Venezuela tensions are set to ease, resulting in a rise in the oil production potential of Guyana
Geopolitical experts and oil specialists?said that the tiny oil-producing country of Guyana has an opportunity to expand its economy amid the ongoing U.S. activities in Venezuela. This is ahead of the Guyana Energy Conference. The 'growth potential' of Guyana was the focus at the four-day conference that began on Tuesday, in Georgetown. Executives and government officials met to discuss the efforts to train the local oil workforce, increase investment and build an downstream sector.
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. West Qurna 2 Oil Field Nationalization comes at a time when talks with U.S. oil major Chevron continue over the field.
Venezuela tensions are set to ease, resulting in a rise in the oil production potential of Guyana
Experts in geopolitics and oil said that the tiny oil-producing country of Guyana, which is already one of the fastest-growing economies in the world, has a window for expansion due to the ongoing U.S. activities in Venezuela. The growth potential of the oil and gas industry will be at the forefront of a four-day conference beginning Tuesday in Georgetown. Government officials and executives will discuss how to increase investment, build an downstream sector, and train local workers. The oil promise of Guyana has been a hot topic for years.
Phillips 66, Citgo Look to Directly Buy Venezuelan Crude
U.S. refiners Phillips 66 and Citgo Petroleum are seeking to buy heavy crude directly from Venezuelan state oil company PDVSA starting in April to maximize profits, rather than purchasing through trading houses and U.S. oil major Chevron, according to sources familiar with the efforts.Trading houses Trafigura and Vitol in January secured the first U.S. licenses to export Venezuelan oil as part of a $2 billion deal between Caracas and Washington. Chevron has held an authorization to operate there and ship crude since last year.Refiners in the U.S.
Chevron and a consortium of companies sign contracts for gas exploration offshore Greece
On Monday, a consortium led by U.S. oil giant Chevron signed exclusive lease agreements to search for natural gas in southern Greece. This agreement expands the United States presence in the Eastern Mediterranean. The deal will double the amount of Greek marine acreage that is available for exploration. It's also the second time in recent months that a U.S. oil major has been involved. This is because the European Union wants to reduce its dependence on Russian gas and the U.S. wants to replace it.
Chevron and a consortium of companies sign contracts for gas exploration offshore Greece
The United States has expanded its presence in the Eastern Mediterranean with the signing of exclusive lease agreements by a?consortium headed by U.S. major oil company?Chevron? to search for natural gas offshore southern Greece. This deal, the second to be signed in recent months by a 'U.S. company, doubles the amount available of Greek marine acreage for exploration. The European Union is phasing out Russian supplies and the United States is looking to replace them. The European Union is looking to replace them.
US permits oil majors to resume Venezuelan operations and broadly approves new energy investment
The U.S. eased its sanctions against Venezuela's energy industry on?Friday. It issued two general licenses allowing global energy companies? to resume oil and?gas operations in the OPEC?member?and other companies?to negotiate??contracts? on investments in???new???energy operations?. The Treasury Department’s Office of Foreign Assets Control has issued a license allowing Chevron BP Eni Shell Repsol and Repsol resume their oil and gas operations. The second license is for companies to invest in Venezuelan oil or gas.
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…
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…
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.
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.
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…
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…