MDN’s Energy Stories of Interest: Wed, Nov 12, 2025 [FREE ACCESS]
OTHER U.S. REGIONS: Glenfarne, Baker Hughes announce agreements to advance Alaska LNG; Venture Global CEO says CP2 capacity could grow to 30 million tpy; Venture Global and Mitsui announce 20-year LNG sales and purchase deal; Greece signs landmark 20-year LNG deal with Venture Global; Massachusetts bill will “empower local climate action” by banning natural gas hookups; New York’s bad energy policies are out of control — time for Trump to take over; Study shows resource scarcity, bureaucracy barriers to natural gas use in CT; Duke Energy five-year capital plan could exceed $100B; NATIONAL: U.S. natural gas settles higher as colder weather arrives; Trump’s EPA ‘leaning into innovation’ instead of overregulation to protect environment; Deloitte puts focus on natural gas in 2026; Former Gov. McAuliffe joins pro-natural gas group as national co-chair; America at 250 needs energy overhaul – ARC is the place to start; INTERNATIONAL: Oil gains as fuel prices surge; Exxon CEO expects long-term role for oil and gas, maybe not as fuel; US urges Europe to stick to oil and gas, not renewables; China could crash the price of oil; IEA backs bullish oil demand growth scenario in tone shift; Climate delusions & gaslighting at COP30; Investors flock back to natural gas as demand soars.
OTHER U.S. REGIONS
Glenfarne, Baker Hughes announce agreements to advance Alaska LNG
Glenfarne/Baker Hughes
Glenfarne Alaska LNG and Baker Hughes announced a strategic alliance through definitive agreements to advance the Alaska LNG Project, a collaboration celebrated in Washington, D.C. Glenfarne selected Baker Hughes to supply main refrigerant compressors for the LNG terminal and power generation equipment for the North Slope gas treatment plant. Furthermore, Baker Hughes committed to a strategic investment in the project. This partnership, which was praised by U.S. government officials for strengthening U.S. energy security and global competitiveness, reflects the project’s momentum. The Alaska LNG project is being developed in two phases, with Phase Two adding a 20 million tonnes per annum (MTPA) LNG export terminal, expected to reach its final investment decision in late 2026. [MDN: Alaska, given its geography, is best suited to export LNG to the Pacific Rim.]
Venture Global CEO says CP2 capacity could grow to 30 million tpy
Oil & Gas Journal/Geert De Lombaerde
Venture Global CEO Mike Sabel announced that the $29 billion CP2 LNG plant’s capacity could reach 30 million tpy, up from 28 million tpy. This improved efficiency is based on data science and AI applied to operational learnings from the Calcasieu Pass and Plaquemines plants. Venture Global reported strong third-quarter results, posting a net income of $429 million on over $3.3 billion in revenue, reversing a year-ago loss. The company exported 100 LNG cargos in Q3, and updated its annual guidance, projecting 148 cargos for Calcasieu Pass and 234-238 for Plaquemines. The announcement came as the company signed a 1-million tpy supply deal with Naturgy and saw its shares rise. [MDN: Too bad VG’s “strong results” come from screwing its contracted customers out of their contracted shipments.]
Venture Global and Mitsui announce 20-year LNG sales and purchase deal
Venture Global
Venture Global, Inc. and Mitsui & Co., Ltd. of Japan have executed a new, long-term Sales and Purchase Agreement (SPA) for liquefied natural gas (LNG). Under the 20-year agreement, which begins in 2029, Mitsui will purchase 1.0 million tonnes per annum (MTPA) of LNG from Venture Global. Venture Global CEO Mike Sabel stated that this new partnership strengthens energy security, enhances the balance of trade, and deepens the ties between the U.S. and Japan, building on existing relationships with Japanese companies to reliably supply LNG to Japan and the global market. [MDN: The Japanese are not stupid people, yet they cut a deal with a company that is known to delay contracted shipments for years—and yet they cut the deal anyway. So, when the shipments fail to arrive on time, Mitsui has no one to blame but themselves.]
