Chevron Doubles Down on Venezuela as U.S. Pressure and Production Risks Mount
Chevron maintains its Venezuelan operations despite mounting...
Chevron maintains its Venezuelan operations despite mounting political tensions and uncertainty over sanctions. Following a renewed waiver from the Trump administration, the company resumed crude shipments in August after a year-long hiatus. The potential contribution stands at 250,000 barrels per day, representing over 10% of Chevron's total production and providing critical heavy crude diversification for its Gulf Coast refineries.
Venezuela's output remains volatile, with the IEA reporting 860,000 barrels per day in November, though officials claim the country reached its 1.2 million barrel target. As the largest foreign investor with 102 years of Venezuelan presence, Chevron is playing a strategic long game despite near-term risks. CEO Mike Wirth affirmed the company's commitment to supporting Venezuela's economic reconstruction when circumstances stabilize. With an estimated 300 billion barrels in reserves, Venezuela represents a substantial prize worth enduring ongoing geopolitical turbulence.
Green hydrogen's promising trajectory has stalled as...
Green hydrogen's promising trajectory has stalled as the sector confronts mounting headwinds. Following significant pandemic-era investments when oil prices collapsed, the industry faces declining momentum amid escalating production costs and regulatory complexity.
Production costs remain prohibitively high at $5.78 to $23.27 per kilogram, compared to blue hydrogen's $2 to $3.50 per kilogram, deterring commercial deployment. Europe's ambitious output target has contracted dramatically from 10 million tonnes to just 1.7 million tonnes by 2030, reflecting widespread project delays.
Competition for renewable electricity, particularly from data centers supporting emerging technologies, compounds sector challenges. The EU's shifting hydrogen definitions have created regulatory uncertainty that industry leaders say is delaying final investment decisions on major export projects.
Recent developments offer cautious optimism. The European Commission approved 100 cross-border hydrogen projects within a $1.75 trillion energy infrastructure pipeline through 2040, while Spain committed $483.3 million to support domestic projects. However, whether these initiatives can revive commercial viability remains uncertain as the industry navigates competing priorities and economic constraints in the global energy transition.
Oil prices rose more than 2% on Monday morning after Presidents Trump...
Oil prices rose more than 2% on Monday morning after Presidents Trump and Zelenskyy met to discuss a revised draft of a peace agreement for the nearly four-year-long Russia-Ukraine war, with Trump declaring the overall deal "close to 95%" done.
While progress was reported and teams are scheduled to meet again soon, the status of the Donbas region remains one of the most critical unresolved issues between the parties.
The upward movement in oil prices was also influenced by escalating geopolitical tensions in the Middle East, including Saudi airstrikes in Yemen and Iran's declaration of a "full-scale war" against the U.S., Israel, and Europe.
Texas Launches $350 Million Nuclear Energy Initiative
Texas Governor Greg Abbott has congratulated the...
Texas Governor Greg Abbott has congratulated the Texas Legislature for passing House Bill 14, saying it will help revolutionize Texas’ energy sector and cement the state’s role in leading a nuclear power renaissance in the United States.
“Texas is the energy capital of the world, and this legislation will position Texas at the forefront of America’s nuclear renaissance,” said Governor Abbott. “By creating the Texas Advanced Nuclear Energy Office and investing $350 million–the largest national commitment--we will jumpstart next-generation nuclear development and deployment. This initiative will also strengthen Texas’ nuclear manufacturing capacity, rebuild a domestic fuel cycle supply chain, and train the future nuclear workforce. I look forward to signing it into law.”
The U.S. nuclear power sector is seeing renewed momentum as electricity demand rises, particularly from data centers, alongside policy support for carbon-free generation and growing interest in long-duration, firm power. Large technology companies are increasingly positioning themselves around nuclear energy through long-term power contracts, development partnerships, and early-stage investments, marking a shift from decades of limited new nuclear deployment.
