(World Oil) – Venezuela is deploying officials to a Group of 20 summit of energy chiefs in Texas this week, underscoring the rapid rapprochement between Washington and Caracas. The Venezuelan authorities are set to attend the G20 energy ministerial starting Monday in Houston at the invitation of the Trump administration, according to a White House official who asked not to
(World Oil) – Argentina is intensifying pressure on companies over offshore oil development around the Falkland Islands as the territory moves closer to first production, reviving a longstanding dispute with the UK. Over the weekend, President Javier Milei’s press office circulated statements from Halliburton, SLB and Baker Hughes confirming that the oilfield service companies have no involvement in oil development off the islands, known in Argentina as
(World Oil) – Venezuelan bonds have jumped since the Trump administration moved to take control of a huge swath of the country’s oil reserves, as investors factor in the prospect of higher crude production ahead of a debt restructuring that could top $200 billion. The plan, which gives the U.S. control of more than 65 Bbbl of proven reserves, has pushed
(Oil & Gas 360) By Greg Barnett, MBA – Washington says it pushed Chinese and Russian influence out of Venezuelan oil. Now American rigs, services, capital, and operators have to show up. The Deal Has an Execution Test The documents are beginning to arrive. Now where are the drilling rigs? On August 31, the White House put considerably more meat on
(World Oil) – Eni has expanded its exploration position offshore Uruguay, taking operatorship and a 50% interest in the OFF-5 block while also agreeing to acquire a 40% stake in the adjacent OFF-6 block. Eni formally entered OFF-5 following an agreement with MIWEN, a wholly owned subsidiary of YPF, and Uruguay’s national oil company ANCAP. The transaction has received approval from Uruguayan authorities. Eni will
(Oil & Gas 360) By Greg Barnett, MBA – Where Did the Barrels Go? The first question was who controlled the barrels. The second was whether American and North American rigs, oilfield services and capital would actually show up to develop them. There is a third question, and unlike 65 billion barrels underground, this one can be watched moving across the
(BOE Report) – U.S. Energy Secretary Chris Wright said on Tuesday after landing in Venezuela that deals that oil companies from the U.S. and other countries sign tomorrow in Caracas will lead to a more than doubling of crude production in the next few years. Wright is on a one-day trip to the founding OPEC member, his second since U.S.
(World Oil) – Chevron Corp. is finalizing a deal that will significantly expand its operations in Venezuela by adding two giant oil fields in the Orinoco Belt, part of a push by U.S. President Donald Trump to ramp up production in the South American country. The Texas oil company has negotiated operating rights to the fields in the Carabobo region that
(Oil & Gas 360) by Greg Barnett, MBA – Inside America’s 65-Billion-Barrel Venezuela Transaction: President Donald Trump calls it “The Biggest Oil Deal in World History.” Venezuela says the agreement covers 17 strategic oil fields containing approximately 65 billion barrels of recoverable oil, could attract more than $100 billion of private investment and could generate more than $209 billion of
(World Oil) – OPEC’s decades-long influence over global oil markets is facing renewed pressure as founding member Venezuela considers leaving the producer group, just months after the United Arab Emirates withdrew. Officials from Caracas are deliberating whether to leave the organization it helped establish more than six decades ago as Venezuela moves closer to the U.S. While an exit would have
(Oil Price) – The Trump administration is reportedly in active discussions with Venezuela’s interim government to acquire a direct U.S. ownership stake in key Venezuelan oil fields. According to senior U.S. officials cited by Axios, the talks involve equity stakes in a select group of high-yield fields containing approximately 90 billion barrels of proven crude—a transaction that would significantly alter Washington’s foreign
(BOE Report) – Venezuela’s dilapidated oil port terminals are imposing a de facto export cap on the country’s resurgent crude production, with tankers having to wait up to 30 days to load because of ageing infrastructure, power outages and quality issues, according to shipping data, sources and documents. The delays are putting roadblocks on a U.S. plan to quickly boost
