Sources say that Venezuela's PDVSA has expanded its oil fields to joint venture partners.
Three sources familiar with the matter said that the state-run PDVSA of Venezuela is currently in discussions with its joint venture partners including Chevron Repsol and Maurel & Prom to expand the oilfields assigned to their respective projects. This could lead to an increase in crude and natural gas production. Venezuela's National assembly?approved a reform of the main oil law in late January, allowing foreign oil companies autonomy to export and receive cash sales proceeds even though they are minor partners in joint ventures with PDVSA.
Energy secretary warns against legitimacy of Chinese deals
Chris Wright, the U.S. secretary of energy, urged on Wednesday that the U.S. invest more in Venezuela during the most high-level visit to the U.S. focused on energy policies in almost three decades. Wright also warned about the legitimacy of Chinese companies in the OPEC nation. Wright stated that the U.S. After a meeting with the Interim President, Delcy Rodriquez, at the Miraflores Presidential Palace in Caracas, the U.S. Wright stated in a televised press conference that "this year we can drive an increase in Venezuelan gas…
Libya awards new oil and gas blocks to Chevron Eni and others in the first licensing round since 2007.
Libya awarded oil and gas exploration blocks on Wednesday to foreign oil companies including Chevron Eni QatarEnergy Repsol, in its first licensing round for nearly 20 years. The country is trying to revive the sector despite political divisions. The National Oil Corporation announced the winners of their first round of bidding since 2007. They allocated key acreage in the Sirte, Murzuq and offshore blocks of the Sirte basin. Foreign investors had been wary of Libya's operating conditions after the 2011 overthrow Muammar Gadafi, but now they are showing renewed interest.
US Energy Secretary to Arrive in Venezuela With Herculean Task of Oil Recovery
This week, the U.S. Department of Energy Chris Wright will visit Venezuela. It is the highest-level U.S. The OPEC country has not had a visit to discuss energy policy in almost three decades. Washington is conducting its first assessment on the ground of the oil industry that it plans to rebuild. Wright will arrive in Caracas Wednesday, one day after the U.S. granted a general license to explore and produce oil and gas in Venezuela. Sources familiar with preparations say that Wright's agenda will include meetings with Delcy Rodriguez (interim president and oil minister)…
Saudi and US firms partner on northeast Syria Energy Project
Two people with direct knowledge of the plan say that Saudi Arabian and U.S. firms will form a consortium to explore and produce oil and gas in the northeastern part of Syria. Sources said that Baker Hughes, Hunt Energy, and Argent LNG plan to partner with TAQA on the project. The project would cover four to five exploration blocks in the northeastern area. The project is the latest in an array of large-scale business deals that have spanned Syria's entire economy, since the former…
Treasury: US grants license for oil and gas exploration in Venezuela
The?U.S. The?U.S. Washington has eased sanctions against Venezuela's oil industry that were first imposed by the United States in 2019. Since U.S. troops captured President Nicolas Maduro at the beginning of January, Washington has relaxed its sanctions. The government of interim president Delcy Rodriguez then agreed on a $2 billion oil deal with Washington. Oil drillers need U.S. approval to use specialized equipment and import rigs needed to?expand Venezuela's oil production, which is currently around 1 million barrels a day (bpd).
Saudi and US firms partner on northeast Syria Energy Project
According to two sources with knowledge of the plans, two Saudi Arabian firms and three U.S. companies are planning to form a consortium to explore and produce oil and gas in the?northeastern?Syria. The sources stated that Baker Hughes, Hunt Energy, and Argent LNG plan to partner with Saudi Arabia's ACWA Power, and TAQA to complete the project. It would cover four to five exploration blocks in the northeastern area. This would be one of many?big business deals? that have spanned the…
Oil Prices Rise After US Urges Caution for Vessels Traveling Near Iran
Oil prices rose more than 1% on Monday after the U.S. Department of Transportation issued an advisory to U.S.-flagged vessels to stay as far as possible from Iranian territory while voyaging through the Strait of Hormuz and Gulf of Oman.Brent crude oil futures were up 89 cents, or 1.3%, at $68.94 a barrel by 11:24 a.m. EST (1624 GMT). U.S. West Texas Intermediate crude rose 83 cents, or 1.3%, to $64.38.The U.S. DOT's Maritime Administration agency noted that vessels going through the Strait of Hormuz and Gulf of Oman have historically faced the risk of being boarded by Iranian forces…
Shell stops further Kazakhstan investment due to legal disputes, CEO states
Shell has halted new investments in Kazakhstan due to legal actions taken by the government against the oil giant and other international companies over cost disputes. CEO Wael sawan confirmed this. Kazakhstan has been in conflict with international oil companies for many years. It launched arbitration proceedings against the developers who developed its Kashagan oilfields and Karachaganak, claiming $13 billion of disputed costs and $3.5 billion. One claim?involves a field operated by the Karachaganak Petroleum Operating Consortium…
Shell stops further Kazakhstan investment due to legal disputes, CEO states
Shell has halted new investments due to legal actions launched by the government against it and other international companies for cost disputes. CEO Wael Sawan said that Shell would halt its new investments because of the legal proceedings. Kazakhstan has been in conflict with international oil companies for many years. It launched arbitration proceedings against the developers who developed its Kashagan oilfield and Karachaganak, claiming $13 billion of disputed costs and $3.5 billion.
