WASHINGTON—The U.S. Department of Energy’s (DOE) Hydrocarbons and Geothermal Energy Office (HGEO) today announced the selection of a new project with $36 million in federal funding for the University of North Dakota’s Energy & Environmental Research Center to advance the commercial deployment of enhanced oil recovery (EOR) technologies in the Bakken shale formation. Through an integration of laboratory, modeling, artificial intelligence (AI), and field-based activities, the Bakken Enhanced Oil Recovery–Cracking the Code (Bakken EOR-CC) program will generate critical data and insights to enable efficient, large-scale implementation of carbon dioxide-based EOR. These efforts support President Trump’s commitment to American energy dominance by advancing technologies that increase domestic energy production and deliver affordable, reliable, and secure energy for the American people. “North Dakota has proven itself to be a leader in energy innovation, and the Bakken Enhanced Oil Recovery initiative builds on that legacy,” said DOE Assistant Secretary for the Hydrocarbons and Geothermal Energy Office Kyle Haustveit. “This program is essential to maximize the full potential of our valuable hydrocarbon resources in the Bakken. By ‘cracking the code,’ these integrated pilot projects will help establish a clear path for the broad commercial deployment of enhanced energy recovery across the nation. The Bakken formation holds the potential to unlock billions of barrels of oil—resources that can power energy independence for generations to come.” The Bakken, a key unconventional tight oil play in North Dakota, holds substantial potential for increased oil recovery. Currently, only about 10% of the oil in unconventional shale formations is typically recovered. The Bakken EOR-CC program is designed to evaluate EOR strategies, potentially unlocking billions of additional barrels of incremental oil and extending the life of the state’s coal-fired power plants by utilizing their captured carbon dioxide for EOR. The program is uniquely positioned to capitalize on knowledge generated through six EOR pilot projects,

The conversation comes as the Trump administration continues easing sanctions and encouraging American operators to re-engage with Venezuela’s oil and gas sector. Signs are growing that major international energy companies are reassessing opportunities in the country. ExxonMobil and ConocoPhillips have recently dispatched technical teams to evaluate oilfield infrastructure and upstream prospects, while Gulf Coast refiners have already increased imports of Venezuelan heavy crude. Panelists said the central question facing US energy companies is no longer whether Venezuela will reopen, but whether the conditions, pace, and overall risk profile of that reopening are sufficient to support large-scale, long-term capital investment. Speakers noted that Venezuela’s appeal extends far beyond short-term political change. The country holds one of the world’s largest and most diverse hydrocarbon resource bases, including extra-heavy crude in the Orinoco Belt, conventional light and medium oil, and significant offshore natural gas resources. The opportunity lies not only in the size of the resource base, but also in the long-term development potential, the panelists said. However, years of underinvestment, deteriorating infrastructure, and labor losses mean rebuilding the sector will require significant technical expertise and sustained capital commitments. Oilfield service companies are expected to play an important role if activity accelerates, particularly in offshore gas, heavy oil upgrading, drilling services, and infrastructure rehabilitation. Recent reports indicate service providers have already begun reactivating rigs and equipment stored in Venezuela in anticipation of renewed activity. Speakers emphasized that investors are seeking stable policies and durable legal frameworks before committing capital at scale. Trust in Venezuela’s legal and regulatory system remains weak following years of expropriations and contract disputes. Companies must evaluate not only Venezuela’s domestic political outlook, but also the broader geopolitical dynamics involving the US and China, Borrego noted. China’s long-standing investments and influence in Venezuela’s energy sector were referenced as an important

