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.
Sources say that the US will issue a general license to lift some sanctions against Venezuelan oil industry
Four sources said that the U.S. is preparing to issue a license to lift sanctions against Venezuela's energy industry. This would be a shift from the previous plan of granting individual exemptions for companies wishing to do business with Venezuela. After the capture by the U.S. of Venezuelan president Nicolas Maduro in early this month, U.S. official have stated that Washington will ease sanctions…
Venezuelan oil reform encourages immediate investments, but executives still need to go deeper
Foreign and local executives and attorneys said that a proposed reform to Venezuela's oil laws is sufficient to encourage existing companies to expand, and to start investing. However, deeper reforms are needed to attract the $100 Billion the U.S. estimates is necessary to overhaul the nation's energy industry. The U.S. now controls Venezuela's oil revenue and exports after a military invasion to capture…
Houston, the US oil capital, is buzzing as industry prepares for Venezuelan oil rush
Matthew Goitia explains his idea in a bar downtown Houston. He wants to build and refurbish marine terminals for Venezuela that will allow crude oil to be blended and exported, and chemical products shipped. Matthew Goitia, a director at Pelorus Terminals, explains his ambitious plan to refurbish and build marine terminals that can blend and export crude and ship chemical products in Venezuela. He also plans to add storage tanks, renovate the docks, and ensure that power is available.
Documents show that Venezuela's proposed oil-reform will give companies operating autonomy and cash proceeds to companies.
Drafts of a proposed overhaul of Venezuela's hydrocarbons laws showed that foreign and local companies could operate oilfields independently through a new model of contract, commercialize the?output?, and receive sales proceeds, even when acting as minor partners of PDVSA. Delcy Rodriguez, Venezuela's interim president, presented the proposal last week to the National Assembly. The oil industry in…
Venezuelan Oil Exports Progress Slowly Under US Supply Deal
Venezuelan oil exports under a flagship $2 billion supply deal with the U.S. reached about 7.8 million barrels on Wednesday, vessel-tracking data and documents from state-run PDVSA showed, with shipments accelerating after the U.S. eased its blockade but not enough for PDVSA to fully reverse output cuts.Following the U.S. capture of President Nicolas Maduro in early January, Caracas and Washington agreed to a deal to sell up to 50 million barrels of Venezuelan crude stored in tanks and vessels.
Galp is focusing on upstream growth in Brazil and Namibia with its refining spin-off.
The co-chief executive of Galp, Joao diogo marques da Silva, said on Tuesday that the company will "focus" on growing its upstream oilfields business in Brazil and Namibia. It may also list some of its newly created downstream business within a few years. The company announced earlier this month that it was in discussions with Moeve, a private equity-backed firm, to combine their two businesses into two new?entities. One entity would focus on retailing and the other on refining.
Maha Capital asks for US approval to purchase stake in Venezuelan oil company
Paulo Thiago Mendonca is the chairman of Maha Capital's board. He said that the United States has approved the acquisition of an indirect minority stake in a PDVSA controlled oil company. The firm has until the end of May to "exercise" an option to acquire a majority stake. Novonor is a subsidiary that owns 40% PetroUrdaneta - a small oil company in Venezuela with underdeveloped oilfields. Maha's deal…
Official: Shell wants to exit Syria's al-Omar Oilfield, but US firms are interested in the sector.
Youssef qeblawi said that the head of Syria Petroleum Company Youssef qeblawi stated on Monday that Shell asked to withdraw its oil from the al-Omar field and transfer their?share to Syria’s state-owned operators, but that U.S. firms were interested in?the?country's energy sector. Al-Omar, Syria's biggest oilfield, was taken over by the government at the weekend following a lightning-fast offensive against Kurdish troops who had occupied the site for almost a decade, and used it as an army base.
Syria tightens its grip after Kurdish withdrawal, IS jail attack reported
On Monday, Syrian government forces tightened their grip across a large swath of territory in the north and east that had been abruptly abandoned by Kurdish troops on Sunday. This was a dramatic change which solidified President Ahmed al-Sharaa’s rule. The Kurdish-led Syrian Democratic Forces, once the main U.S. ally in Syria, have agreed to a 'withdrawal from two Arab majority provinces that they controlled for many years. On Monday, there were reports of fighting despite the agreement.
After abrupt Kurdish retreat, Syrian troops consolidate their hold
On Monday, Syrian government forces tightened their grip across a large swath of territory in the north and east that was abruptly abandoned by Kurdish troops on Sunday. This dramatic change solidified President Ahmed al-Sharaa’s rule. After fighting for days with the government, the Kurdish led?Syrian Democratic Forces, (SDF), which were once the main U.S. Allies in Syria, decided on Sunday to withdraw. This includes oil fields from two provinces that had a majority of Arabs.
China's crude and gas production, refinery throughput in 2025 will reach new heights
Government data released on Monday showed that China's crude oil production and refinery throughput will both reach new highs in 2025, with crude oil growth of 1.5% and 4.1% respectively. National Bureau of Statistics reported that the world's second-largest oil consumer will process 737.59 metric tons of crude oil in 2025. Calculations showed that this is equivalent to?about?14.75million barrels per day (bpd) and surpasses the previous record set in 2023 of 14.7million bpd.
Security sources claim that Syrian forces have seized major oil and gas fields in eastern Syria
Officials and security sources reported on Sunday that Syrian troops fighting U.S. Kurdish-led force seized the largest oil field in Syria, the Omar, as well as the Conoco gas fields in eastern Deir 'Zor province, while allied Arab tribes advanced into the oil-rich region along the border with Iraq. The group suffered a major setback when they took over the oil fields east of the Euphrates, a source…
US permits talks about Lukoil’s foreign assets to continue until February 28,
The U.S. Department of Treasury on Wednesday extended the license for companies to 'talk' with Russian energy giant Lukoil regarding buying their foreign assets by more than one month, until February 28, 2019. On October 22, President Donald Trump sanctioned Lukoil, one of Russia's largest energy companies, and Rosneft, the other, as part a campaign to put pressure on Moscow for its involvement in Ukraine. Lukoil listed its assets for sale soon after.
What's at stake in Uganda’s presidential elections?
On Thursday, Ugandan President Yoweri Museveni is seeking to extend his four decade rule in an election which has raised questions about his eventual successor. Although political analysts claim that Museveni and the National Resistance Movement (NRM), his party, are almost certain to win the presidential and parliamentary election due to their stranglehold over Ugandan institutions, the outcome of the vote could have significant implications for the 'path' forward for the country.
Trump calls on US oil companies to fix Venezuela's rotting energy industry
Donald Trump, the U.S. president, began a meeting at the White House on Friday to discuss Venezuela. He said he wanted executives from some of the largest oil companies in the world to invest $100 billion to expand Venezuela's production. The meeting reflects Trump's importance for oil in his strategy towards the OPEC nation, after U.S. troops seized Nicolas Maduro as the leader of the South American nation during a brazen raid overnight on the capital on January 3.
Iraq nationalises West Qurna 2 Oilfield Operations, Government Says
Iraqi Cabinet has approved the nationalisation of petroleum operations in West Qurna 2 Oilfield, one?of the world's largest oilfields, according to the 'provisions' of a contract signed with Russia Lukoil. The cabinet agreed to also seek approvals for financing operations via the Majnoon account. This will be boosted with proceeds from crude shipments sold by SOMO, state oil marketing company. An Iraqi oil manager said that the state-run Basra Oil Company would?cover local salaries…
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…