The Trump administration is holding firm to an April fuel policy change meant to bolster sales of corn-based ethanol, despite some oil industry warnings it could raise gasoline costs and cause fuel supply disruptions.  The Environmental Protection Agency will keep to April 28 as the implementation date for ending special treatment that waives conventional E10 gasoline from fuel volatility limits in as many as eight Midwestern states, Administrator Lee Zeldin said in a statement. The change would effectively put E10, which contains 10% ethanol, on the same regulatory footing as higher-ethanol E15 gasoline and allow both varieties to use the same raw gasoline blendstock. That raw unblended fuel would have to be less evaporative in the affected states.  The shift is meant to enable both fuel blends to be sold widely during the summer, where the existing policy often keeps E15 out of the market. The change was sought by Midwestern governors and first charted under former President Joe Biden. At the same time, the EPA will consider granting one-year delays for states that seek additional compliance time, something already sought by Ohio. The decision is an early indicator of the new Trump administration’s approach to biofuel policy. During Donald Trump’s first term, some debates pitting oil refiners against biofuel producers reached the president himself, prompting the EPA to weigh policy shifts on the treatment of refiners and federal quotas mandating use of the alternative fuels.  The producers of biofuel — and the corn and soybeans used to make it — are a politically important constituency in Washington. But Trump has also repeatedly vowed to unleash American energy and take advantage of the country’s abundant oil and gas resources for economic and geopolitical gain. The president has also made combating inflation and high consumer costs a signature of his second term.  “Today’s

Estimated resource volumes on the Norwegian continental shelf rose 36 million standard cubic meters of oil equivalent (scmoe) to 15.61 billion scmoe – before accounting for production – as of year-end 2024, Norway’s upstream regulator has reported. The total figure consisted of 8.73 billion scmoe produced, 2.26 billion scmoe of reserves, 651 million scmoe of contingent resources in fields, 472 million scmoe of contingent resources in discoveries and 3.5 billion scmoe of undiscovered resources. The produced volume rose 239 million scmoe from 2023, while reserves dropped 205 million scmoe. Total contingent resources fell 17 million scmoe against 2023. Undiscovered resources climbed 20 million scmoe against 2023. The increase in undiscovered resources came from opened areas, with no change in undiscovered resources in unopened areas. “This change results from a reduction in undiscovered resources in the North Sea, coupled with increases in the Barents Sea and in the Norwegian Sea”, the Directorate said. “Large areas in the Barents Sea have yet to be opened for petroleum activity, and this is where the greatest expected value for undiscovered resources can be found”, it noted. In terms of the kind of resources, undiscovered volumes in 2024 “show a decrease in the volume of liquids and an increase in natural gas volume”, the Directorate said. “Overall, this yields a minor increase in the overall volume of undiscovered resources. This marks a shift from previous years when the volume of undiscovered resources began decreasing from 2018”. For discovered resources, “liquids have remained unchanged since 2022, while there is still growth in discovered resources for natural gas”, it reported. The Norwegian side of the North Sea had 370 million scmoe of undiscovered liquids as of 2024, all from opened areas. Undiscovered gas in the area totaled 205 million scmoe, all from opened areas. In the Norwegian Sea, undiscovered

In a statement posted on its website recently, OPEC said it “welcomes the decision approved … by the National Energy Council of the Federative Republic of Brazil (CNPE) that formally paves the way for the participation of Brazil as a Member of the Charter of Cooperation (CoC) between oil producing countries”. OPEC noted in its statement that the decision comes after an initial announcement made by Alexandre Silveira, Minister of Mines and Energy of Brazil, at the 36th OPEC and non-OPEC Ministerial Meeting on November 30, 2023. OPEC highlighted in its statement that “this followed the historic official visit of HE Haitham Al Ghais, OPEC Secretary General, to Brazil in October 2023 – the first ever by an OPEC Secretary General to the South American nation”. “Under the able leadership and efforts made by HRH Prince Abdul Aziz bin Salman Al Saud, Saudi Arabia’s Minister of Energy, and Chairman of the OPEC and non-OPEC Ministerial Conference, several visits and high-level bilateral meetings took place throughout 2024, which culminated into … [this] significant announcement,” the OPEC statement said. A statement posted on OPEC’s website on November 30, 2023, noted that the 36th OPEC and non-OPEC Ministerial Meeting “welcomed HE Alexandre Silveira de Oliveira, Minister of Mines and Energy of the Federative Republic of Brazil, which will join the OPEC+ Charter of Cooperation starting January 2024”. In its latest statement, OPEC highlighted that the Charter of Cooperation was established in July 2019 and said it “provides a platform to facilitate dialogue and exchange views regarding conditions and developments in the global oil and energy markets”. “The goal is to contribute to a secure energy supply and lasting stability for the benefit of producers, consumers, investors and the global economy,” OPEC noted in the statement. Rigzone contacted Brazil’s ministry of mines and energy

