TotalEnergies' Venezuela Stance, Record U.S. Power Consumption: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

VENEZUELA
TotalEnergies CEO: We're Not Rushing Back to Venezuela - TotalEnergies (Courbevoie, France) is in no rush to return to Venezuela where doubling oil production could cost US$100 billion, the French firm's chief executive officer (CEO) said on Tuesday. "People want to rush back, but it will require a clear framework to be able to invest there and it will take time," CEO Patrick Pouyanne said at Abu Dhabi Sustainability Week. TotalEnergies, which began operating in Venezuela in the 1990s, left in 2022 and unlike some U.S. peers, is not owed money there. Total held a 30% stake in a joint venture producing extra-heavy crude from Venezuela's Orinoco Belt, before ceding it to national company PDVSA in 2021 and taking a US$1.38 billion write-down. "We were obliged to leave because the safety conditions were not there ... so we'll look at it, we'll see, we are always evaluating, but it's not high on my agenda," Pouyanne said. (Reuters)

POWER
EIA: U.S. Power Use to Beat Record Highs in 2026, 2027 - U.S. power consumption, which hit its second straight record high in 2025, will rise further in 2026 and 2027, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook on Tuesday. The EIA projected power demand will rise from a record 4,198 billion kilowatt-hours (kWh) in 2025 to 4,256 billion kWh in 2026 and 4,364 billion kWh in 2027. (Reuters)

LNG
Engie Signs LNG Deal to Supply Thai Power Plants - French utility Engie (La Défense) has signed a 15-year deal to supply liquefied natural gas (LNG) to power plants in Thailand owned by Gulf Development PCL (Thailand), the Thai company said on Tuesday. Deliveries of up to 0.8 million metric tons a year will begin in 2028. Price details were not disclosed. (Reuters)

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About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).