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 Venezuela's energy industry this month by issuing general licences that allow global energy firms to operate oil projects and gas in the OPEC nation.
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. They issued general licenses allowing global energy companies the opportunity to operate oil projects and gas in Venezuela.
Golden Pass is moving closer to producing its first LNG by increasing natural gas flow into the facility
LSEG data show that Golden Pass, a joint venture between Exxon Mobil, QatarEnergy and Exxon Mobil, has pulled in more than 300 million cubic feet on Wednesday, bringing it closer to producing its first LNG. The '18 million metric tons per year project in Texas will be one of the biggest U.S. export facilities of super-cooled gas and help the United States maintain its position as the top exporter. Exxon CEO Darren Woods stated on January 30 that he expects the plant to begin producing LNG in March. This marks an important milestone for the project.
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. Irfaan Ali, the Guyanese president, announced on Tuesday that the country would use its oil and gas boom to drive other sectors of the economy.
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. However, the events in Venezuela have brought the region into the spotlight after U.S.
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. The license does not permit transactions with Russian, Iranian, or Chinese companies or entities controlled or owned by joint ventures in these countries.
Qatar Energy CEO: By 2030, the LNG glut may be reduced to a gap due to AI power requirements.
Qatar Energy CEO Saad Al-Kaabi said on Monday that the expected global glut of liquefied gas could become a shortage in 2030 due to rising demand for gas and fuels, particularly in Asia. The LNG supply expected between 2026-2029, including projects such as Golden Pass LNG in the U.S. Gulf Coast region and Qatar's North Field Expansion are likely to be significant. Kaabi added that the demand expectation has increased "primarily due to...AI and data center needs". He told LNG2026 that if all of this pans out there will be a deficit, not an oversupply, by 2030.
Electricity Needs for AI, Data Centers May Turn LNG Glut into Gap by 2030
Growing electricity demand from AI and data centres, together with rising fuel use in Asia and European gas needs could turn an expected global liquefied natural gas supply glut into a shortage by 2030, Qatar Energy CEO Saad al-Kaabi said on Monday.LNG coming online between 2026 and 2029 has raised concerns of a supply glut that could depress prices, with projects like Golden Pass LNG on the U.S. Gulf Coast and Qatar's North Field Expansion expected to contribute sizeable volumes."We always thought the market would have some kind of oversupply between 2025-2030 (and) beyond 2030 you will have a shortage…
Exxon CEO: First LNG expected at Golden Pass in March
Exxon Mobil's CEO Darren Woods announced on Friday that production?of liquefied gas will begin at the Golden Pass export terminal in Texas in March. This marks a significant milestone for the project. The?project, a joint venture between QatarEnergy and the U.S. government, will be the newest LNG?plant in the U.S. After construction began in 2019, the $10 billion project has suffered from delays and cost increases. The project had to switch its lead contractor when it filed for bankruptcy, claiming overruns in cost. Woods stated during Exxon’s…
Geopolitics loom large over Big Oil earnings as investors seek Venezuela details
Exxon Mobil executives and Chevron executives will likely face more questions about their investment opportunities in Venezuela when they speak with analysts this Friday. After President Trump announced that he wanted to invest $100 billion to increase and control Venezuelan production, the U.S. captured and removed Venezuelan President Nicolas Maduro. The dramatic shift in geopolitics that occurred after renewed U.S. - China trade tensions, and Russia - Ukraine peace talks in the fourth quarter 2025 led to fluctuating oil price. Investors also have been focused on the widespread anti-government demonstrations in Iran, and a potential U.S. reaction in recent days.
Geopolitics loom large over Big Oil earnings as investors seek Venezuela details
Exxon Mobil executives and Chevron executives will likely face more questions on their investment opportunities in Venezuela when they speak with analysts this Friday. After President Donald Trump announced that he wanted to invest $100 billion to increase and control Venezuelan crude oil production, the U.S. captured and removed?Venezuelan president Nicolas Maduro in early this month. The dramatic shift in geopolitics that occurred after renewed U.S. - China trade tensions, and Russia - Ukraine peace talks during the 4th quarter of 2025 led to fluctuating oil price. Investors also have been focused on the widespread anti-government demonstrations in Iran, and a potential U.S.
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. He said: "We will be making the decisions as to which oil firms are going to enter…
Exxon CEO: We are ready to assess reentering Venezuela and will send a team within a few weeks.