UK Prime Minister Sir Keir Starmer has announced a further £200 million investment in the Grangemouth industrial site, where Scotland’s only oil refinery is expected to close later this year. Refinery owner Petroineos announced the closure of the facility last year amid plans to transition the site into a fuel import terminal, leading to the loss of more than 400 jobs. Sir Keir announced the funding, which will come from the newly created National Wealth Fund, at the Scottish Labour conference in Glasgow on Sunday. Addressing the conference, Sir Keir said the Grangemouth site presented a “huge opportunity for renewal”, with potential for future uses in biofuels or hydrogen energy. “We will grasp the opportunities at Grangemouth, work alongside partners to develop viable proposals, team up with business to get new industries off the ground,” he said. © Peter Byrne/PA WirePrime Minister Sir Keir Starmer delivers his keynote speech during the Labour Party Conference, at the ACC Liverpool in September 2024. Image: Peter Byrne/PA Wire “And to attract private investors into the partnership we need, we will allocate £200m from the National Wealth Fund, for investment in Grangemouth, investment in Scotland’s industrial future.” The Prime Minister said every worker made redundant at the site would get 18 months full pay, alongside a £10m skills and training programme. Businesses that take on Grangemouth workers will also be in line for national insurance relief, Sir Keir said. It comes after Scotland’s First Minister John Swinney separately announced £25m in extra funding for Grangemouth last week. The UK and Scottish governments had previously committed £100m to the Falkirk and Grangemouth Growth Deal to support jobs and skills in the area along with a report – called Project Willow – to look at the future of the site. Grangemouth future Speaking to BBC Radio Scotland’s Good Morning

Obsidian Energy Ltd. is selling its operating assets in the Pembina oil field in Alberta, Canada, to InPlay Oil Corp. for approximately $224.77 million (CAD 320 million). Obsidian will retain its non-operated holdings in Pembina Cardium Unit #11, the company said in a news release. The Pembina assets include 498 net sections of land in the Pembina area of Central Alberta, including associated facilities and gathering systems. Consideration for the acquisition will consist of $154.53 million (CAD 220 million) in cash, $59.71 million (CAD 85 million) of InPlay’s common shares, and InPlay’s 34.6 percent working interest in the Willesden Green Cardium Unit #2 oil field, which would bring Obsidian Energy’s ownership in the field to 99.8 percent. This additional interest is estimated to be valued at $15 million, according to the company. As part of the transaction, Obsidian Energy said it has agreed to drill four wells on two pads in the Pembina area during the first quarter of 2025 at InPlay’s expense. All rights to the wells and associated infrastructure will be transferred to InPlay upon the close of the transaction. The effective date of the transaction is December 1, 2024, and is expected to close early in the second quarter of 2025, subject to approval by InPlay shareholders, receipt of all necessary regulatory approvals and the satisfaction of other customary closing conditions. Obsidian Energy said the transaction allows the company to focus on its light oil development in Willesden Green, part of the Willesden Green Oil and Gas Field and the Duvernay Formation. As part of the transaction, InPlay will assume all assets and liabilities associated with the Pembina assets. InPlay said in a separate statement that the petroleum and natural gas assets are producing approximately 10,000 barrels of oil equivalent per day (boepd), consisting of 68 percent

Centrica said it has secured a sale and purchase agreement to provide liquefied natural gas (LNG) to Petróleo Brasileiro S.A (Petrobras). The contract between the two companies is for the purchase of 0.8 million tons per annum (mtpa) of LNG for 15 years, beginning in 2027, Centrica said in a news release. The financial details were not disclosed. The agreement comprises approximately 30 percent of Centrica’s U.S. portfolio and will be sourced from Centrica’s Sabine Pass and Delfin supply agreements, the United Kingdom-based company noted. The agreement “marks a significant step in expanding Centrica’s global LNG business, diversifying the locations it can deliver LNG to and supporting energy security in Brazil with an important new long-term partner,” the company said in a statement. Centrica Group Chief Executive Chris O’Shea said, “Centrica is investing to deliver the energy security, efficiency and decarbonization solutions our customers need today and in the future, and LNG is, and will continue to be, a crucial foundation of the energy transition. This agreement demonstrates our approach to building long-term partnerships while derisking our portfolio exposure in the medium-term, in turn positioning us to continue growing our portfolio as new LNG supply comes into the market over the coming years”. Petrobras Director of Energy Transition and Sustainability Maurício Tolmasquim said, “The agreement with Centrica is aligned with Petrobras’ priorities to reduce its exposure to the spot market volatility, increase its competitiveness and be the best option for its customers. We also consider the contribution of this important product to promoting the energy transition”. Flexible Power Projects in Ireland Meanwhile, Centrica’s subsidiary Bord Gáis Energy has secured a 10-year capacity market contract to deliver a 334-megawatt (MW) open cycle gas turbine power station in Galway, Ireland. The new power station will be capable of running on biomethane or