Oil Daily | ExxonMobil Returns to Trinidad & Tobago with New Exploration Blocks After 20 Years

【Latest Oil Policies】

The U.S. Environmental Protection Agency plans to terminate $7 billion in grants for solar projects in low-income communities, challenging Biden's climate legislation. EPA is also seeking to cancel $20 billion in energy transition funding, but a federal judge blocked this action due to lack of legal justification.

【Oil-Producing Countries Dynamics】

Argentina's energy company YPF is close to acquiring TotalEnergies' shale assets in Vaca Muerta, estimated between $400-$500 million. YPF is a leading developer in the formation, crucial for Argentina's foreign investment and energy security, potentially transforming the country into a major energy exporter.

【Industry News】

Indian power generators are using coal from inventories instead of new supply due to increased hydropower, wind, and solar generation. Demand for coal generation declined, reducing purchases from Coal India. Despite coal remaining dominant, India's energy mix is increasingly shifting towards renewable sources.

The Trump administration considers new sanctions on Russia's "shadow fleet" of oil tankers if Putin fails to agree to a ceasefire in Ukraine. The move aims to restrict Russia's oil export revenues further. If imposed, it could disrupt oil flows and increase global tanker availability issues.

Australia's federal government, alongside South Australian and Tasmanian state governments, will invest US$87 million into Trafigura's Nyrstar smelters to produce critical minerals. This aims to reduce reliance on China's mineral dominance and establish a strategic reserve, enhancing Australia's position in the mineral supply chain.

【Company News】

Canadian oil company Suncor Energy reported higher-than-expected Q2 earnings despite lower energy commodity prices, achieving record production. The firm reduced its capital expenditure plans and aims for strong performance in the second half of the year.

Duke Energy is selling a 19.7% stake in its Florida business to Brookfield for $6 billion to fund increased capital spending and reduce debt. Part of the proceeds will support Duke's $87 billion five-year capital plan, investing in infrastructure to boost reliability and support economic development.

Marathon Petroleum reported strong second-quarter earnings, reversing a first-quarter loss due to increased refining margins and higher motor fuel demand. The company achieved high utilization and margin capture, improving from Q1 performance and benefiting from strong product demand and low inventories.

ExxonMobil will acquire exploration blocks in Trinidad and Tobago, marking its return after 20 years. The blocks are near Guyana's Stabroek block, promising significant potential similar to Exxon's success in Guyana, boosting regional oil and gas exploration.

BP exceeded Q2 profit estimates with a $2.4 billion underlying profit, benefiting from refining margins and oil trading. BP announced a dividend increase and share buyback, addressing cost savings and conducting a portfolio review to enhance investor returns.