Today’s Key Takeaways: Alaska has the most potential with untapped barrels of oil. Red Dog considers expanding production of germanium. Glenfarne and Thailand sign agreement that includes offtake from AKLNG. Subsidies vs. Tax Deductions: Wind, Solar, Oil and Gas.
OIL:
U.S. Sits on Billions of Untapped Oil Barrels
Irina Slav, OilPrice.Com, June 22, 2025
- USGS reports 29.4 billion barrels of untapped oil under U.S. federal lands.
- Alaska is leading with around 14.46 billion barrels of untapped potential.
- Oil production growth is slowing due to natural depletion and rising costs, especially in the Permian Basin, but new federal estimates could offset geological limits.
The United States is the largest oil and gas producer in the world. It is also experiencing a slowdown in its oil production for a number of reasons, including natural depletion. The U.S. Geological Survey, however, has just published a study stating that there are almost 30 billion new barrels of untapped oil—under federal lands, no less.
Oil and gas drilling was a contentious topic during the Biden administration. The administration decidedly did not like it and put a serious effort into curbing this drilling as much as the law allowed. As soon as Donald Trump became president, the tables turned and drilling on federal lands became very much a desirable direction for federal energy policy to move in, with the President prioritizing affordable energy and higher exports.
Now, the U.S. Geological Survey has thrown its weight behind the American energy dominance idea, reporting estimated undiscovered oil reserves of 29.4 billion barrels across the country, with the leader being Alaska with 14.46 billion barrels of untapped oil under federal lands. New Mexico is next, with 8.925 billion barrels of undiscovered oil, followed by Nevada, with 1.4 billion barrels. Untapped gas reserves on federal land were estimated at over 391.55 trillion cu ft. Now, the only question is when these hitherto untapped resources will be tapped.
GAS:
FOR IMMEDIATE RELEASE
JUNE 23, 2025
GLENFARNE AND PTT SIGN COOPERATION AGREEMENT INCLUDING OFFTAKE FROM ALASKA LNG
BANGKOK, THAILAND, ANCHORAGE, AK AND NEW YORK, NY (June 23, 2025) – Today, Glenfarne Alaska LNG, LLC announced that PTT Public Company Limited (“PTT”), the largest publicly traded company in Thailand, has signed a Cooperation Agreement (“Cooperation Agreement”) for strategic participation in the Alaska LNG project, including for the procurement of 2 million tonnes per annum (“MTPA”) of LNG from Alaska LNG over a 20-year term. Alaska LNG is held under 8 Star Alaska, LLC, a joint venture between Glenfarne Group, LLC subsidiary, Glenfarne Alaska LNG, LLC (“Glenfarne”), the majority owner and lead developer of Alaska LNG, and the Alaska Gasline Development Corporation. PTT is the publicly traded national oil and gas company of Thailand with a BBB+ investment grade credit rating.
The Cooperation Agreement defines the process for Alaska LNG and PTT to move toward definitive agreements for partnership on Alaska LNG, including long term LNG offtake.
“Glenfarne and Alaska LNG are pleased that PTT and the Thai government have realized the strategic security, cost, and stability advantages offered by the Alaska LNG project,” said Adam Prestidge, President of Glenfarne Alaska LNG, LLC. “With today’s and previously announced agreements, Alaska LNG has now reserved 50 percent of its available third-party LNG offtake capacity to investment grade counterparties, and the project has overwhelming interest from additional counterparties globally.”
MINING:
Teck mulls expanding its production of germanium
Staff Writer, Mining.com, June 20, 2025
Teck Resources (TSX: TECK.A/TECK.B) is said to be weighing up options to expand its production of germanium, a strategic metal used in chipmaking, a company representative told Reuters on Friday.
According to Doug Brown, Teck’s VP of communications and government affairs, the miner is currently in funding talks with both the Canadian and US governments to improve its germanium production capabilities.
Germanium is one of 50 minerals identified by the US Geological Survey that are critical to America’s economy and national security. The metal is used to make semiconductors and infrared technology, as well as fibre optic cables and solar cells.
China currently controls around 60% of the global supply. Since last year, it has restricted exports of the mineral to the US amid growing trade tensions between the world’s two superpowers. Also included in Beijing’s export restrictions were gallium and antimony, which, like germanium, have uses in military technologies.
Teck’s plan
Vancouver-based Teck is currently North America’s biggest germanium producer, and the fourth largest globally.
The company produces the critical mineral as a byproduct of its Red Dog zinc mining operations in Alaska. Most of the germanium is shipped to the US, via smelting and refining in British Columbia.
Speaking to Reuters, Brown said Teck is now “exploring ways to add to the current processing line using existing technology as one of the options.”
POLITICS:
Wind and Solar Energy Subsidies vs. Oil and Gas Tax Deductions
Institute for Energy Research, June 18, 2025
Key Takeaways
- The Inflation Reduction Act provided wind and solar power with lucrative tax credits that are essentially uncapped and available without limit.
- The oil and gas industry receives tax deductions that pale in comparison to the vast sums of taxpayer money provided to wind and solar generators, estimated at 6%.
- These energy forms offer very different benefits (revenues to the government, employment, and energy contribution) to Americans.
- The U.S. economy gets less than 3% of its primary energy from wind and solar, compared to 74% from natural gas and oil.
- Solar and wind tax credits should be phased out as they are in the House version of the “One Big Beautiful Bill.”
The Inflation Reduction Act of 2022 (IRA), President Biden’s signature climate bill, passed solely by Democrats, contains lucrative, essentially uncapped subsidies for wind and solar-generated power. Under current law, the tax credits phase out over four years, starting in either 2032 or when the U.S. power sector’s greenhouse gas emissions fall to a quarter of their 2022 levels — whichever comes later. An essentially uncapped phase-out defies the original purpose of tax credits, which is to spur the advent of young industries. The wind and solar power industries are decades old and should be able to advance without continued support from lawmakers and American taxpayers. These industries supplied 15.6% of the electricity generated by central generating stations in 2024, surpassing coal generation for the first time, which accounted for 15.2% of that power in the same year. As such, solar and wind tax credits should be phased out much earlier, as they are in the House version of the “One Big Beautiful Bill.”