Greece signs landmark 20-year LNG deal with Venture Global
Greek Reporter/Tasos Kokkinidis
Greece has secured its first long-term, 20-year LNG supply deal with US giant Venture Global, commencing in 2030, which cements its role in the transatlantic effort to displace Russian gas in Europe. The contract, signed by Greek companies DEPA Commercial and Aktor (Atlantic-See LNG Trade S.A.), guarantees a minimum annual supply of 0.7 billion cubic meters (bcm), with the potential to reach 4 bcm. US Energy Secretary Chris Wright publicly hailed the agreement, stating Greece is strategically moving from being dependent on Russia to a “launch point” for American energy into Europe. Greek officials, including Minister Stavros Papastavrou, are aggressively positioning the nation as an essential LNG hub, investing in infrastructure like the Alexandroupoli FSRU to facilitate transport northward via the Vertical Corridor, aiming to stabilize markets and enhance European competitiveness. [MDN: Yet another sucker signs a deal with VG. Go figure.]
Massachusetts bill will “empower local climate action” by banning natural gas hookups
New Bedford (MA) NewBedfordGuide.com
Massachusetts lawmakers are advancing bill H3449 to expand a 2022 pilot program that currently allows 10 municipalities to ban natural gas hookups in new buildings. The expansion would permit 10 more cities and towns to join, supporting the state’s net-zero carbon emissions goal by 2050 through reducing fossil fuel reliance and cutting long-term energy costs. Proponents, including Rep. Manny Cruz, emphasize climate urgency and cite research showing all-electric homes have lower costs, while data suggests the existing pilot has not slowed construction. However, critics, like former Governor Baker, express concern over potential cost increases during a housing shortage. The bill awaits committee votes as a key step toward local climate action. [MDN: We wonder what it’s like living under Communism like that in Massachusetts. Do the people who keep electing dictators even care that their Constitutional freedoms are being extinguished? Or are they that brainwashed?]
New York’s bad energy policies are out of control — time for Trump to take over
Washington (DC) The Hill/Paul H. Tice
The op-ed argues that President Trump’s attempts to change New York’s aggressive anti-fossil fuel policies through bargaining, like the speculated deal linking the Empire Wind restart to natural gas pipeline approvals, are ineffective. Governor Kathy Hochul’s administration has enacted strict measures like the All-Electric Building Act and a new climate tax, despite temporarily greenlighting the NESE pipeline last week. The author contends that this partial pipeline victory does not signal an end to New York’s net-zero crusade. Instead of seeking one-off project approvals, the Trump administration should use the court system to establish federal preemption over state environmental and energy laws, citing New York’s policies as an ideal test case. [MDN: The author, Paul Tice, a senior fellow at the National Center for Energy Analytics, makes a great point. It’s time to permanently establish federal authority over the states with energy policy. It’s a Constitutional issue.]
Study shows resource scarcity, bureaucracy barriers to natural gas use in CT
Inside Investigator/Alex Appel
A report by the Connecticut Office of Legislative Research details significant hurdles to expanding natural gas use in the state. Connecticut possesses minimal natural gas resources and cannot geologically store gas, requiring reliance on interstate pipelines. Expanding these pipelines, such as the proposed Constitution project, involves navigating complex, protracted federal and state bureaucratic processes, potential use of eminent domain, and risks from public opposition and securing a viable customer base. An S&P Global study confirms growing demand and the obstacles, noting that previous state initiatives to limit financial risk failed. However, the study estimates that overcoming barriers to the Constitution pipeline could net ratepayers $8.5 billion in savings and generate an additional $8.5 billion for regional businesses over 15 years. [MDN: Yet another study that says the proposed Constitution Pipeline would massively benefit New Englanders, like those in Connecticut.]
