South America – Page 3 – Oil & Gas 360

Equinor not planning Venezuela return after Maduro capture

January 7, 2026

(Oil Price) – Equinor does not consider returning to Venezuela, which it quit years ago, Anders Opedal, the chief executive of the Norwegian energy major, told Reuters on Wednesday. Following the capture of Nicolas Maduro by U.S. forces, the industry is buzzing with talk about the opportunities for Western, especially U.S. oil firms, in Venezuela, the holder of the world’s biggest proven oil reserves estimated

US needs to control Venezuelan oil sales, revenue to drive change, says energy secretary

January 7, 2026

(Investing) – The United States needs to control Venezuela’s oil sales and revenue to drive the changes it wants to see in the country, Energy Secretary Chris Wright said on Wednesday. Wright said he was speaking to U.S. oil companies to learn what conditions would enable them to enter the South American country and added that he wanted to sell Venezuelan

Venezuela oil deal angers China, pushes prices down

January 7, 2026

(BOE Report) – Global oil prices fell on Wednesday and China denounced the U.S. as a bully after President Donald Trump’s administration said it had persuaded Venezuela to divert supplies from Beijing and import up to $2 billion worth of embargoed crude. The deal was in line with Trump’s stated aim of controlling the South American OPEC member’s vast oil

Four geopolitical flashpoints energy markets cannot ignore in 2026

January 6, 2026

(Oil Price) – As 2026 begins, energy markets are reacting less to supply outages than to how governments are choosing to act. The removal of Venezuela’s president, instability along the Red Sea, and rising uncertainty around Iran have altered assumptions about restraint, escalation, and control. This piece examines four locations where those changes are already influencing energy risk. Venezuela: Decapitation Without

Venezuela oil investment faces long timelines, ANZ says

January 6, 2026

(World Oil) – Investors betting on growth in Venezuela oil output will need deep pockets and patience, as aging infrastructure will require billions of dollars in spending, according to Australia and New Zealand Banking Group Ltd. The regular timeframes to increase oil output are likely to be longer in Venezuela than elsewhere due to the challenges faced by the industry, strategists

Factbox-What’s the status of international oil companies in Venezuela after Maduro’s capture?

January 6, 2026

(Investing)– LONDON – Here are key facts about international oil companies in Venezuela, a country with the world’s largest oil reserves thrown into crisis by the capture of President Nicolas Maduro by U.S. forces. In the 2000s, former President Hugo Chávez expropriated assets from several foreign oil companies, strengthening state-owned PDVSA’s control over the country’s oilfields. Today, foreign firms must

Continental Resources expands Vaca Muerta position through Pan American Energy agreement

January 5, 2026

(World Oil) – Continental Resources has signed an asset sale and purchase agreement with Pan American Energy to acquire non-operated interests in four blocks within Argentina’s Vaca Muerta shale play, further strengthening its footprint in one of the world’s most prolific unconventional basins. The assets are located in the Neuquén basin and will remain operated by Pan American Energy. Financial terms of the transaction

U.S. blitz against Maduro rattles foreign oil claims worth billions

January 5, 2026

(Oil Price) – Billions of barrels of Venezuela’s oil claimed by major state-owned Chinese and Russian companies under current deals are now in doubt following the U.S. capture of Nicolas Maduro, according to investment bank Morgan Stanley. Oil giant and top Asian refiner China Petroleum & Chemical Corporation, or Sinopec, is entitled to as many as 2.8 billion of barrels under

Chevron shares jump as Trump signals Venezuela oil revival

January 5, 2026

(World Oil) – U.S. oil stocks jumped Monday after President Donald Trump pledged to revive the Venezuelan energy sector following the capture of Nicolás Maduro over the weekend. Chevron Corp., the only American oil major currently operating in the South American nation under special U.S. permission, surged as much as 6.3%, the most since April. ConocoPhillips and Exxon Mobil Corp.

U.S. oil blockade forces Venezuela’s PDVSA to slash production

January 5, 2026

(Oil Price) – Venezuela’s state oil firm PDVSA has started reducing oil production and has asked its joint ventures, including those with Chevron, to also cut output, as storage space is running out amid the U.S. naval blockade and oil export embargo. PDVSA has asked Petrolera Sinovensa, its joint venture with China National Petroleum Corporation (CNPC), as well as its joint

Chevron, US refiners’ shares surge after Trump’s move toward Venezuela oil

January 5, 2026

(BOE Report) – U.S. oil companies’ shares rose in premarket trading on Monday as investors bet that President Donald Trump’s move against Venezuela’s leadership would allow American firms greater access to the world’s largest oil reserves. Shares of Chevron, the only U.S. major currently operating in Venezuela’s oil fields, climbed 7.3%, while refiners Phillips 66, Marathon Petroleum, Valero Energy and PBF

Oil gains on Venezuelan supply concerns, but poised for weekly loss

December 12, 2025

(BOE Report) – Oil prices rose on Friday supported by concerns of Venezuelan supply disruptions, though they remained on track for a weekly drop amid cautious market sentiment and optimism over the prospects for a Russia-Ukraine peace deal. Brent crude futures rose 43 cents, or 0.70%, to $61.71 a barrel by 0352 GMT, and U.S. West Texas Intermediate crude was

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