What is the current status of international oil firms in Venezuela following Maduro’s capture?
Here are some key facts about the international oil companies operating in Venezuela. The country, which has the largest oil reserves in the world, is now in crisis following the capture of the President Nicolas Maduro. Former President Hugo Chavez expropriated?assets?from foreign oil companies in the 2000s. This strengthened the state-owned PDVSA control over the oilfields of the country. Due to Washington's sanction, foreign companies must now obtain authorizations from the United States to negotiate, plan and operate projects in Venezuela.
Explainer: Status of Foreign Oil Companies in Venezuela After Maduro’s Arrest
Here are some key facts about the international oil companies operating in Venezuela. The country, which has the largest oil reserves in the world, is now in crisis following the capture of the President Nicolas Maduro.Hugo Chavez, the former president, expropriated foreign oil companies' assets in the 2000s. This strengthened the state-owned PDVSA?control over Venezuela's oilfields. Due to Washington's sanction, foreign companies must now obtain authorizations from the United States to negotiate, plan and operate projects within Venezuela.
Saipem awarded $425 million contract to develop Turkey's largest offshore gas field
Italian engineering group Saipem won a $425-million contract to continue the development of Turkey’s largest offshore natural gas field. The contract, awarded by Turkish Petroleum OTC covers the third phase in a project for the development of the Sakarya Field, with a focus on the construction three additional?pipelines, totaling around 153 km along with subsea structures. Saipem announced in a press release that these facilities will connect the newly discovered Goktepe Gas Reserve?to Sakarya’s phase 3 facility.
Ministry says that the technical problem at Iraq's Khor Mor Gas Field is causing a drop in power supply to Kurdistan.
The Kurdish Ministry of Electricity announced on Thursday that the electricity supply in Kurdistan had dropped by 1,000 megawatts because of a "technical problem" at the Khor Mor gas fields, one of the largest in the Kurdish Region. The ministry of electricity stated that the Ministry of Natural Resources and the UAE's Dana Gas team, who?jointly operated the field?, are working to restore stability. A?source on the ground also stated that the technical glitch was being repaired?and is expected to be fixed in a few hours.
Egypt claims gas deal with Israel as'strictly business'
Egypt said Thursday that the natural gas agreement with 'Israel is a purely commercial arrangement without any political dimension. It was concluded by private energy companies under market rules, with no direct government involvement. Israel approved on Wednesday an export agreement signed in August between Chevron and NewMed and Ratio to provide up to $35 billion worth of gas from the Leviathan Natural Gas Field to Egypt. The agreement…
Netanyahu: Israel has approved a natural gas agreement with Egypt
Israel approved a deal to supply natural gas to Egypt. Israeli Prime Minister Benjamin Netanyahu announced the deal on Wednesday. He called it Israel's "largest-ever" gas deal. Israel signed an export agreement with Egypt in August to provide up to $35 billion of gas from the Leviathan natural gas field. I have approved today the largest gas deal in Israel's?history. In a televised statement, Netanyahu announced that the deal was worth 112 billion shekels (US$34.67 billion).
The UK has exempted Egypt's Zohr Gas Field from Russian sanctions
Britain added Egypt's Zohr Gas Field, where Russian oil major Rosneft has a 30% stake - and London-based BP a 10% one – to a list of projects that are exempted from its Russia sanctions. In October, Britain and the United States sanctioned Russia's two largest oil companies, Rosneft, and Lukoil for their involvement in funding Moscow's invasion in Ukraine. The amended?general license, issued on Wednesday, allows for payments and business activities?linked to Zohr up until October 2027.
The UK has exempted Egypt's Zohr Gas Field from Russian sanctions
The UK added Egypt's Zohr Gas Field, where?Russian oil giant Rosneft has a 30% stake? and London-based BP has a 10%?holding?, to a list that exempts Russia sanctions. In October, Britain and the United States sanctioned Rosneft, one of Russia's largest oil producers, for their role in financing Moscow's invasion in Ukraine. The amended general licence, dated?on Wednesday?, allows now payments and business activities linked to Zohr?until?October 2027. BP, Rosneft, Eni and other partners hold a?stake? in Zohr alongside majority stakeholder Eni.
Senegal retracts minister's comments on nationalisation of gas fields as the end of licence nears
The Senegal energy ministry retracted its previous statement on Thursday that it intended to nationalise Yakaar Teranga, a U.S.-owned gas field. Both parties indicated the licence would be handed back to the state in July next year. Birame Souleye Diop, Senegal’s Energy Minister, said Tuesday that the government wants to nationalize Yakaar Teranga. State-run Petrosen owns the remaining 10%. Both companies are looking for a third partner to enter the project and progress a plan of development. However, no breakthrough has yet been made.
Australia is preparing to review its gas market, which could affect LNG exports
Australia will soon issue a review of the gas market that could limit exports from its east coast. Three operators, led by Shell and Santos, send cargoes to Asia. They said that the review, which they expect Canberra to release this week, may 'include a plan for LNG exporters to prioritize local supply in the populous east, the main source of domestic demand. Tony Wood, energy analyst at Melbourne's Grattan Institute, said that the government is trying to solve a difficult problem.
