nod to the slogan Make America Great Again of U.S. president Donald Trump.
UAE's ADNOC CEO pledges US gas investment
ADNOC's investment arm will begin investing in U.S. Natural Gas in the next few months, according to ADNOC CEO Sultan Al Jaber. The UAE is a part of OPEC+ and one of world's largest oil producers. ADNOC’s fully-owned investment unit XRG, which has assets worth about $80 billion, reported last week that the UAE is considering options for a XRG IPO. He told the largest gathering of energy executives ever held in Houston that "it is time to make the energy industry great again." This was a nod to the slogan Make America Great Again of U.S. president Donald Trump.
Report: Solar power will account for 84% of the new US electricity added in 2024.
A report released on Tuesday stated that solar energy contributed 84% of the new electricity generation capacity to the U.S. grid in the past year. However, the industry will face challenges with the new energy policies adopted by the U.S. government. In a report, Wood Mackenzie and the Solar Energy Industries Association (SEIA), said that the country will install 50 gigawatts of new solar power in 2024. They added that this is the largest growth year for any energy technology over the past two decades.
CERAWEEK - Chevron CEO calls for sustainable, not extreme US Energy Policy Swings
Mike Wirth, the CEO of Chevron, said that he would prefer to see a more stable energy policy in the United States than a swing from extreme to extreme. The first weeks of Donald Trump's second term in office were marked by a rapid revamp of government, and the reversal many of the policies on energy of the previous administration. Most of these policy changes were made by executive order, rather than legislation. The policy reversals had a direct effect on Chevron. Trump announced late last month that he would end a license Chevron had been granted since 2022 for it to operate in Venezuela…
Whitecap Resources and Veren combine to create a C$15 billion Canadian Energy giant
The companies announced on Monday that Canada's Whitecap Resources, an oil and gas company, will merge with Veren through a merger of equals including debt in order to create a C$15 Billion ($10.43 Billion) company. The combined company is the largest landholders in Alberta Montney & Duvernay, regions which have attracted significant investment over the past few years and hold some of Canada's biggest shale reserves. Energy deals have been a big deal in North America over the past two years.
Canada mentions potash and oil as a possible lever to use in the tariff dispute
Melanie Joly, Canada's Foreign Minister, told Toronto businesspeople on Wednesday that Canada may use its oil and gas exports to negotiate if U.S. import tariffs increase. Canada has announced that it will impose tariffs worth C$155 billion on U.S. imports, but so far has not indicated whether or not it would reduce the exports of important commodities to the United States. Canada exports approximately 90% of all its crude oil exports to the United States. "Of Course, there is oil and gas." "We haven't laid that out yet, guys.
GE Vernova signs deal to support Amazon's data center expansion
The renewable energy company GE Vernova announced on Tuesday that it had signed an agreement with Amazon’s cloud services to support its data center expansion plans. GE Vernova stated that the agreement with Amazon Web Services would help address global energy demand and improve grid security, reliability, and carbon emissions. Big Tech has spent billions on developing AI technology, infrastructure and cleaner energy sources. The company will supply AWS a range of solutions to electrify data centers in North America, Europe and Asia and to reduce carbon emissions.
EUROPE GAS-Prices drop on milder temperatures
The Dutch and British wholesale prices of gas fell on Tuesday morning, as the warmer weather forecasts this week reduced heating demand. However, concerns about the Ukraine-Russian conflict still persist. According to LSEG, the benchmark front-month contract for the Dutch TTF Hub was lower by 1.19 euros, at 44.12 Euros per megawatt hour, or $13.59/mmBtu at 0925 GMT. The Dutch May contract is down 1,61 euros, at 43.85 Euros/MWh. The day-ahead contract in the British market was down 4.10 pennies at 104.80 pence/therm.
Expand Energy is on track to increase US natgas production to meet the growing demand
Expand Energy, previously known as Chesapeake Energy, and the largest natural gas producer in America, announced on Thursday that it is on track to increase output by over 5% from the levels expected in 2020, as long as the market conditions allow for such an action. The CEO of Expand, Nick Dell'Osso, told analysts on the company's earnings call for the fourth-quarter that the company was ready to increase output from 6.4 billion cubic foot equivalents per day (bcfed), in the fourth quarter 2024 to 7.1 bcfed by 2025 or 7.5 bcfed by 2026 depending on the market conditions.
