On August 13, 2025 ExxonMobil signed a deal to explore for oil and gas off the coast of Trinidad and Tobago, marking its return to the region a decade after making the world’s largest oil discovery in nearby Guyana. The Texas-based company was awarded the 7,165-square-kilometer TTUD-1 block, located about 190 miles offshore, and will invest $42.5 million in the initial phase to acquire 3D seismic data. If successful, the project could escalate to over $20 billion in investment, according to Trinidad and Tobago’s Energy Minister. Exxon aims to replicate its Guyana success by leveraging advanced technology, while the government seeks to revitalize the country’s status as the Caribbean’s energy hub through responsible exploration and policy reforms.  

To mitigate risks, Trinidad and Tobago consolidated seven blocks into one during negotiations with Exxon, streamlining exploration and development efforts. Prime Minister Kamla Persad-Bissessar emphasized the government’s commitment to accelerating exploration, improving licensing processes, and reviewing tax policies to maintain international competitiveness. The Energy Chamber of Trinidad and Tobago highlighted that merging the blocks reduces both exploration and development risks, positioning the country for potential hydrocarbon success. Exxon’s venture could reignite Trinidad and Tobago’s energy sector, mirroring its transformative impact in Guyana.

Visit: https://www.worldoil.com/news/2025/8/13/exxonmobil-signs-exploration-deal-for-offshore-trinidad/

On August 13, 2025 Venture Global Inc., a major U.S. liquefied natural gas (LNG) exporter, won an arbitration case against Shell Plc over disputed cargo sales from its Louisiana-based Calcasieu Pass plant. The tribunal ruled in favor of Venture Global, upholding its interpretation of contract terms that allowed it to sell LNG on the spot market—where prices were at record highs—instead of supplying long-term customers during the plant’s commissioning phase. The decision, which boosted Venture Global’s shares by 6.7%, is the first resolution in multiple arbitration cases filed by Shell, BP, Sinopec, and other energy firms, with initial claims totaling nearly $6 billion.  

The ruling has broader implications for the LNG industry, potentially leading to stricter contract language worldwide to prevent similar disputes. Shell expressed disappointment, emphasizing that long-term contracts are crucial for industry trust and investment. Meanwhile, Venture Global announced in April that Calcasieu Pass had completed commissioning and would begin fulfilling long-term contracts—more than three years after the plant first shipped cargoes. The prolonged legal battles, however, negatively impacted the company’s January IPO, which became the worst-performing major energy market debut in decades, with shares plunging 39% in the first month.  

Founded in 2013 by Mike Sabel and Bob Pender, Venture Global was initially seen as an outsider in the Houston energy sector but has since become a key player in U.S. LNG exports. Despite its legal and financial challenges, the company continues to expand, with support from U.S. officials, including Energy Secretary Jennifer Granholm and Louisiana Governor Jeff Landry. The arbitration win solidifies its position but underscores the contentious dynamics between LNG startups and established energy giants in a rapidly evolving market.

Visit: https://www.worldoil.com/news/2025/8/13/venture-global-wins-lng-arbitration-dispute-against-shell/

On August 12, 2025, TotalEnergies SE is preparing to drill up to seven exploration wells in South Africa’s Deep Western Orange Basin, located about 211 km off the coast of Saldanha Bay. The move follows major oil discoveries in neighboring Namibia, which have heightened interest in the region. A draft environmental assessment is open for public comment until September 10, with CEO Patrick Pouyanne indicating drilling could begin as early as next year.  

Shell Plc is also advancing its exploration plans, securing environmental approval in June to drill up to five wells in South Africa’s Northern Cape Ultra Deep block. However, the projects face opposition from environmental groups, which have previously succeeded in blocking offshore exploration activities in the country. The developments highlight the growing competition between energy giants in the region, despite regulatory and activist challenges.

Visit: https://www.worldoil.com/news/2025/8/12/totalenergies-to-drill-offshore-south-africa-targeting-major-discoveries/

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