The Bureau of Ocean Energy Management netted over $300 million in high bids at its first US Gulf of America oil and natural gas lease sale since 2023, a decline from the $382 million raised in the prior auction. BP, Woodside, Chevron and Murphy Exploration & Production Company were the sale's biggest spenders. The sale kickstarts a series of 30 offshore oil and gas auctions mandated through 2040 under the One Big Beautiful Bill Act.

The American Petroleum Institute issued the following statement from Vice President of Upstream Policy Holly Hopkins after the Department of the Interior's Bureau of Ocean Energy Management held Lease Sale BBG1 in the Gulf of America:

"We applaud Secretary Burgum and Congress for restoring a clear path for long-term investment in the Gulf of America that strengthens US energy leadership and security. After two years of unnecessary delay in federal offshore leasing, today's sale marks the beginning of a new generation of opportunity for safe, responsible development in the Gulf." Read the news release.

The volume of crude oil sitting on tankers at sea has climbed to about 1.4 billion barrels, roughly 24% above the seasonal norm as sanctions on Russia, Iran and Venezuela slow sales and leave more barrels stranded offshore. Increased production from OPEC+ and non-OPEC countries is deepening the glut, though China's quiet stockpiling of crude has kept oil benchmarks steady. However, if these stranded barrels begin moving onshore or sanctioned exporters succeed in rerouting them, the added supply could quickly pressure prices.

Texas oilfields are emerging as early test beds for geothermal systems that use drilling and fracking techniques to store energy underground and generate electricity on demand. With crews, rigs and expertise already in place, geothermal developers such as Sage Geosystems and Fervo Energy are finding willing partners among oil and gas workers, executives and state lawmakers. Industry advocates are framing geothermal energy as "inexhaustible" rather than "renewable" to win support from Republican officials and sidestep polarized climate debates.

Apollo Global Management has partnered up with Canadian power producer Capital Power to pursue up to $3 billion in equity-backed acquisitions of US natural gas-fired power plants. Apollo will contribute 75% of the capital while Capital Power will hold a 25% to 50% working interest in each asset, a structure that allows both parties to act quickly on opportunities.

Energy Transfer expects to reach a final investment decision on its 18.18-million-short-ton-per-year Lake Charles LNG project in Louisiana early next year after locking in enough long-term sales agreements to advance the development, Lake Charles LNG Vice President Amy Chen Davis said at a Houston conference. Davis said she remains confident in long-term LNG fundamentals, noting that lower prices often stimulate additional demand.

Even as Permian Basin oil production nears peak levels, efficiency gains and new drilling techniques that open access to deeper formations are expected to keep volumes steady well into the future. The basin added roughly 400,000 barrels per day over the past year despite softer oil prices and a declining rig count. Consolidation among large producers has lowered costs and improved resilience, with ExxonMobil and Chevron now reporting production costs as low as $30-$40 per barrel.

Fervo Energy has secured $462 million in a funding round that includes participation from Google. The funding will help Fervo continue development of a 500-megawatt power plant in Utah and begin development of additional projects to meet rising energy demand from data centers. Fervo's enhanced geothermal technology, which uses techniques from the oil and natural gas industry, has reduced well-drilling times and costs.