Duke Energy five-year capital plan could exceed $100B
Utility Dive/Emma Penrod
Duke Energy is expanding its five-year capital plan to $95–$105 billion, up from the current $87 billion, to meet rapid load growth, largely driven by data centers. The company has already secured 3 GW in new electric service agreements with data centers this year, expecting build-out to accelerate into the early 2030s. System additions could exceed 13 GW over the next five years, including 7.5 GW of new natural gas generation, solar, and battery storage. New nuclear generation is also being evaluated, but only after cost and supply chain issues are resolved. Duke expects to finance 30% to 50% of this ambitious plan with new equity. [MDN: The article reveals that Duke has secured 19 natural gas turbines and selected sites for seven new gas plants. Duke’s service territory is primarily in the Carolinas, Florida, Indiana, Ohio, and Kentucky—all of which receive M-U molecules. The company is making a major investment in new gas-fired power. Smart.]
NATIONAL
U.S. natural gas settles higher as colder weather arrives
Wall Street Journal
U.S. natural gas futures settle higher in choppy trade as cold weather drifting over the eastern half of the country adds to heating demand. The supply-demand balance tightened “materially as early-season heating finally bites,” Gelber & Associates said in a note. Weather-led residential and commercial demand saw the strongest gains, while LNG feedgas “remains a sturdy call on molecules,” the firm adds. Nymex natural gas settles up 0.5% at $4.338/mmBtu, but off the overnight high of $4.509/mmBtu. [MDN: This was the settlement price for Monday, not Tuesday. And it was up once again.]
Trump’s EPA ‘leaning into innovation’ instead of overregulation to protect environment
Brietbart/Hannah Knudsen
EPA Administrator Lee Zeldin stated that the Trump administration is prioritizing innovation and utilizing domestic energy resources over excessive regulation to protect the environment. He emphasized the high environmental stewardship standards already maintained by U.S. companies, citing numerous examples of industry initiatives across the country. Zeldin mentioned an Exxon Mobil advanced recycling operation in Texas that breaks down plastic, as well as new projects like a nuclear facility in Idaho and natural gas expansions from the Permian Basin to Arizona. He believes firsthand perspective from visiting these diverse, “multi-dimensional” projects nationwide is crucial for effective environmental policy, asserting that relying solely on D.C.-based regulatory discussions is insufficient. [MDN: The enviro-left pretends that without the bludgeon of government regulation companies will pollute us all to hell. Nothing further from the truth. Yes, some regulation is necessary. But the pendulum has swung WAY too far to the left. Zeldin is restoring common sense and balance to the EPA and its onerous overregulatory ways.]
Deloitte puts focus on natural gas in 2026
Midland (TX) Reporter-Telegram/Mella McEwen
Deloitte’s 2026 Oil & Gas Industry Outlook notes that the sector maintains strong capital discipline and innovation following the 2014 downturn. According to Kate Hardin, oil prices are softening, contrasting with a tightening natural gas market driven by rising data center and power demand. Natural gas and LNG companies are expected to increase capital expenditures and expand shale acreage to meet this growth and supportive LNG export policies. However, oil companies will remain cautious in 2026, delaying major spending until structural changes in global fundamentals occur. Facing rising costs and uncertainty, nearly 70% of U.S. O&G companies plan portfolio restructuring, cost optimization, and divesting noncore assets, underscoring a continued focus on shareholder returns over production expansion. [MDN: Years ago, we hinted (maybe even predicted) that oil would eventually decrease, but natural gas would increase. It was easy to spot. And now it’s beginning to happen. Oil will never go away completely, but over time, natgas will grow and continue growing. At least for the next 50-100 years.]
