Last weekend, I participated in the first pickleball tournament organized by the Chinese American Petroleum Association. Some 100 players of different ages attended the event, and it was filled with excitement and laughter.
I lost all seven matches I played, but I still had a fantastic time. I guess at a certain stage of one’s life, one comes to appreciate being part of a community and its support more than winning or losing.
Now, let’s look at a couple of pieces of energy news from this week.
Shangyou Nie
Editor, Well Read
More Oil Deals Signed in Venezuela
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The Venezuelan government signed two preliminary agreements with TotalEnergies and Continental Resources to pave the way for the majors’ re-entry into the country. ExxonMobil is also reportedly close to signing a deal to return to Venezuela.
Continental Resources deal details:
On 16 September, Continental Resources signed a Memorandum of Understanding with PDVSA to operate and develop the Ayacucho 2 block in Venezuela’s Orinoco heavy oil belt.
The MoU was signed during the G-20 Energy Abundance Ministerial in Houston.
Continental said that it hopes to sign the definitive deal “in the coming weeks.”
If the MoU is turned into a long-term contract, Continental will have 100 percent equity within the block.
According to Upstream, the Ayacucho 2 block contains 126,000 acres and holds about 30 billion barrels of resources.
The Ayacucho 2 block might represent “one of the most significant resource opportunities in Continental’s nearly 60-year history,” said the Oklahoma-based company.
Bigger picture: Continental has been expanding beyond the Lower 48 with recent unconventional investments in Argentina and Turkey.
Continental is the second American independent company to sign an oil deal to enter Venezuela after Hunt signed a contract in August during the annual IMAGE meeting in Houston.
TotalEnergies deal details:
According to a statement from the Venezuelan government, TotalEnergies signed a MoU to return to its upstream operations in the country.
TotalEnergies left Venezuela in 2021. At the time, it claimed the Venezuelan oil development project would leave too big a carbon footprint, according to Bloomberg.
PDVSA President Héctor Obregón and TotalEnergies SVP for the Americas Francisco Javier Rielo signed the MoU on Saturday in Caracas.
Interim President Delcy Rodríguez and TotalEnergies Chairman and CEO Patrick Pouyanné witnessed the signing.
TotalEnergies has been one of the last European companies to sign a deal with the Venezuelan government, following deals signed by Repsol, ENI, Shell, and BP.
ExxonMobil deal details:
According to the Wall Street Journal, ExxonMobil is close to signing a preliminary deal to explore potential investments in “several Venezuela oil fields.”
The world's biggest IOC could sign the agreement as soon as September.
It is unclear whether ExxonMobil will make it a prerequisite that Venezuela repay the billions it owed ExxonMobil when its assets were nationalized previously.
What they are saying:
“We talk about the [U.S. shale] energy renaissance,” said Harold Hamm, the founder of Continental Resources, “I think this can also be the energy renaissance that’s necessary in Venezuela,” he added, according to the Wall Street Journal.
“Ayacucho 2 is an extraordinary addition to our portfolio and will contribute significantly to Continental’s growth trajectory,” said Doug Lawler, Continental president and CEO.
“The evaluation, together with Venezuela’s revised hydrocarbon legal framework, provided a path for Continental to pursue this opportunity,” said the company in its statement.
What to watch:
What agreements will Venezuela reach with ExxonMobil and ConocoPhillips regarding the billions of dollars for their previously nationalized assets?
What legal and economic guarantees will ExxonMobil and ConocoPhillips try to obtain this time around to protect their investments?
Which projects will TotalEnergies eventually enter?
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Ørsted Installs Final Wind Turbine for Revolution Wind Project on the U.S. East Coast
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Offshore wind industry leader Ørsted installed its final wind turbine within the Revolution Wind project on the East Coast of the United States. Despite legal struggles with the Trump Administration, Ørsted said it has “successfully completed the installation of the project’s 65 wind turbines.”
The Danish company has also started commissioning activities for the wind farm.
The latest:
According toUpstream, a spokesperson from Ørsted confirmed that the company has installed the final turbine for the project.
Offtake for the 704-megawatt project is split between Rhode Island (400 MW) and Connecticut (304 MW).
It will be powered by 65 Siemens-produced Gamesa 11-MW turbines.
Ørsted’s equal partner in the project is Skyborn Renewables, a subsidiary of Global Infrastructure Partners.
Project timeline:
In August 2025, the Bureau of Ocean Energy Management issued a “stop work order” against the Revolution Wind project, which claimed to be roughly 80 percent constructed at that time.
Ørsted successfully challenged the decision for an injunction, lifting that order in September 2025.
In December 2025, BOEM issued a second “stop work order” for the project, citing national security concerns.
Ørsted won a legal case to once again continue installation of the offshore wind turbines.
Background:
President Trump is well known for his opposition to offshore wind projects.
Norway’s Equinor was also able to lift a “stop work” order in May 2025 for its Empire Wind Project in offshore New York. It is scheduled to come on stream in 2027.
Other European offshore wind developers, including Shell, BP, and TotalEnergies, opted to terminate their projects in view of strong government opposition.
TotalEnergies obtained a $1 billion refund from the Department of the Interior in March 2026 to reinvest in oil and gas ventures in the United States.
What they’re saying:
“Commissioning activities continue across the project, with safety as the top priority. Revolution Wind continues to progress toward an anticipated commercial operation date later this year,” said an unnamed spokesperson from Ørsted.
“Once fully operational, Revolution Wind is expected to produce enough electricity to power the equivalent of more than 350,000 New England homes, strengthening the region’s supply of affordable, reliable energy,” said Ørsted.
What to watch: Will the Trump Administration continue to challenge offshore wind projects or let them proceed, especially for those in which construction is [nearly] completed?
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