BP does not intend to honor the National Oil Bargaining Agreement, says union
The union representing hundreds of workers in BP's Whiting Refinery, the.largest refinery.in the Midwest, announced?on.Friday that the British oil giant does not intend honoring the national oil bargaining agreements. The United Steelworkers union has adopted a national oil bargaining agreement that was negotiated with Marathon Petroleum to be used in contracts between 30,000 workers of the oil industry and their refineries or chemical plants. The Steelworkers Union represents about 800 workers in the Whiting refinery, which produces important transportation fuels such as?gasoline and diesel fuel.
TotalEnergies and Petrobras purchase land north of Namibia's massive Mopane discovery
Both TotalEnergies, the French oil giant, and Petrobras, the Brazilian firm acquired a 42.5% share in an offshore exploration license. The firms are looking to "develop" oil in one of last frontiers in exploration. Total has expanded its holdings in South Africa, where the company hopes to become the first oil producer by the end decade. Petrobras has also made a significant step in its plan to make Africa its primary exploratory region outside Brazil. Oil companies looking to replenish their reserves are flocking to Namibia.
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. companies permission to store, refine and sell Venezuelan oil under a general license that was issued last month. On Tuesday, OFAC also issued a license for the sale of U.S.
Trump declares that India will purchase oil from Venezuela and not Iran
U.S. President Donald Trump on Saturday said India will buy Venezuelan oil, helping to replace some of the Russian oil that the world's third-biggest oil importer buys. "We've already made that deal, the concept of the deal," Trump told reporters aboard Air Force One as he traveled to his vacation home in Florida from Washington.Reuters reported on Friday that the United States has told Delhi it could soon resume purchases of Venezuelan oil to help replace imports of Russian oil, citing three people familiar with…
Kazakhstan announces that oil production at Tengiz has resumed
The energy ministry announced on Saturday that oil production at Kazakhstan's massive Tengiz Oilfield has been restored, with five wells now operating again. Since the outage, production data for the largest field in Kazakhstan has been unavailable. Kazakhstan announced on Wednesday that it would restart the Tengiz Oilfield in stages. It aims to reach full production within a week. Three unexplained electric?fires cost it 7.2 millions barrels of crude oil earlier this month. Tengiz will likely have recovered less than half of its normal production by the 7th of February as it recovers slowly from the fires.
Imperial Oil shares drop on lower profits; CEO says Venezuelan situation has little impact.
Imperial Oil, a Canadian oil company, saw its share price fall Friday due to a 'lower' fourth-quarter profit. However, the CEO of the company expressed confidence that the company would be able to withstand any changes in crude flow that might occur as a result of the current situation in Venezuela. Imperial shares fell 4.5% by midday, as the market responded to the company’s decline in earnings from the previous year. Imperial attributed this to lower oil prices globally in the third quarter and the wet weather in October that led to production issues at the Kearl oil-sands mine in northern Alberta.
Maurel & Prom seeks OFAC license as Venezuelan reserves and output of Maurel & Prom increases.
Maurel & Prom, a French oil company, announced on Thursday that its Venezuelan assets' production and reserves were up sharply in the past year. It has also applied for a?U.S. Maurel & Prom, a French oil producer, announced on Thursday that production and reserves?from its Venezuelan assets?rose sharply last year?and that it has applied for a new 'U.S. The company reported that the average daily production of working-interest oil on the Urdaneta Oeste in Venezuela will be 8,194 barrels in 2025. This is up 34% compared to 2024.
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. blockade hit the OPEC country's exports, leaving millions of barrels stored in onshore tanks and vessels.Four Chevron-PDVSA oil joint ventures are producing between 240…
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 on Venezuela's Energy Industry to facilitate a $2 Billion oil supply deal between Caracas Washington and an ambitious 100 billion dollar reconstruction plan for Venezuela's Oil industry.
Sources say that the U.S. will soon issue a general license lifting sanctions against Venezuelan oil industry.
Three sources familiar with preparations said that U.S. officials were working on a general license to be issued soon, which would lift some sanctions against Venezuela's energy industry. This is a change from the previous plan of granting individual exemptions to sanctions to companies that wanted to do business there. U.S. officials said that following the capture by the U.S. of Venezuelan president?Nicolas Maduro in the first week of this month, Washington would ease the sanctions imposed on Venezuela's Energy…
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 President Nicolas Maduro in early this month and a naval blockade since December to stop oil shipments from sanctioned ships. Venezuela's government relies heavily on oil revenue.
Baker Hughes sees a significant revenue opportunity for Venezuela
Baker Hughes, an oilfield services company, said on Monday that there are significant revenue opportunities in Venezuela. The main considerations when operating there were safety, conditions for employees and clarity of legal and regulatory frameworks. The Houston-headquartered company has been working with authorities on Venezuela after the U.S. earlier this month removed President Nicolas Maduro from ?power and called on oil companies to rebuild the South American country's dilapidated oil industry. The company said that it has maintained a 'continuous presence in Venezuela to support licensed oil producers in their activities.
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. This could all take three to ten years. It's still unclear how to obtain permission from the U.S. Government to carry out any of these activities.
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 Venezuela is expected to be overhauled by amending the landmark oil law of former President Hugo Chavez. The lawmakers are expected to start discussing the reform?
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, if finalized, would be one of the first foreign firms to enter the Venezuelan oil sector after U.S. president Donald…
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. Qeblawi said, from al-Omar that the field was operated as a joint enterprise between the Syrian Oil?Company, and Shell.
Venezuelan oil companies are pushing for rapid reforms to allow them to control oil exports
Sources involved in the talks say that oil executives and lawyers from international oil companies are lobbying for changes to the hydrocarbon laws of OPEC members in order to 'give them the freedom to export the oil produced in Venezuela. Many potential investors want to know how they can make this happen without waiting years for the legal and contractual reforms to protect their investment. Representatives of international oil companies want to get things moving. They are asking for a few changes to the current legal framework in the oil industry.
Venezuela's Rodriguez proposes oil reform to facilitate investment
Delcy Rodriguez, Venezuela's interim president, said Thursday she would submit a proposal for reforming?the country’s hydrocarbon laws. Investors in the U.S. are pushing to?get easier access to Venezuela’s?oil sector. Rodriguez said that funds generated from the oil industry would be used to pay for workers and public services. According to the U.S., around $500 million has been generated by oil sales in a deal signed with Caracas. This money is held on U.S. controlled bank accounts. A source in the industry familiar with the plan stated that 'the main account is located in Qatar.
Sources say that Repsol, Maurel & Prom are applying to the US for licenses to export Venezuelan crude oil.
Five industry sources have confirmed that several?European oil companies, including Spain's Repsol, France's Maurel & Prom and France's Repsol, have applied to the United States for licenses or authorizations in order to export Venezuelan oil. Two sources confirmed that the terms requested are similar to the ones Washington granted in the past, which allowed companies to import and export Venezuelan crude oil to their refineries, as well as to other customers. Fuel was also supplied to Venezuela via a debt recovery mechanism.
Sources say that the US will finalize biofuel quotas for 2026 by early March and drop import penalties.
According to two sources familiar with the plans, the administration of 'President Donald Trump' plans to finalize biofuel blending quotes for 2026 by early March. They will keep them close to their initial proposal, while dropping plans to penalize imported renewable fuels and feedstocks. The plan, if finalized, would represent a partial compromise among rival oil and agricultural industry groups. It would preserve the increased blending goals sought by biofuel producers and drop a proposal which U.S. refining companies had warned could disrupt fuel markets and increase costs. U.S.