The U.S. Power Play in Iraq That Moscow and Beijing Didn’t See Coming

The Troll Phase 3 Stage 2 subsea project in the North Sea began production on August 22, adding gas supply to the Troll A platform and Kollsnes plant. The project, operated by Equinor, is expected to produce 55 billion cubic meters of gas. The Troll partnership includes Petoro, Shell, TotalEnergies, and ConocoPhillips. The project started ahead of schedule and under budget, with Equinor citing efficient operations and drilling. Troll field supplies around 10% of Europe's gas demand.

Libya's National Oil Corporation (NOC) signed a production-sharing agreement with Chevron to explore and develop oil resources in the Sirte Basin. Chevron confirmed the deal, aiming to increase Libya's output from 1.5 million to 2 million barrels per day. The agreement is part of Libya's efforts to attract international energy companies despite political divisions and security risks.

The U.S. is strengthening ties with Trinidad and Tobago, focusing on energy security and investment. BP is acquiring a 70% stake in the Calypso gas project, estimated to contain 3.5 trillion cubic feet of natural gas. Additionally, a U.S. company is exploring refurbishing a steel plant in Trinidad, which could supply strategic metals to the U.S. These developments aim to secure supply chains and reduce dependence on China.

Libya's National Oil Corporation (NOC) awarded Chevron a contract for block S4 in the Sirte Basin, formalizing an agreement first secured in February 2025. The deal aims to boost Libya's oil production, currently at 1.5 million barrels per day, with a target of 2 million. Chevron's subsidiary will operate the block, leveraging its technical expertise. Libya holds Africa's largest oil reserves, estimated at 48 billion barrels, and seeks foreign investment to rebuild output.

Libya's state oil company NOC signed a production-sharing agreement with Chevron for an area in the Sirte Basin, aiming to boost exploration and development. Chevron confirmed the deal, which was awarded in February. Libya seeks to increase its oil production from 1.5 million to 2 million barrels per day, with oil exports being a major revenue source.

BP has been awarded a license to explore and develop Phase 2 of the Loran gas field in Venezuela, partnering with XRG and UCC Oil and Gas. The field is estimated to hold 4 Tcf of recoverable gas. BP and the Venezuelan government also signed an MOU for the Carúpano East Block.