Former Gov. McAuliffe joins pro-natural gas group as national co-chair
Virginia Mercury
Former Virginia Governor Terry McAuliffe has joined Natural Allies for a Clean Energy Future as co-chair to promote natural gas as a necessary bridge for long-term energy reliability while renewable sources develop. The organization, which advocates for an “all of the above” energy approach, posits that using natural gas alongside solar and wind can lower utility bills and cut emissions compared to coal, despite Virginia’s plan to eliminate fossil fuels. Natural Allies, whose leadership includes former bipartisan politicians, argues that a 100% renewable transition is too costly and challenging for meeting peak energy demand. However, the group, reportedly backed by fossil fuel companies, is accused of “greenwashing” the climate impact of natural gas to appeal to Democrats and young constituents. They are currently focusing efforts in states like Virginia, where debates about proposed gas plants are ongoing. [MDN: Lib Dems like Terry McAwful join pro-gas groups like Natural Allies for a Clean Energy Future for one reason and one reason only: money. They have no principles and would turn on natgas in a heartbeat if other (better) payers appeared.]
America at 250 needs energy overhaul – ARC is the place to start
RealClearPolitics/David DesRosiers
Rep. Troy Balderson introduced “The Affordable, Reliable, Clean Energy Security Act” (ARC) to correct the focus of current energy policy, which the article argues prioritizes clean energy over affordability and reliability. The ARC bill would require federal agencies like the DOE, DOI, and EPA to prioritize affordability first, reliability second, and cleanliness third when evaluating energy projects. This “all-of-the-above” approach aims to codify the inclusion of all viable, cost-effective, and reliable sources, including natural gas and nuclear, to lower energy costs for American families and businesses. The author presents a nonpartisan appeal, arguing that current energy priorities lead to rising rates, citing examples in New Jersey and Georgia, and that the new framework is essential for economic growth and meeting future demands like AI. [MDN: An op-ed from the publisher of the RealClear websites. He lends his support to Balderson’s excellent bill.]
INTERNATIONAL
Oil gains as fuel prices surge
Bloomberg/A. Longley, R.W. Neo and W. Kubzansky
Oil prices, with West Texas Intermediate settling near $61 a barrel, rose for a third day, defying signs of a softer crude market, as support came from surging premiums for refined fuels like gasoline and diesel, and heightened concerns over Russian supply following a US crackdown. Analysts attribute the gains to strong product markets, which are keeping crude prices afloat despite a prolonged slump driven by widespread expectations of a global surplus and increased output from OPEC+ and other drillers. The narrowing WTI prompt spread suggests excess supply, but a major selloff is deemed unlikely unless the strength in refined products decisively ends. Traders also engaged in short covering after WTI successfully held the $60 level. [MDN: WTI for December delivery added 1.5% to settle at $61.04 a barrel. Brent for January settlement edged up 1.7% to settle at $65.16 a barrel. Despite its best effort to denigrate oil and talk the price down, the price keeps returning to the $60s, which is confounding for the leftstream media.]
Exxon CEO expects long-term role for oil and gas, maybe not as fuel
Reuters/Oliver Griffin
Exxon Mobil CEO Darren Woods stated that crude oil and hydrocarbons will remain critical for a long time, but their use as fuel (combustion) is likely to change as technology evolves, noting continued demand in other sectors, such as medical. Speaking ahead of the COP30 climate conference, Woods criticized current climate policy, stating that without effective carbon accounting to properly track emissions across value chains, “net zero is just a slogan.” He also expressed optimism about the company’s early-stage negotiations to return to Iraq to manage, develop, and operate the Majnoon oil field, emphasizing the need for a favorable, win-win investment proposition with the Iraqi government. [MDN: Darren Woods is undoubtedly a better CEO for Exxon than his predecessor, Rex Tillerson. However, Woods continues to dally with global warming nutters who insist we “transition” to non-fossil fuels for energy. No, Mr. Woods, we do NOT need “carbon accounting” (i.e., a carbon tax). Wise up!]
US urges Europe to stick to oil and gas, not renewables
Reuters/Edward Mcallister, Lefteris Papadimas
U.S. energy and interior secretaries recently argued that global renewable energy investments have failed to deliver, urging a focus on securing reliable fossil fuel supplies, particularly to Europe. Speaking at an energy conference, U.S. officials, reflecting the Trump administration’s policy, pushed to boost U.S. oil and gas exports to replace Russian imports entirely. Energy Secretary Chris Wright stated the shift to renewables “hasn’t worked,” citing that despite trillions spent, solar and wind accounted for only 2.6% of global energy last year. Interior Secretary Doug Burgum claimed there is “no energy transition, there’s only energy addition,” underscoring a divergence from the European Union’s emissions reduction goals. [MDN: Two smart people whom we are glad are part of Trump’s cabinet, both delivering some hard truths to Euro weenies.]