Exxon Mobil CEO Darren Woods stated?on Friday that the U.S. 'oil major could start from the ground up in Venezuela, and was prepared to evaluate the possibility of returning to the country. Woods stated that it was "absolutely critical" to have a technical team in place for the purpose of assessing the state of 'the industry. He added that a team could be on the ground in a matter of weeks. The remarks?were?made during a meeting at the White House with U.S. president Donald Trump and other oil executives, to discuss the future oil industry of the OPEC country. U.S.
Bousso: ROI-Permian will retain US oil crown after peaking even though it has reached its peak
The Permian Basin is set to reach its peak oil production in December. This will be a turning point for the U.S. Shale Boom that has reshaped the global energy markets over the last 15 years. But drilling innovations will ensure that the output of America's most prolific patch of oil will remain stable for many years. In its latest Short-Term Energy Outlook, the U.S. Energy Information Administration reported that the Permian Basin, which spans West Texas, and Southeast New Mexico, will produce a record 6.76 million barrels of oil per day in December. This is only slightly more than November's production. The U.S.
Bousso: ROI-Permian will retain US oil crown after peaking even though it has reached its peak
The Permian Basin is set to reach its peak oil production in December. This will be a turning point for the U.S. Shale Boom that has reshaped the global energy markets over the last 15 years. But drilling innovations mean that output in America's largest oil patch will remain stable for many years. In its latest Short-Term Energy Outlook, the U.S. Energy Information Administration reported that the Permian Basin, which spans West Texas and southeastern New Mexico will produce an unprecedented 6.76 million barrels of oil per day in December. This is only a little higher than November's total. The U.S.
U.S. Companies hold their line in climate talks despite Trump
Despite the U.S. Government's deterioration on climate change ahead of the COP30 Summit, American companies didn't shy away. According to an analysis of the attendance lists, there were 60 Fortune 100 representatives at this year's event in Brazil, as opposed to 50 last year at Baku, Azerbaijan. Others attended pre-conferences in Brazil's financial hub Sao Paulo, and Rio de Janeiro. On a U.N. provisional list of summit attendees, Microsoft, Google, Occidental Petroleum and General Motors were all represented. We have seen no change in the level of engagement by U.S. businesses on climate policy during this year.
Exxon freezes plans for major hydrogen plant amid weak customer demand
Exxon Mobil has halted plans to build one of the largest hydrogen production plants in the world due to low customer demand, CEO Darren Woods said in an interview with Business Insider on Friday. The project's suspension, which was already delayed, reflects the slowdown of efforts by oil and gas companies to switch to cleaner energy sources, as many initiatives are struggling to make a profit. Donald Trump, the U.S. president, had also cut funding for green projects to concentrate on fossil fuels. Exxon, the oil major, announced in 2022 plans to build a plant in its Baytown, Texas refinery and chemical complex.
QatarEnergy, ExxonMobil Executives Threaten European Exit Under Imposing Climate Regulation
Executives at two of Europe's top gas suppliers, ExxonMobil and QatarEnergy, on Monday warned they could stop doing business with the European Union if it does not significantly loosen a sustainability law that could impose fines of 5% of their global revenue.Exxon CEO Darren Woods told Reuters on the sidelines of the ADIPEC meeting in Abu Dhabi that the EU's Corporate Sustainability Due Diligence Directive would have "disastrous consequences" if adopted in its current form.The directive requires companies doing business in the bloc to address human rights and environmental risks across their supply chains…
Exxon and QatarEnergy executives warn Europe of a possible exit due to climate law
ExxonMobil executives and QatarEnergy executives warned on Monday that they may stop doing business in Europe if the EU does not loosen its sustainability law, which could result in fines up to 5% of global revenue. Exxon CEO Darren Woods said on the sidelines the ADIPEC Meeting in Abu Dhabi, that the EU Corporate Sustainability Due Diligence directive would have "disastrous" consequences if it was adopted in its present form. The directive requires that companies operating in the EU address risks to human rights and the environment in their supply chains. It also holds companies responsible for any harm caused even outside of Europe.
Exxon lifts force majeure on LNG project in Mozambique
Exxon Mobil may lift force majeure for a $30 billion liquefied gas project in Mozambique, according to CEO Darren Woods. Woods made the announcement during a Friday earnings call. Woods, who is referring to a French energy company that is developing an adjacent, but related, project, said: "Total has lifted their force majeure. Reports earlier this week stated that Exxon could not make a final decision on the project called Rovuma until TotalEnergies resumes its work following a force majeure lifted by it four years ago, which was caused by an insurgent attack linked to Islamists. TotalEnergies affects Exxon because the two companies share facilities.