US Senate confirms Trump's trade chief Greer before Canada and Mexico tariffs
The U.S. Senate voted overwhelmingly on Wednesday to confirm Jamieson Grer as U.S. trade representative, giving the veteran of Donald Trump's first term of trade wars the full authority of his new position just days before the March 4 deadline that will punish imports from Canada or Mexico with 25% tariffs. Greer's nomination was confirmed by a majority of senators, even though voting is still ongoing. Greer is a Washington-based trade lawyer and former chief of staff of the USTR Robert Lighthizer.
EDPR reports unexpected loss due to heavy impairments in US and Colombia
EDP ???? ?Renovaveis ? ??????????????????????? The world's fourth largest wind power producer posted a net loss of unexpected 556 million euro ($584million) in 2024 due to heavy impairments for projects in the United States, Colombia and other countries, despite revenue increases. EDPR surveyed analysts who expected a profit average of 272 millions euros. The company, which is majority owned by Portugal’s EDP, reported that non-recurring charges totaling 777 million euro had a negative impact on the bottom line. This was "mainly due to the U.S.
Copper giant Chile is'monitoring" US probe on potential metals tariffs
The Chilean Foreign Ministry said that on Wednesday it was "monitoring' a U.S. investigation looking at potential new tariffs for copper imports, a critical metal used in electric vehicles, military equipment, the power grid, and many consumer products. In a brief response, the ministry stated that it would monitor the situation after U.S. president Donald Trump ordered the investigation in an effort to stop what his advisors perceive as a Chinese move to dominate the world copper market.
Trump orders new tariff probe into US copper imports
The President Donald Trump launched a new front in his attack on global trade norms on Tuesday, ordering an investigation into possible new tariffs on imports of copper to rebuild U.S. manufacturing of a critical metal for electric vehicles, military equipment, the power grid, and consumer goods. In an effort to stop what his advisors viewed as China's move to dominate the copper market in the world, Trump signed at the White House an order directing Commerce Secretary Howard Lutnick, to launch a national-security probe under Section 223 of the 1962 Trade Expansion Act.
Trinidad seeks extension of Shell's gas project for Venezuela
Sources close to the preparations have said that Trinidad and Tobago intends to ask U.S. president Donald Trump's government to extend a licence for Shell and Trinidad’s National Gas Company in order to develop a major gas project in Venezuela. Early 2023, the U.S. license for Venezuela was granted as an exception to Washington's sanction against Venezuela. The license allowed NGC and Shell move ahead with planning and preparations for the Dragon natural-gas project, off Venezuela's coastline. This project is aimed at supplying LNG to Trinidad starting around 2027.
Italy's Saipem and Norway's Subsea 7, to create a leader in energy services
Saipem, an Italian company, has agreed to merge its Norwegian competitor Subsea 7 into a global leader in offshore energy services. The deal is a 100% share transaction. The two companies announced that the combined group will be called Saipem7. It will have a backlog of orders of over 45 billion euros, revenue of around 20 billion and core earnings exceeding 2 billion. Saipem shares rose more than 5% before falling more than 4.2%. Subsea 7's stock was up 3.2% at 1324 GMT. Analysts raised…
Italy's Saipem and Norway's Subsea 7, to create a leader in energy services
Saipem, an Italian company, has agreed to merge its Norwegian competitor Subsea 7 into a global leader in offshore energy services. The deal is a 100% share transaction. The two companies announced that the combined group will be called Saipem7. It will have a backlog of orders of over 45 billion euros, revenue of around 20 billion and core earnings exceeding 2 billion. Saipem shares rose more than 5% before falling more than 4.5%. Subsea 7's stock was up 3.2% at 1324 GMT. Analysts raised…
Local news reports say that Equinor is planning to sell its assets in Argentina.
Mas Energia, a Mas Energia-published online magazine, reported that the Norwegian oil and gas company Equinor was looking to sell their onshore assets located in Argentina's Vaca Muerta Region, citing anonymous sources. Equinor has appointed Bank of America as the agent to sell its 30% stake in Bandurria Sur and 50% in Bajo del Toro Norte. However, no decision on the divestment has been taken yet, according to the report. Mas Energia said that the Norwegian company has no plans to sell its stakes offshore licenses in Argentina. A spokesperson for Equinor declined to comment.
BP abandons renewables targets and returns focus to fossil fuels
BP's CEO will abandon a goal to double renewable energy generation by 2030 and return the focus to fossil energies as part of a new strategy announced on Wednesday in response to investor concerns about earnings. BP shares have been underperforming their rivals over the past few years, and it has already abandoned its goal to reduce oil and gas production by 2030. Two sources familiar with the situation said that on Wednesday, at BP's capital markets day, Murray Auchincloss would tell…
