Exxon Mobil Corp. signed a deal to explore for oil and gas off the coast of Trinidad and Tobago, a decade after making the world’s largest discovery in a generation in nearby Guyana.  The Texas oil giant was awarded a 7,165 square kilometer block named TTUD-1 about 190 miles (306 kilometers) off the coast of the Caribbean nation on Tuesday. Exxon has agreed to acquire 3D seismic data over a portion of the block as part of the production sharing contract, Prime Minister Kamla Persad-Bissessar said. The “mandatory” first phase is expected to cost the company $42.5 million, she said.  Exxon’s projected spend could rise to more than $20 billion if the company finds oil or gas in the ultra deep water block, according to Trinidad and Tobago Energy Minister Roodal Moonilal.  The oil major discovered more than 11 billion barrels of crude in Guyana after drilling the first exploration well in 2015, at a time when many of its peers balked at the prospect.  “We’re going to bring Exxon Mobil’s leading technology capability directly from Guyana,” said John Ardill, Exxon’s vice president for exploration.  The aim is to make Trinidad and Tobago the “energy capital” of the Caribbean once again, Persad-Bissessar said. Her government would accelerate the “responsible” exploration of unexplored land and marine acreages, continuously improve acreage award processes and undertake a comprehensive review of the oil and gas taxation regime to ensure her country remains an internationally competitive hydrocarbon province. To reduce risk, Trinidad and Tobago merged seven blocks into one during negotiations with Exxon. “Consolidation of the blocks removes risk in both exploration and development of the block,” the Energy Chamber of Trinidad and Tobago said. WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are

West Texas Intermediate rose from a two-month low to settle above $63 a barrel in thin summer trading. Investors are watching for a signs that Friday’s summit between Donald Trump and Vladimir Putin will result in an easing or tightening of Washington’s sanctions on the OPEC+ member. Trump warned he would impose “very severe consequences” if Putin didn’t agree to a ceasefire, following a call with European leaders. The markets are largely in “wait-and-see mode,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group. “Consensus is that we won’t see a definitive ceasefire or aggressive sanctions from Trump.” On the supply side, the picture is increasing bearish. Oil has lost more than 10% this year as the Organization of the Petroleum Exporting Countries and its partners complete the reversal of output curbs started in 2023, though price moves have been limited in recent days as trading activity eases over the summer months in the northern hemisphere. Expectations for a record supply glut next year are also weighing on the market. Supplies are already “primed to back up in the Atlantic Basin,” RBC analysts including Brian Leisen wrote in a note, adding that “crude oil balances for the rest of the year are weaker” than a year prior. Oil Prices WTI for September delivery rose 2.09% to settle at $63.96 a barrel in New York. Brent for October settlement rose 1.84% to settle at $66.84 a barrel. What do you think? We’d love to hear from you, join the conversation on the Rigzone Energy Network. The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy.

Dive Brief: Nuveen, the investment manager for retirement services company TIAA, said Wednesday it completed a $1.3 billion funding round for its second energy and power infrastructure credit fund to support a growing global power demand due to artificial intelligence, digitalization and electrification.  The firm’s EPIC II fund will provide companies with credit solutions aimed at “supporting the build-out of secure and reliable energy and power generation while also focusing on credit opportunities involving sustainable infrastructure,” Wednesday’s release said. The fund has a $2.5 billion target and will take an all-of-the-above strategy to its energy investments, investing in renewables and energy storage technologies, along with liquefied natural gas and other fossil fuels. Dive Insight: Nuveen manages more than $1.3 trillion in assets, including more than $35 billion in infrastructure assets as of March 31, according to the release. Those assets include solar and battery storage in the United States. The EPIC II fund — which shares the same investment strategy and name as its predecessor EPIC I — will provide project and corporate financing to companies for equipment and growth capital, along with financing acquisitions, capital restructuring and other structured credit options. The senior managing director and portfolio manager of Nuveen’s energy infrastructure credit platform, Don Dimitrievich, said the fund is “focused on deploying capital into resilient companies and projects across the energy and power ecosystem” to capitalize on a “historic market opportunity.”  “Investors are increasingly interested in strategies that capitalize on their conviction in the growing global energy demand brought on by digitalization, electrification and reindustrialization while also seeking downside risk mitigation to guard against macro volatility, and inflationary and geopolitical risk,” Dimitrievich said in the release. The initial funding round announced Wednesday was “anchored” by TIAA and an unnamed “leading Canadian pension fund manager,” Nuveen said. Investors other