China could crash the price of oil
Forbes/Michael Lynch
Despite the IEA’s forecast of a massive looming oil glut and inventory build for 2025-2026, critics highlight that observed inventory data has not shown the expected increase, implying a tighter current market. The article argues this discrepancy is largely explained by significant, non-transparent inventory builds in China’s strategic oil stocks, which absorbed 700-900 thousand barrels per day (tb/d). Although the IEA still projects a substantial market surplus (over 2 mb/d by 2026), the market’s stability and price level depend precariously on China’s future purchasing decisions. If China abruptly halts its unpredictable strategic stock-buying, the surplus could turn into a severe flood of oil, likely necessitating intervention by OPEC+ to prevent a price collapse. [MDN: The author makes the point that the price of oil is pretty much in the hands of the thug dictatorship of China. How did we get here?]
IEA backs bullish oil demand growth scenario in tone shift
Bloomberg/Grant Smith
The International Energy Agency (IEA) has reversed its previous outlook, reintroducing a “Current Policies Scenario” (CPS) where global oil demand continues to grow by 13% through 2050, a shift attributed to slower electric vehicle adoption. This latest report marks a softening of the IEA’s stance on a near-term peak in demand and aligns more closely with the views of OPEC. The CPS, which envisions consumption climbing to 113 million barrels per day by 2050 and temperatures rising by nearly 3°C, contrasts with the “Stated Policies Scenario” (STEPS), where demand peaks around 2030. Even in STEPS, the peak is now seen later than previously projected, highlighting a trend across the energy industry toward a bumpier road to net zero. [MDN: What’s really happened is that the IEA is (for now) dropping its propaganda advocacy for unreliable renewables and instead using real data once gain to make predictions. Why? Because the money-sucking agency was threatened with defunding by the Trump administration unless it changed.]
Climate delusions & gaslighting at COP30
Committee For A Constructive Tomorrow (CFACT)/Peter Murphy
The article harshly critiques the UN Climate Summit, COP30, labeling the proceedings as “absurdities.” It attacks UN Secretary-General António Guterres for raising “hysteria” with claims that a 1.5-degree temperature overshoot is “inevitable,” arguing he presented “zero evidence” for this catastrophe. The author contends that the globalists’ demands for massive annual funding (up to $1.3 trillion) are about control and will increase poverty by raising energy costs, noting that World Bank data shows poverty decreasing in nations developing oil and gas. Furthermore, the piece criticizes China’s Vice Premier for pushing “global climate governance” while his nation simultaneously undergoes a rapid, massive expansion of coal capacity. Ultimately, the article dismisses the climate agenda as “fantasies” that ignore the necessity of fossil fuels for global development. [MDN: Perhaps the best review of what’s really happening at COP30 that we have seen. Read the full article.]
Investors flock back to natural gas as demand soars
OilPrice.com/Irina Slav
Natural gas is experiencing a significant comeback, overcoming recent turbulence from regulatory risks, like the EU’s strict legislation, and claims that it is “dirtier than coal.” This resurgence is fueled by strong global demand and a major shift in investor sentiment, as financial services and Big Oil, including Shell and Exxon, increase their exposure to the commodity. Investors now recognize that gas is an indispensable, affordable, and cleaner-burning bridge fuel, vital for securing baseload generation in the “AI age” due to soaring electricity demand from data centers. The limitations of variable wind and solar have reinforced gas’s role, even forcing the EU to break import records despite its push to move away from hydrocarbons. [MDN: The big money is on natural gas. Gone are the bad old days of the left trying to end its use.]