Leviathan Gas Reservoir Expansion Set to Boost Israel’s Energy Capacity
The Leviathan offshore natural gas reservoir in Israel is set for a major expansion, with a $429 million investment aimed at increasing production capacity from 12 BCM to 21 BCM annually. This strategic move addresses the rising demand for natural gas in the Israeli economy and supports regional energy activities. The expansion, driven by key partners including NewMed Energy and Chevron, will enhance Israel’s energy security and foster new export agreements, positioning the country as a significant player in the global energy market.
Schumer Urges FTC to Halt Chevron-Hess Acquisition Amid Concerns
United States Senate Majority Leader Chuck Schumer has raised concerns over Chevron Corp.’s proposed acquisition of Hess Corp., urging the Federal Trade Commission (FTC) to intervene and halt the $53 billion deal. Schumer believes the merger could give ‘Big Oil’ more power to raise gasoline prices, sparking debate over the impact on consumers and market dynamics. The FTC’s scrutiny and Schumer’s opposition highlight the ongoing tensions and regulatory challenges in the oil industry.
U.S. Oil Prices Show Resilience Despite Rise in Crude Inventories
Despite concerns over reduced demand and a larger-than-expected build in U.S. crude stockpiles, oil prices are showing resilience. Natural gas futures have fallen, with expectations for a below-average draw from inventories. U.S. crude oil inventories rose by 4.2 million barrels, surpassing estimates. Chevron’s $53 billion deal for Hess is facing potential jeopardy due to a possible challenge from Exxon. U.S. equity indexes are showing mixed performance, while inflation meeting expectations has sent Treasury yields lower.
Chevron Warns of Negative Impact of California’s Stringent Policies
Chevron, one of the world’s largest oil companies, has issued a warning about the negative impact of California’s stringent policies on its earnings and investment. The company’s CEO, Mike Wirth, expressed concerns about the ‘harsh’ regulatory environment in the state,…