Today’s Key Takeaways: AK Governor invites Korea to join LNG project. Shell denies takeover of BP. Ambler secure’ s Alaska’s economic future. Senate parliamentarian axes Alaska provisions from big, beautiful bill.

OIL:

Shell Denies Takeover Talks With BP
Adria Calatayud, The Wall Street Journal, June 27, 2025

Shell said it was now bound by U.K. takeover rules, meaning it can’t make an offer for its peer in the next six months

Shell SHEL 0.72%increase; green up pointing triangle said it hasn’t approached BP BP 1.61%increase; green up pointing triangle and doesn’t plan to make an offer for its rival, denying that it was in talks over what would be largest oil deal in a generation.

The statement from the U.K.-based oil giant came after The Wall Street Journal reported Wednesday that Shell was holding early-stage talks to acquire BP.

“In response to recent media speculation Shell wishes to clarify that it has not been actively considering making an offer for BP and confirms it has not made an approach to, and no talks have taken place with, BP with regards to a possible offer,” Shell said Thursday.

In light of its statement, Shell said it was now bound by U.K. takeover rules, meaning it can’t make an offer for its peer in the next six months unless it does so with the agreement of BP’s board, if a rival suitor emerges or if there is a material change in circumstances.

A potential combination between the two supermajor oil companies, a group of multinational behemoths that dominate the production of the world’s most important energy sources, could end up as the largest corporate oil deal since the $83 billion megamerger that created Exxon Mobil at the turn of the century. BP has a market value of nearly 58 billion pounds ($79.26 billion), while Shell’s capitalization stands at 151.7 billion pounds.

BP didn’t immediately respond to a request for comment on Shell’s statement. A BP spokesman declined to comment on the Journal’s report.

Bankers working on behalf of the companies have been engaged in the discussions, which are moving slowly, and a tie-up is far from certain, the Journal reported.

BP’s share price has come under pressure in recent years after an ill-fated push away from fossil fuels into renewable energy, management upheaval and operational setbacks. Activist investor Elliott Investment Management, which owns more than 5% of BP’s shares, has pushed for changes at the energy company

In February, the company touted a fundamental reset in its strategy, saying it would boost oil-and-gas production and sharply cut investments in clean energy.

For Shell, a potential deal with BP would allow it to challenge larger competitors such as Exxon Mobil and Chevron. Shell has focused on its most profitable operations, pledging to pump more oil and gas and to hand money back to shareholders through share buyback programs.

GAS:

Alaska governor urges Korea to join LNG project, emphasizing strategic advantages
Lee gyu-Lee, The Korea Times, June 24, 2025

Alaska Gov. Mike Dunleavy has invited Korea to join the state’s massive liquefied natural gas (LNG) project, highlighting shared security, economic and energy interests.

Giving a special speech at the Korea Times-AMCHAM forum in Seoul, Tuesday, he highlighted Alaska’s legacy as the first LNG exporter to Asia — beginning with shipments to Japan in 1969 — and said the state is now seeking to deepen energy ties with Korea not only through gas sales but also through joint investment in the $50 billion project.

U.S. President Donald Trump has been urging Korea, Japan and other Asian nations to invest in the Alaska LNG project, which aims to construct a 1,300-kilometer pipeline connecting the North Slope — a vast, proven natural gas reserve — to southern Alaska for export.

“Many of you have heard about this project for decades, and this year this project has actually been accelerated with the help of President Trump and the economics throughout the world,” he said via video call, noting the state already holds a proven record of exporting gas.

“Alaska pioneered LNG export in 1969 to Japan. We were the first sovereign on the planet to export gas … For 50 years, we exported gas on a continual basis to Japan.”

The governor also pointed to Alaska’s geographic advantage in supplying gas to Korea.

“Gas coming from Alaska takes a shorter amount of time to get to Korea than it would be from the Gulf of America, from going around South America, and in many cases, than it would be coming from the Middle East,” he said, adding the state has already acquired required permits for the project, referring to the Gulf of Mexico by the name introduced by the Trump administration.

“This project that I’m referring to has all of its permits. We know … how much gas the project actually has because we’ve recycled that gas for many decades under North Slope.”

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MINING:

Opinion: Congress needs to back the Ambler Road to secure Alaska’s economic future
Kati Capozzi, Deantha Skibinski, Leila Kimbrell, Alicia Amberg, Rebecca Logan

Alaska stands at a pivotal moment and the stars have aligned for our state. The Ambler Road — a long-planned 211-mile industrial use corridor connecting the Ambler Mining District to the Dalton Highway — offers a generational opportunity to unlock vital economic potential for rural communities while bolstering national security and supporting American manufacturing by ensuring a stable, domestic supply of critical minerals.

This project is about more than infrastructure. It’s about creating high-paying jobs in the Upper Kobuk region, attracting long-term private investment in our state, expanding local supply chains for some of our most rural communities, and delivering resources like copper and cobalt that are essential to everything from electric vehicles to advanced defense systems. And it can be done the Alaskan way — with rigorous environmental standards and a commitment to community engagement.

Unfortunately, this project has faced years of shifting federal decisions, despite long-standing legal precedent. Congress, led by the late Sen. Ted Stevens, clearly intended access to this region when it passed the Alaska National Interest Lands Conservation Act (ANILCA) in 1980. Yet actions by the last administration have created unnecessary delays and uncertainty, undermining confidence in the permitting process and discouraging badly needed investment in our resource economy.

Now, there’s renewed momentum within the federal government. The Trump Administration has signaled support for the project through executive order and other federal actions and recent legislation in the Senate supports the issuance of permits for the Ambler Road, signaling a return to regulatory stability and recognition of this project’s national importance. It’s a critical step, and it must be followed by full congressional approval — but permitting alone is not enough.

To succeed, this project must also earn and maintain the social license to operate. That means continuing meaningful engagement with tribal governments, local communities, Alaska Native corporations and subsistence users — not just as stakeholders, but as partners. Industry must listen, respond and demonstrate a commitment to delivering shared value: local jobs, training programs, cultural protections and infrastructure that benefits communities beyond the mine sites.

The economic case is clear. Mining in Alaska already supports over 11,000 jobs and contributes more than $1 billion in wages annually. In 2023, the industry generated nearly $50 million in local taxes and $136 million in state revenue — funding schools, roads, airports and public services. The Ambler Road would amplify that impact, expanding access to remote mineral resources and connecting them to statewide supply chains via rail and port systems used by communities and businesses across Alaska.

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POLITICS:

Parliamentarian axes oil, land sales provisions
The Hill, June 24, 2025