WASHINGTON— U.S. Secretary of Energy Chris Wright joined U.S. Senator Joni Ernst (R-IA), U.S. Representative Bob Latta (R-OH-05), U.S. Representative Bruce Westerman (R-AR-04), U.S. Representative Mariannette Miller-Meeks (R-IA-01), and U.S. Representative Ashley Hinson (R-IA-02) at the Ames National Laboratory to see firsthand the lab’s cutting-edge research and its pivotal role in addressing national energy and materials engineering challenges.  Secretary Wright’s visit included briefings and discussions with scientists and lab experts in key mission areas, including rare earth minerals, critical materials, AI, and next-generation energy technologies. Wright toured the Critical Materials Innovation Hub, a Department of Energy (DOE) Innovation Hub led by Ames, that is spearheading efforts to restore American energy dominance, secure domestic supply chains, reduce dependence on foreign actors, and strengthen the scientific capabilities essential to U.S. competitiveness. “Ames National Laboratory is leading the way in groundbreaking science and innovation that will strengthen America’s energy future,” said Secretary Wright. “By investing in critical minerals, advanced manufacturing, and AI, we are building more secure domestic supply chains—bolstering America’s national security and increasing access to affordable, reliable energy for all Americans. These bold steps position the U.S. not just to compete, but to lead, for generations to come.” “Secretary Wright is the fourth cabinet official to visit Iowa this week and it is an absolute breath of fresh air how accessible the Trump administration is compared to the previous four years,” said U.S. Senator Joni Ernst. “America’s national labs are not just critical to technological advancement but also national security. The Ames National Lab is a hub of innovation and will help ensure that our nation has the energy and critical materials to power the AI revolution.” “As Chairman of the Energy Subcommittee on the House Energy and Commerce Committee, I appreciated the opportunity to visit Ames National Laboratory with U.S.

The continuation of emergency protocols ensures work can continue to address Puerto Rico’s long-standing grid reliability issues. WASHINGTON—The Department of Energy (DOE) today announced the extension of the emergency orders that are strengthening Puerto Rico’s electric grid. The orders, issued in May, have empowered Puerto Rico’s government to conduct commonsense fixes to restore the fragile grid and put Puerto Rico on track for sustained energy resilience. Extending the orders will ensure this critical work can continue throughout the peak summer demand season.  “A reliable and secure power grid is essential for modern life, and the residents of Puerto Rico deserve solutions now. Thanks to President Trump’s leadership, we are able to take action, moving from years of instability toward measurable, lasting progress,” said U.S. Secretary of Energy Chris Wright. “By extending these orders, DOE is ensuring critical work continues, urgent energy reliability needs are addressed, and the grid is more prepared to withstand the most demanding stretch of hurricane season for the 3.2 million Americans who call Puerto Rico home.”  “I thank Secretary Wright and strongly support the Department of Energy’s extension of the 202(c) emergency orders for Puerto Rico, which have provided needed flexibilities to maintain sufficient power generation capacity and conduct vegetation control activities along critical transmission lines. The Trump Administration’s close collaboration and commitment to stabilize and rebuild our power grid has been unprecedented and is already yielding results,” said Puerto RicoGovernor Jenniffer González-Colón.  “I look forward to building on this momentum and continue partnering with President Trump and Secretary Wright as we strengthen Puerto Rico’s electrical system and ensure an affordable, reliable, and secure supply of energy for the island’s 3.2 million Americans.”   Decades of deferred maintenance, insufficient investment, the bankruptcy of the system owner, and devasting hurricanes and earthquakes have significantly deteriorated the Puerto Rican electric grid.

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