Domestic Oil and Gas News: Week of August 12th, 2025
Market Snapshot & Oil Price Trends
Oil Prices Rise on Trade Optimism
Brent crude climbed 0.4% to $66.90/bbl and WTI rose 0.4% to $64.20/bbl, buoyed by a 90-day extension of the U.S.–China tariff truce and signs of a cooling labor market—raising bets on a Fed rate cut in September.U.S. Energy Information Administration+15Reuters+15Reuters+15Prices Dip Ahead of U.S.–Russia Peace Talks
In Asian markets, oil prices slipped—Brent down 0.93% to $65.97/bbl, WTI down 1.08% to $63.19/bbl—as investors awaited outcomes from the planned August 15 U.S.–Russia meeting. Optimism for eased sanctions contrasts with weak Chinese demand and rising global economic risks.Reuters
Production & Infrastructure Updates
NextDecade Secures Funding for Rio Grande LNG Expansion
NextDecade announced $1.8 billion in equity commitments from TotalEnergies ($300M for 10%) and GIP (up to $1.5B for 50%, potentially dropping to 30%) to fund Train 4 at the Rio Grande LNG facility in Texas. A FERC decision is expected by November 20, following a completed environmental review.Reuters+1
Industry Strategy & Long-Term Outlook
Big Oil Re-embraces Exploration Amid Transition Slowdown
Major firms—including BP (40 new wells), Chevron (11M acres), and ExxonMobil (exploring in Libya and the Caribbean)—are ramping up exploration, anticipating a slower energy transition. Despite ongoing clean-energy ambitions, fossil fuels are expected to remain about half of the energy mix through 2050.The Guardian+5Financial Times+5axios.com+5
Policy & Infrastructure Controversy
NESE Pipeline Sparks Political Firestorm
The proposed Northeast Supply Enhancement (NESE) underwater gas pipeline—from New Jersey to Queens—was revived under strong backing from President Trump. National Grid supports it for grid reliability, while critics argue it clashes with New York’s climate goals and are alarmed by fast-tracked approvals and rising environmental risks.Barron's+1