Kazakhstan to Directly Supply Kashagan Oil to China Due to CPC Damage
Kazakhstan plans to supply 50,000 metric tons of crude to China directly from the vast Kashagan field in December for the first time after a Ukrainian drone damaged the Black Sea terminal of the Caspian Pipeline Consortium (CPC), two sources told Reuters.The CPC, which accounts for 1% of global crude supply and includes Russian, Kazakh and U.S. shareholders, has had to reduce exports because a key part of its loading infrastructure - a single-point mooring (SPM) - was damaged in the attack.Currently…
Kurdish Prime Minister says Iraq's Khor Mor gas field will restart production in hours
Masrour barzani, the Iraqi Kurdish prime minister, said that the region of Kurdistan in Iraq had agreed to restart production at the Khor Mor field within hours, to restore electricity. This was announced on Saturday after the field suffered an attack. Khor Mor, the largest gas field in Kurdistan, supplies power to the region. Dana Gas, the joint field operator, announced on Thursday that a rocket struck a tank of gas late Wednesday night, causing a shutdown in production and widespread power outages.
After drone attack, operations at major Iraqi gas fields are suspended
Field engineers reported on Wednesday that a drone attack caused the suspension of operations in the Khor Mor Gas field, which is one of the largest fields of gas in Iraqi Kurdistan. The Natural Resources and Electricity Ministries said in a statement that all gas supplies to power plants in Kurdistan were stopped following the attack. Security sources reported that the attack on field storage tanks started a fire, and injured some workers.
Lukoil to Sell International Assets
Russia's Lukoil is selling its international assets after the U.S. imposed sanctions on the company.Washington refused to approve the sale of assets to Swiss commodity trader Gunvor, throwing Lukoil's operations in disarray and leading to a scramble of potential buyers.The U.S. Treasury cleared potential buyers to talk to Lukoil until December 13. They will need separate approval for specific deals. U.S. oil major Chevron is studying options to buy some global assets of Lukoil, sources have said. U.S.
Sources say that Russia's Orenburg plant has increased its gas imports from Kazakhstan
Two industry sources reported on Thursday that the Russian Orenburg gas plant had increased its gas intake from the Karachaganak gas field in Kazakhstan at the beginning of November, in an effort to recover gradually after it was attacked by drones last month. The first disruption of Western oil majors in Russia was caused by the strike at the Orenburg plant, located 1,056 miles (1 700 km) east of Ukraine. This was part of Kyiv’s campaign against Russian infrastructure.
Chevron is nearing a final greenlight on the expansion of Israel's Leviathan Gas Field
Chevron said that it is close to making a final decision on a possible capacity expansion for the Leviathan field, located off Israel's Mediterranean Coast. NewMed, Chevron’s partner in this field, said that in August partners in the Leviathan gas field signed a $35 billion deal, the largest in Israel’s history for gas exports to Egypt. This was mainly done via new pipelines. The deal will ease Egypt's energy crisis. Egypt has spent billions on imported liquefied gas because its own supply fell short of the demand.
Woodside Energy predicts that sales will increase by 50% by the year 2032
Meg O'Neill, CEO of Woodside Energy, said that the company expects to see its oil and gas sales increase by 50% in 2032, primarily due to rising energy demand, especially on Asian markets. O'Neill stated in a presentation at the Capital Markets Day of the company that sales would rise from 203.5 million barrels equivalents per year to 300 million in seven years. The presentation indicated that this is a 6% annual increase in sales. The company aims to generate $9 billion in free cash flow by the year 2032.
QatarEnergy CEO: LNG production from North Field expansion will start in the second half of 2026
QatarEnergy's CEO, who is one of the largest liquefied gas producers in the world, said on Monday that its massive North Field expansion will produce the first LNG by the second half 2026. In May, the state-owned firm announced that the first production of the field would start in mid-2026. According to CEO Saad Al-Kaabi, the project was originally scheduled for the end this year. Al-Kaabi said that any delays were due to COVID restrictions imposed earlier in the decade and not geopolitical tensions.
BW Energy reports encouraging preliminary results for Kharas well offshore Namibia
BW Energy announced on Friday that the preliminary results of its Kharas-1 well, which was drilled offshore Namibia in the Kudu license, were encouraging and indicated the presence hydrocarbons. The results come after a series of discoveries made by oil companies including TotalEnergies and Shell, which have transformed the small Southern African nation into a hotspot for exploration. BW Energy said that the appraisal well had provided geological data for a wider petroleum system.
Venezuela wants Trinidad to share details about Exxon field testing, sources claim
According to two sources and an internal document, Venezuela wants to know the location and details of the first Exxon Mobil field tests that will be conducted in a newly awarded ultra-deepwater zone in Trinidad and Tobago. Delcy Rodriguez, Venezuela's vice president and oil minister, demanded details on Exxon plans. She also asked if any potential discoveries could reach Venezuelan territory. This was relayed to Trinidad's foreign minister by Dayne-Marc Chin Slick in a recent meeting with the acting head of their Caracas mission.