ConocoPhillips aims to cut costs by $1 billion in 2026. Profits miss on lower oil prices
ConocoPhillips announced on Thursday that it plans to reduce capital and operating costs by $1 billion by 2026. This comes after the U.S. energy producer missed Wall Street's?estimates? for its fourth-quarter profits due to lower crude prices. Falling oil prices have put pressure on the industry to reduce spending, drill less and cut staff. ConocoPhillips' average price was $42.46 for a barrel of oil-equivalent (boe), which is 19% less than the previous year, since it does not typically hedge its production.
Tengiz Oilfield Power Facility Fires Damage Kazakhstan's CPC Oil Exports
Kazakhstan's planned oil exports could fall by as much as 35% this month via its main route through Russia, four trading sources have told Reuters, as the giant Tengiz oilfield slowly recovers from fires at power facilities in January.U.S. oil major Chevron leads the Tengizchevroil (TCO) consortium that operates the field.Oil exports through the Caspian Pipeline Consortium system, which crosses into Russia en route to the Black Sea, could drop from the preliminary schedule of about…
Oil majors buy up West African oil blocks to prepare for the next Brazil
Chevron, TotalEnergies and other oil majors are snatching up offshore blocks off the coast of West and Southern Africa. Geology, regulatory reforms and the need to replenish the reserves have prompted the search for the next Brazil. Companies are restocking oil and gas assets as fossil fuel demand is expected to remain higher than forecasted just a few short years ago. Justin Cochrane is the African Upstream Regional Research Director for S&P Global Commodity Insights. He said that of all of the oil and natural gas discovered in West Africa since 2020…
Vietnam is willing to increase US purchases, says the trade minister as new tariff talks begin
Vietnam's trade minister said that the country is ready to increase its purchases of U.S. products, particularly machinery and high-tech items. The Southeast Asian nation has begun a sixth round of tariff negotiation in Washington, this week. According to a ministry statement, Trade Minister Le Manh Hung held meetings with executives of Apple, Exxon Mobil and GE as well as Excelerate Energy and 'AES. In October, the 'White House' announced that?the United States?and Vietnam will finalise a trading agreement which will keep tariffs at 20% on most Vietnamese products but remove them on certain goods.
Sources say that the US will soon issue a general license for oil extraction in Venezuela
Three sources said that the U.S. is preparing to issue a general license allowing oil and gas companies to operate in Venezuela as soon as 'this week'. Washington aims to encourage increased production in the OPEC country since capturing the president. Sources said that the Office of Foreign Assets Control of the Treasury would allow companies to explore for and pump crude oil and gas. OFAC has already granted U.S. companies permission to store, refine and sell Venezuelan oil under a general license that was issued last month. On Tuesday, OFAC also issued a license for the sale of U.S.
Libya plans to increase gas exports to Europe before 2030
Massoud Suleman, Chairman of the National Oil Corporation said that Libya will increase its natural gas production in the next five to ten years to?have a greater supply available to export to Europe before early 2030. Suleman, who spoke at the LNG2026 Conference in Qatar, told the delegates that the country intends to increase its gas production by nearly 1 billion standard cubic feet per day and begin drilling for shale in the second half of this year. Foreign investors are wary about investing in OPEC-member Libya. The country has been?in a'state of chaos?
Libya plans to increase gas exports to Europe before 2030
Massoud Suleman, Chairman of the National Oil Corporation, said that Libya intends to?boost? its natural gas production over the next five to six years in order to increase supply to Europe before early 2030. Suleman, who spoke at the LNG2026 Conference, said that the country plans to increase its gas production up to a maximum of nearly 1 billion cubic feet per day. It will also begin drilling for shale-gas in the second half of this year. He said that Libya's 80 trillion cubic feet (80 trillion cubic meters) of gas resources are split between conventional and unconventional sources.
Venezuelan Oil Exports Increase to 800,000 bpd in January Under US Control
Venezuelan oil exports rose to some 800,000 barrels per day (bpd) in January, from 498,000 bpd in December, after the U.S. capture of Nicolas Maduro and the ending of an oil blockade which has let traders carry most exports, shipping data showed.Washington imposed an oil embargo on the U.S.-sanctioned country in December to pressure Maduro and seized seven tankers.The blockade led to the accumulation of more than 40 million barrels of crude and fuel in onshore tanks and vessels that…
Trinidad and Tobago talks with Indian Oil about reviving refinery
Trinidad and Tobago is in talks with ?Indian Oil Corp to restart its mothballed 165,000-barrel-per-day Guaracara oil refinery, Energy Minister ?Roodal ?Moonilal said, as the Caribbean nation looks to revive refining capacity shut more than seven years ago. The refinery in the south was shut down in 2018 by the previous government, which blamed its closure on massive losses and debt. Moonilal said in an interview at the India Energy Week that "we can come up with a new type of commercial structure" for Indian Oil.
Kazakhstan announces that oil production at Tengiz has resumed
The energy ministry announced on Saturday that oil production at Kazakhstan's massive Tengiz Oilfield has been restored, with five wells now operating again. Since the outage, production data for the largest field in Kazakhstan has been unavailable. Kazakhstan announced on Wednesday that it would restart the Tengiz Oilfield in stages. It aims to reach full production within a week. Three unexplained electric?fires cost it 7.2 millions barrels of crude oil earlier this month. Tengiz…