Energy quick reads

** ConocoPhillips COP has been granted financial approval for its Willow oil and gas drilling project in Alaska, with a budget of $8 billion. Following the approval, the company has initiated winter construction. Residents of Alaska are now experiencing the positive outcomes of responsible energy development.

**  Samsung Electronics Co. has delayed mass production plans at its new chip plant in Taylor, Texas, the Seoul Economic Daily said, potentially dealing another blow to the Biden administration’s ambition to increase domestic semiconductor supplies.

** Power was restored Tuesday morning in Death Valley National Park three days after an outage that started on Dec. 23. Park officials said cell towers were down, electric vehicles had to be towed and water had to be trucked during the extended outage.



** Petrobras PBR, the Brazilian state-run oil company has initiated the drilling of the Pitu Oeste well, signaling a resurgence in the company’s commitment to explore oil and gas within the vast expanse of the Equatorial Margin.

** The head of a Vietnamese province was arrested by police for allegedly helping a company illegally mine sand, in part blamed for shoreline erosion and sinkholes across the Mekong Delta — the nation’s rice bowl.

** Oil prices were rising Tuesday as transit disruptions continued following several attacks on ships in the Red Sea. West Texas Intermediate crude, the U.S. benchmark, was up 1.9% to $74.99, while Brent crude, the international standard, gained 1.8% to $80.24. Oil prices has traded lower earlier Tuesday.