Venezuela suspends 19 oil, gas production-sharing contracts signed under Maduro, sources say
Four sources familiar with the matter said that Venezuela's oil ministry suspended 19 contracts signed with private companies under the?administration? of President Nicolas Maduro. Sources say that the suspension of the contracts has not affected the oil and gas production in the country. The sources added that the state oil giant PDVSA sells the crude produced by the contracts even though they are suspended.
Chevron and Iraq agree on exclusive talks about West Qurna 2.
Chevron is in exclusive talks with Iraq about the West Qurna 2 giant oilfield. This brings them closer to purchasing the field from the sanctioned Russian oil company Lukoil. Chevron has said that the talks will include an exchange of confidential information. This could allow the U.S. major oil company to expand its footprint in Iraq after the country nationalised the West Qurna 2 project and dismantled Lukoil’s interest. Iraq nationalised its field in the last month, after the U.S.
Tullow Oil strikes multiple deals in sweeping capital overhaul
Tullow Oil announced on Friday a capital overhaul and a number of deals to increase its presence in West Africa. The heavily-indebted company is aiming to stabilize its operations and ensure longer-term growth. It said that the company had signed a refinancing agreement with Glencore, and owners of two-thirds (or $1.3 billion) of its senior secured notes due in May 2026. This extended debt maturities to November 2028 by more than two years.
What is the current status of international oil companies operating in Venezuela?
Here are some key facts about the international oil companies operating in Venezuela. The country has vast oil reserves, but a dilapidated infrastructure. Hugo Chavez, the then president, expropriated foreign oil companies in the 2000s to strengthen the control of the PDVSA, the state-owned oil company, over the oilfields. The U.S., after capturing President Nicolas Maduro, eased sanctions against…
What is the current status of international oil companies operating in Venezuela?
Here are some key facts about the international oil companies operating in Venezuela. The country has vast oil reserves, but a dilapidated infrastructure. In the early 2000s, the then-President?Hugo Chavez took assets from foreign oil companies to strengthen the control of the state-owned PDVSA over the oilfields in Venezuela. The United States, after capturing Nicolas Maduro as President in January, eased sanctions against Venezuela's oil sector this month.
Azerbaijan BTC Pipeline Exports Fall 8.9% in January
Azerbaijan’s oil exports via the Baku-Tbilisi-Ceyhan pipeline fell to 2.112 million metric tons in January 2026, down 8.9% from a year earlier, as supplies were affected by tainted oil, Azerbaijani data showed.The BTC pipeline, which runs through Georgia to Turkey, is used to export oil from the Azeri, Chirag and Guneshli oilfields, which are operated by BP.Azerbaijan’s total oil transit amounted to 2.731 million tons in January 2026, with 77.3% shipped via the BTC pipeline, according to the cou
Iraq approves an 'amicable agreement' with Russia's Lukoil regarding the transfer of operations for giant fields
According to a press release, the 'Iraqi Cabinet approved a "friendly settlement" with Russia's Lukoil on Tuesday regarding the transfer of the West Qurna 2, a giant oil field in the west of Iraq to the state-run Basra Oil Company. Last month, Iraqi nationalised the oilfields after the U.S. imposed Lukoil sanctions to pressure Russia to end the war in Ukraine. West Qurna is the largest oilfield in the world, and it accounts for about 0.5% of oil production globally.
Sources say that Venezuela's PDVSA has expanded its oil fields to joint venture partners.
Three sources familiar with the matter have confirmed that PDVSA, Venezuela's state-run petroleum company, is in talks with its joint-venture partners to offer them expansions of?the oilfields assigned to their projects. This could lead to an increase in crude and natural gas production and exports. Venezuela's National Assembly approved in late January a reform of the country's oil law that grants foreign oil companies autonomy to operate…
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,…
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.
Sources say that Venezuela's Orinoco Belt is loosening, which helps to boost oil production to 1 million barrels per day.
Sources close to the operations reported that Venezuela's state-owned?oil firm PDVSA reversed the majority of output cuts in its own oilfields and joint ventures located along the Orinoco Belt. Total production has increased to close to one million barrels a day. OPEC member Venezuela was forced to reduce its crude production after Washington imposed an oil blockade in December in order to put pressure on Nicolas Maduro. Maduro's capture at the beginning of January resulted in the U.S.
Sources say that increased Orinoco Belt production boosts Venezuela's crude oil production to one million barrels per day.
Sources close to the operations of Venezuela's PDVSA state oil company said that the company reversed the majority?of its output cuts at its own oilfields and joint-ventures in the country's main?crude region – the Orinoco Belt – bringing the nation's production to close to one million barrels per a day (bpd). The OPEC nation had to reduce crude production, its main revenue source, after an oil blockade imposed by Washington in December to pressure President Nicolas Maduro.
Sources: Eneva, a Brazilian company, is in negotiations with Maha to form a joint venture in Venezuela
Two sources who have direct knowledge of this matter said that Eneva, a Brazilian energy firm, is evaluating options to enter Venezuela's oil and gas sector. It is also in discussions with Maha Capital from Sweden about forming a joint venture. According to a source who did not want to be identified, the Brazilian oil and gas producer was in discussions with other companies than Maha. Both sources stated that the talks are still?preliminary. Eneva and Maha declined comment.
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.
Brazil's oil regulator authorizes Petrobras to resume Foz do Amazonas drilling
A document obtained by?showed that Brazil's oil regulator ANP had?authorized the?state-run Petrobras on Wednesday to resume drilling operations in the environmentally sensitive Foz do Amazonas area. The drilling was halted by the?ANP in early December after a synthetic liquid leaked from auxiliary lines that connected Petrobras' drill rig with a planned well located off the coast of Brazil’s?Amazonian State of?Amapa.
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.
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.
Carlyle's energy investment list as it targets Lukoil assets valued at $22 billion
Analysts initially estimated that the Carlyle Group would acquire most of Lukoil’s foreign assets at $22 billion. The Office of Foreign Assets Control (the U.S. agency responsible for sanctions) has yet to approve the sale. The?U.S. The?U.S. Treasury had given Lukoil a deadline of February 28th to divest their global portfolio. Carlyle has recently expanded its energy holdings to include stakes in U.S.
Chevron to Boost Exports of Venezuelan Oil to US in March
Oil producer Chevron is set to boost exports of Venezuelan crude to the U.S. to some 300,000 barrels per day (bpd) in March, from 100,000 bpd in December and some 230,000 bpd so far this month, two sources with knowledge of the plans said on Wednesday.The U.S. company, which is the main partner of Venezuela's state-run energy firm PDVSA, has chartered about a dozen tankers to increase shipments and drain inventories accumulated at its projects since December, when a U.S.
Sources say that Chevron wants better terms with Iraq before acquiring the Lukoil Oilfield.
Sources say that Chevron is seeking better terms for the West Qurna 2 Oilfield. Iraq nationalized oilfield operatorship after U.S. Three sources with knowledge of the matter said that Chevron, the U.S. oil major, is pressing Iraq to increase returns on the West Qurna 2 field in order to buy the project from Russia’s Lukoil. Iraq nationalised its oilfield earlier this month after the U.S. imposed restrictions on Lukoil in order to pressure Russia to stop the war in Ukraine.