Oil Daily | U.S. Oil Lease Auctions Set as Trump Lifts Drilling Restrictions, Chevron Resumes in Venezuela

【Latest Oil Policies】

The Bureau of Land Management is preparing to auction oil and gas leases in Louisiana, Michigan, and Mississippi this September. This initiative marks a step in the Trump administration's strategy to revive U.S. energy dominance by unlocking domestic energy in regions not traditionally considered oil hotspots.

【Industry News】

U.S. refiners are reassessing crude sourcing strategies from Latin America after President Trump granted Chevron authority to resume operations in Venezuela. This shift could revive heavy crude flows to Gulf Coast plants, affecting refinery configurations and blending strategies amid a volatile supply landscape.

Shell has decided to develop the Mina West offshore gas field in Egypt's Mediterranean waters to address domestic supply gaps. The project utilizes existing infrastructure to accelerate production at lower emissions intensity, reinforcing Egypt's integrated gas strategy and energy security.

【Company News】

PetroChina approved a new refinery and petrochemical complex in Dalian, China, to meet declining fuel demand and growing petrochemical needs. The facility replaces a massive existing refinery and symbolizes PetroChina's strategic shift towards chemicals and plastics amid overcapacity concerns.

Nayara Energy CEO Alessandro des Dorides resigned amid EU sanctions targeting the Rosneft-linked refiner. The sanctions complicate operations and logistics, citing indirect support for Russia's economy. Nayara challenges the sanctions, emphasizing operational independence and complying with Indian regulations.

【Oil-Producing Countries Dynamics】

The Trump administration dismantled Biden-era drilling restrictions, reopening massive federal tracts for bids, including in Alaska. This move aims to replace foreign oil with American production, highlighting a shift in the federal energy playbook and America's bid to reassert energy dominance.