Nigeria National Petroleum Corp. Ltd. (NNPC) has entered a memorandum of understanding (MOU) with China-based Sanjiang Chemical Co. Ltd. and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd. for collaboration via a potential technical equity partnership to support ongoing rehabilitation and expansion plans at two of its currently idled in-country refining complexes. Announced in early May, the MOU’s proposed framework covers unspecified remaining rehabilitation works at subsidiary Warri Refining & Petrochemical Co. Ltd.’s (WRPC) 125,000-b/sd refinery in Nigeria’s Delta State and Port Harcourt Refining Co. Ltd.’s (PHRC) 60,000-b/sd hydroskimming refinery at Alesa-Eleme near Port Harcourt in Rivers State, NNPC said. Alongside operating and maintenance activities to help the sites achieve best-in-class, sustainable performance, the MOU also outlines proposed expansions and upgrades at both refineries to enable production of cleaner, higher-valued products, according to the company. While NNPC did not clarify the nature of expansion and upgrading plans for either of the refining sections of the sites, the operator said the potential collaboration with Sanjiang Chemical and and Xinganchen (Fuzhou) Industrial Park also would weigh options for expanding the two complex’s petrochemical capabilities, as well as future development of co-located, gas-based industrial hubs at the two locations. NNPC said formal signing of the MOU follows more than 6 months of technical and management discussions with the two Chinese firms to develop a roadmap for restoring sustained, high-performance manufacturing operations at both sites. The MOU comes as part of NNPC’s broader mission to identify potential privately held technical equity partners to help support rehabilitation and expansion of its existing but nonoperational refining infrastructure, which ideally would include a willingness to evaluate opportunities for adding co-located petrochemical production and gas-based industries at the sites, the operator said. The agreement with Sanjiang Chemical and and Xinganchen (Fuzhou) Industrial Park follows NNPC’s announcement earlier

Brent crude briefly surged above $126/bbl on Apr. 30, marking a 4-year high, as escalating tensions surrounding the Iran conflict intensified concerns over prolonged disruptions to Middle East oil flows. Stay updated on oil price volatility, shipping disruptions, LNG market analysis, and production output at OGJ’s Iran war content hub. The price spike reflects a market increasingly driven by geopolitical risk. The ongoing US–Iran standoff has effectively curtailed shipping activity through the Strait of Hormuz, a critical artery for global crude trade, with negotiations showing little progress toward reopening the route. President Donald Trump reiterated that a US naval blockade of Iran would remain in place until Tehran abandons its nuclear ambitions, reinforcing expectations of a prolonged supply disruption. Amid these disruptions, US crude exports have surged, highlighting the country’s growing role as a global swing supplier. According to the US Energy Information Administration (EIA), US crude exports rose to a record 6.44 million b/d in the latest reporting week, driving the US to become a net crude exporter on a weekly basis for the first time since World War II. The shift was accompanied by a 6.2 million-bbl draw in US commercial crude inventories, underscoring the tightness in global supply as buyers in Europe and Asia turn to US barrels to offset Middle East disruptions. Meanwhile, policy and macroeconomic signals added another layer of complexity. The Federal Reserve held interest rates steady in its Apr. 29 meeting, citing persistent uncertainty around inflation and growth, particularly as higher energy prices threaten to feed into broader economic conditions. US gasoline prices have followed crude higher, rising to $4.30/gal on Apr. 30, reflecting tightening refined product balances ahead of the summer driving season.

Expand produced nearly 7.44 bcfed during the first quarter (93% natural gas), which was up nearly 10% from the first three months of 2025. Of that production, 46% came from assets in the Haynesville basin (up from about 39% a year earlier), 37% from Northeast Appalachia and the remainder from Southwest Appalachia. Wichterich, who in February replaced Nick Dell’Osso while Expand’s directors search for a new permanent leader, is looking to have full-year 2026 production average about 7.5 bcfed while deploying between 11 and 12 rigs and six to seven completion crews. The current quarter will feature some seasonal curtailments, executives said, and production is expected to remain flat from early this year. “We are in the right place at the right time,” Wichterich said on the conference call. “Our assets are reaching 90% of the expected demand growth in this country and our Haynesville [operation] is sitting at the epicenter of growth because of the LNG market. We think we are in the best position to take advantage of that.” On the LNG front, Expand executives this week signed a 20-year sales and purchase agreement with Delfin FLNG Vessel 1 that calls for Expand to supply about 1.15 million tpa. That contract replaces previous deals with Delfin and Gunvor Group and calls for the gas to be sold at a Henry Hub price and to start flowing in 2031. Expand produced a first-quarter net profit of $1.16 billion on total revenues of $4.4 billion. Those numbers were an improvement from early 2025, when the company lost $249 million on $2.2 billion in sales, the latter figure hampered by $1 billion loss on derivatives. Shares of Expand (Ticker: EXE) were up nearly 3% to about $99.50 in afternoon trading on April 29. Over the last six months, they’re essentially flat

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