State-run Oil and Natural Gas Corp.’s quarterly profit declined on lower crude prices and stagnant production from its aging fields.  The New Delhi-based explorer’s net income fell 10% on year in the three months ended June 30 to 80.24 billion rupees ($915 million), according to a stock exchange filing. That was almost in-line with 80.74 billion rupees estimated by analysts, according to a Bloomberg survey.  The tepid earnings comes as the South Asian nation’s largest oil and gas producer is looking to cut dependence on exploration by diversifying into refining and liquefied natural gas. It is investing 2 trillion rupees on new energy offerings and emission control in its goal to become an integrated energy company.  ONGC’s weak June quarter performance contrasts with those of global peers like Exxon Mobil Corp. and Chevron Corp., which made up for weak crude prices with record production.  The company’s oil output increased just 1%, and gas production was flat as most of its older fields are witnessing a natural decline in performance. To boost production, it will focus on recent discoveries and enhance recovery from aging fields, Chairman Arun Kumar Singh said in ONGC’s annual report published last week. The company is pursuing deepwater collaboration with global giants like BP Plc, ExxonMobil and TotalEnergies SE to mitigate exploration risks in difficult regions, he said.  ONGC, which accounts for two-thirds of India’s oil and more than half the gas output, saw its quarterly revenue fall 9.3% to 320 billion rupees. Its crude oil earnings per barrel plunged 20.4% to $66.13 a barrel, while that from gas rose 2.2% to $6.64 per million British thermal units.  WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate

The United States Department of Energy (DOE) has announced the first selections for a new pathway for the testing of advanced nuclear reactors. Last June, DOE opened application for testing such technologies outside of national laboratories using the federal authorization process. The program is called the Reactor Pilot Program. “DOE will work with industry on these 11 projects, with the goal to construct, operate and achieve criticality of at least three test reactors using the DOE authorization process by July 4, 2026”, the agency said in a statement on its website. “Today’s initial selections represent an important step toward streamlining nuclear reactor testing and unleash a new pathway toward fast-tracking commercial licensing activities”. The selected companies are Aalo Atomics Inc., Antares Nuclear Inc., Atomic Alchemy Inc., Deep Fission Inc., Last Energy Inc., Natura Resources LLC, Oklo Inc., Radiant Industries Inc., Terrestrial Energy Inc. and Valar Atomics Inc. “The diversity of applications received shows the remarkable breath of innovation and ingenuity in American reactor developers”, DOE said. “Each company will be responsible for all costs associated with designing, manufacturing, constructing, operating and decommissioning their test reactors”.   The pilot implements an order issued by President Donald Trump May 23 that seeks to reform the national lab process for reactor testing, establish a pilot program for reactor construction and operation outside of national labs and streamline environmental reviews for reactor facilities. The White House order aims to have at least three advanced reactors achieve “criticality” by July 2026. Under U.S. law, advanced nuclear reactors include fusion reactors or radioisotope power systems that use heat from radioactive decay to generate energy. Nuclear fission reactors may also be considered advanced reactors if they provide significant improvements compared to reactors operating as of 2020, according to Title 42 Section 16271(b)(1) of the U.S. Code. Last week DOE

The Texas Railroad Commission (RRC) revealed its latest preliminary crude oil and natural gas production figures in a statement posted on its site recently. The preliminary reported total volume of crude oil in Texas in May was 121,302,500 barrels, according to the statement, which showed that the preliminary reported total volume of natural gas in the state during the same month was 1.04 trillion cubic feet. The RRC noted in the statement that crude oil and natural gas production for May came from 159,047 oil wells and 83,808 gas wells. In its statement, the RRC highlighted that crude oil production reported by the RRC is limited to oil produced from oil leases and does not include condensate, which the organization said is reported separately by the RRC. The RRC also pointed out in the statement that preliminary figures are based on production volumes reported by operators and said they will be updated as late and corrected production reports are received. The RRC’s statement showed that the updated reported total volume of crude oil in Texas in May 2024 was 146,390,317 barrels. The preliminary reported total volume was 119,144,564 barrels, the statement highlighted. It showed that the updated reported total volume of natural gas in the state came in at 1.07 trillion cubic feet in May last year. The preliminary reported total volume was 907.4 billion cubic feet, the statement outlined. According to the RRC’s statement, the county in Texas with the highest preliminary crude oil production figure in May was Martin, with 20,553,614 barrels. Midland ranked second, with 17,459,325 barrels, Upton was third, with 8,649,677 barrels, Loving was fourth, with 7,696,320 barrels, Howard was fifth, with 6,950,654 barrels, Reeves was sixth, with 5,906,457 barrels, Karnes was seventh, with 5,875,271 barrels, Reagan was eighth, with 5,704,205 barrels, Andrews was ninth, with 4,130,374