Today’s Key Takeaways: Alaska wildcatter turns to Aruba. Deadline for Santos takeover extended. US Antimony’s Ester Dome clean-up project. 5 forces driving electric bill increases.
OIL:
Alaska Wildcatter Armstrong Turns South to Massive Aruba Prospect
Chris Matthews, Hart Energy, August 22, 2025 (subscription required)
Armstrong Oil & Gas is working an untapped exploration play offshore Aruba that legendary wildcatter Bill Armstrong calls “the biggest thing I have ever seen undrilled.”
Bill Armstrong, credited with discovering billions of barrels of oil on Alaska’s North Slope, has set his sights south on Aruba.
Last year, a subsidiary of Armstrong Oil & Gas signed a production sharing contract with Aruba’s national oil company for the exploration, development and production of hydrocarbons offshore Aruba.
GAS:
Deadline again extended for XRG’s $18.7 billion takeover of Santos
Amanda Battersby, Upstream, August 224, 2025
Australian prey reiterates there is no certainty a deal will go ahead
The XRG Consortium on Sunday requested a second extension to 19 September for the offer deadline to enable it to complete due diligence for its proposed takeover of Australian gas-focused independent Santos.
A consortium led by Adnoc subsidiary XRG in June made a US$18.7 billion non-binding indicative proposal to acquire Santos in an all-cash deal for an offer price of US$5.761 (A$8.89) per share.
On 11 August, Santos announced it had agreed to an initial extension of the process and exclusivity deed (process deed) dated 27 June to 22 August 2025 to enable the XRG consortium to finalise due diligence and progress the scheme implementation agreement (SIA).
Santos and the consortium are finalising the SIA, which will include customary protections for Santos shareholders in the event there is a longer than expected period before completion of the potential acquisition.
On 24 August, the XRG consortium again confirmed it has not found anything in due diligence that would lead it to withdraw its indicative proposal. However, the consortium has now requested a second extension of the exclusivity period to conclude due diligence and to allow it to obtain all necessary approvals to enter into a binding transaction.
Santos on Monday said it had agreed to a further extension of the process deed to Friday 19 September. The company noted that the exclusivity restrictions summarised in its announcement of 27 June will continue to apply during the period of the extension; adding that a fiduciary exception to those restrictions enabling Santos to deal with potentially superior proposals from competing acquirers has applied since 25 July and would continue to apply during the extension.
However, yet again, Santos — which on Monday released its first-half 2025 results — cautioned there is no certainty that a binding SIA will be agreed or that a potential transaction will proceed.
The XRG Consortium’s cash offer price will be adjusted for any dividends paid by Santos since the indicative proposal.
The consortium is led by XRG, a subsidiary of Abu Dhabi National Oil Company (Adnoc) and includes Abu Dhabi Development Holding Company and Carlyle.
MINING:
U.S. Antimony’s first AK project: cleanup
Shane Lasley, North of 60 Mining News, August 22, 2025
Company clears junk cars, trash from the Ester Dome antimony project site near Fairbanks.
Wanting to make a good first impression as it endeavors to leverage Alaska’s high-grade antimony potential to establish an all-American supply of this material critical to the nation’s economy and security, United States Antimony Corp. (U.S. Antimony), through its Alaska subsidiary Great Land Minerals, begins its work at Ester Dome by cleaning up this antimony project west of Fairbanks.
“As newcomers to Alaska and the Fairbanks area, we believe the first thing we can do is contribute to the health of the environment and the community we are working in,” said Rod Blakestad, vice president of the mining division at U.S. Antimony.
Located in a historic mining area on the outskirts of the greater Fairbanks area, the 8,998-acre Ester Dome project acquired by U.S. Antimony has been used as a dumping ground for old vehicles and other junk over the years. So far, the company has removed 10 abandoned vehicles and nearly 12 tons of garbage from the property, and plans to haul off several more tons of refuse once an excavator is delivered to the site.
The company is also evaluating the potential of rehabilitating two heavily vandalized buildings on the property.
“This cleanup reflects not only our values, but the kind of neighbor we intend to be in the future: responsible, transparent, and invested in Alaska for the long haul,” Blakestad added.
The site remediation, and the goodwill U.S. Antimony is building with the local community, are the first steps of the company’s plans to ship high-grade antimony from Alaska to its smelter in Thompson Falls, Montana, for processing.
The Alaska-Montana antimony supply chain that the company is endeavoring to establish is considered strategically important to the U.S.’s economic and national security.
Each year, roughly 50 million pounds of antimony are needed in the U.S. to manufacture ammunition, fireproofing compounds, high-tech devices, specialty glass, and other products for both civilian and military use.
POLITICS:
The Real Reasons Your Power Bill Is Exploding
Robert Rapier, OilPrice.Com, August 22, 2025
- AI data centers, global LNG exports, and extreme heat are major new forces driving up U.S. electricity demand and costs.
- Aging grid infrastructure and stalled policy reforms add structural upward pressure on power prices.
- Regions anchored by nuclear and hydro remain resilient, showing how local energy mixes shape household bills.
Over the past month, friends, family, and acquaintances have asked why their electricity bills have skyrocketed. One friend wrote, “I am curious if you have any thoughts about why electric bills are doubling and, in some cases, tripling? People in my area are in shock. In two months, my bill doubled.”
I live in Phoenix, and we actually have reasonable electric bills because we are served by the Palo Verde Generating Station. Despite the intense heat here, my electric bill never rises above $300 except in July. More on that later.
That’s not the case everywhere. From the Midwest to the Southeast, people are seeing bills that are several times higher than that. What’s driving these sudden spikes isn’t just “using more power” or “a hot summer.” The reality is more complex, and it won’t be easy to solve.
Here are the five biggest forces reshaping your electric bill.
AI Data Centers Are Consuming Gigawatts
The surge in artificial intelligence has unleashed a gold rush in data center construction, and it’s quickly becoming one of the most powerful forces driving electricity demand. These facilities are energy-intensive, often consuming 30 times more electricity than traditional data centers. A single AI center can draw as much power as 80,000 homes, and by 2030, data centers are projected to require 30 GW of new capacity—the equivalent of 30 nuclear reactors.
LNG Exports Are Pushing Up Fuel Costs
Natural gas powers about 40% of U.S. electricity generation, and U.S. liquefied natural gas (LNG) exports have risen by nearly a factor of seven in the past seven years to over 13 billion cubic feet per day.
That means when Asian or European buyers bid up LNG cargoes, U.S. households indirectly feel it in their electricity bills. Put simply, you’re now competing with the world for the same fuel—and global demand is strong. The spot price of natural gas in the U.S. is about $1.00 per million Btu higher than it was a year ago at this time. That translates directly into higher electricity bills this year.
Heat Waves Are Breaking the Grid
July 2025 saw record-breaking temperatures across much of the country, with a “heat dome” trapping high humidity and driving peak demand to 758,149 MWh in a single hour—a national record. Air conditioning loads surged, and in many regions, utilities had to buy expensive spot-market electricity to meet demand. That cost gets socialized across monthly bills.
Aging Infrastructure and Grid Bottlenecks
The U.S. grid is old and straining under new loads. More than 70% of transmission lines and transformers are over 30 years old. Replacing and upgrading them is both essential and expensive.