Key facts: BP cuts output; $1B writedown & margins up; Dragon risk
In terms of energy, in June, the EU's solar power generation reached a record high; Russian oil refining fell to its lowest level since 2021 due to drone attacks; BP expects second-quarter earnings growth but a decline in upstream production; Shell received tax relief for its project in Nigeria. In terms of geopolitics, tensions between the U.S. and Iran are escalating, with U.S. forces striking Iranian facilities, Trump threatening pressure and supporting the Iraqi oil pipeline to weaken Iran's influence, and Japanese tankers have already left the Strait of Hormuz
LNG Canada offers First Nations option to invest up to C$1B in phase 2 project
Shell: As part of its investment decision, Shell acquired a 40% stake in New Providence Gas Company
Shell: Will become the liquefied natural gas supplier for the project and will utilize its U.S. liquefied natural gas asset portfolio to provide a safe and reliable fuel supply
Shell: Shell has made a final investment decision on the Bahamas liquefied natural gas regasification terminal project