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.
Michigan suedes oil companies for collusion to restrain competition in EVs
Michigan Attorney General Dana Nessel filed an antitrust suit against four major oil firms on Friday, alleging that they have colluded over decades to prevent competition from renewable energy sources, including?electric cars. The lawsuit filed in U.S. District Court, western Michigan, names BP and Chevron. It also names ExxonMobil, Shell, and the American Petroleum Institute.
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.
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…
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…
US oil companies juggle Venezuelan opportunity and investor concerns ahead of White House Summit
U.S. Oil executives will weigh the business potential of Venezuela and the enthusiasm expressed by President Donald Trump against the cautious attitude expressed by their investors when they are summoned to meet at the White House this Friday to discuss possible investment plans. Speaking at the Goldman Sachs Energy?conference held in Miami, Secretary of energy Chris Wright repeated Trump's claim that U.S.
Sources say that the Embassies of Venezuela are planning visits by American and European oil companies
Two sources said that foreign embassies in Venezuela are arranging visits next week with representatives of American and European oil firms. This follows the U.S. announcement about a $2 billion deal for oil and the supply to Venezuela of U.S. products. Sources said that the meetings will include some with PDVSA (the state oil company) to help advance Venezuelan oil supply negotiation and do initial assessments of Venezuelan infrastructure.
FT reports that US oil companies need guarantees before investing in Venezuela.
The Financial Times reported that U.S. Oil Companies want "serious assurances" from Washington before making large?investments into Venezuela. President Donald Trump wants them to support his efforts to reshape the energy?markets. The FT, citing sources familiar with the issue, reported that U.S. officials met with energy executives on Wednesday in Miami. Washington and Caracas are progressing, so the talks will come.
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.
Oil Firms in Norway to Drill 18% Less Exploration Wells by 2026, Survey Finds
A survey on Thursday showed that oil firms in Norway are planning to drill 18% less exploration wells next, as they focus on existing fields. This could undermine the government's aim of maintaining production from Europe's biggest petroleum producer.Offshore Norway's survey of its members shows that drilling and investment will decline next year.The survey revealed that oil companies on the Norwegian continental Shelf…
Sources say that India is considering raising the sugar floor price and ethanol rates in order to support mills.
Sources in government and the industry said that India was considering raising the price floor for sugar sold on the domestic market. This is part of an effort to assist mills with surplus stocks. Sources said that the government of Prime Minister Narendra Modi could also increase the price at which oil firms buy ethanol from mills to mix with petrol. These moves will help mills to avoid losses…
Slovakia imports two-thirds its gas from non-Russian suppliers this year
Denisa Sakova, Minister of Economy, said that Slovakia's dominant importer of gas, SPP, has only received 33% this year, from Russia. The rest is from other suppliers. Slovakia rearranged its gas supplies after Ukraine stopped transiting Russian gas in the first month of this year. However, it was keen to continue receiving Russian Gazprom gas through its contract with Turkstream and Hungary.
Kremlin: Putin and Tokayev will discuss gas projects, US sanctions against Russian oil and other issues.
The Kremlin announced that Russian President Vladimir Putin will meet with Kazakh President Kassym Jomart Tokayev in Moscow to discuss gas projects, as well as the impact of U.S. sanctions against Russian oil companies. Dmitry Peskov, Kremlin spokesperson, said that Putin was also interested in hearing about the talks Tokayev held last week with Donald Trump and other Central Asian presidents.
US, UK Ramp Up Pressure on India to Stop Russian Oil Imports
Western powers have ramped up pressure on Russia's oil sales amid its war with Ukraine as U.S. President Donald Trump said India would stop buying and Britain imposed sanctions on top Russian oil firms.Ukrainian President Volodymyr Zelenskiy is schedule to meet Trump in Washington on Friday to push for military and energy support at a time when Kyiv and Moscow…
Iraq, Kurdish Government to Restart Oil Exports to Turkey
Iraq's federal and Kurdish regional governments reached a deal with oil firms to resume crude exports via Turkey on Monday, two oil officials told Reuters.The breakthrough will allow for the resumption of exports of about 230,000 barrels per day (bpd) from Iraqi Kurdistan which have been suspended since March 2023."We will on Tuesday start technical procedures to prepare pipeline operations…
Russia Warns of Cutting Oil Output Following Drone Attacks
Russia's oil pipeline monopoly Transneft has warned producers they may have to cut output following Ukraine's drone attacks on critical export ports and refineries, three industry sources said on Tuesday.Kyiv has stepped up attacks on Russian energy assets since August in a bid to impede Moscow's war effort in Ukraine and reduce the Kremlin's revenues as attempts…
Russell: ADNOC must offer more than just money to make the Santos deal work.
Abu Dhabi National Oil Company's (ADNOC) $18.7billion bid for Australian liquefied gas producer Santos faces a much higher hurdle than the money offered. The politics surrounding the deal, which would represent Australia's biggest-ever cash takeover in history, are becoming increasingly difficult to overcome. ADNOC, Australia's second largest oil and gas company launched its bid in June…
Russell: ADNOC must offer more than just money to make the Santos deal work.
Abu Dhabi National Oil Company's (ADNOC) $18,7 billion bid for Australian liquefied gas producer Santos faces a much higher hurdle than the money offered. The politics surrounding the deal, which would represent Australia's biggest-ever cash takeover in history, are becoming increasingly difficult to overcome. ADNOC began its bid in June for Santos, Australia’s second largest oil and gas company.
Shell cancels plans to build a biofuels plant in Rotterdam
Shell announced on Wednesday that it will not continue construction of the biofuels plant at its Shell Energy and Chemicals Park Rotterdam, after an extensive evaluation revealed that it was not competitive. Construction of the project was suspended in July 2024 because of weak market conditions. Shell approved in September 2021 the development of the facility to produce 820,000 tons per year, and planned to bring it on line in 2025.
Petroperu In Talks to Find Amazon Oil Block Partner
Peru's state-run oil company Petroperu is in talks with five firms, including Canada's PetroTal and U.S.-based Upland Oil and Gas, as it seeks a partner to reactivate a key Amazon oil block, a company executive said late Thursday.Tomas Diaz, manager of Petroperu's exploration and exploitation unit, told Reuters the company expects to reach an agreement for Lot 192 by mid-to-late July.The reactivation of Lot 192…