NorthAmOil - North America Oil & Gas
Venezuela targets 3mn bpd by 2037
Venezuela expects to raise crude production to nearly 3mn barrels per day (bpd) by 2037, under a recovery plan requiring almost $76bn in investment over the next five years, Acting President Delcy Rodríguez said
Blackstone, Canadian pension funds to buy into LNG Canada via stake in Mitsubishi subsidiary
Funds managed by Blackstone Credit & Insurance have joined forces with four Canadian institutional investors to acquire a stake in the LNG Canada project.
Energy industry weighs up what to expect following Democrat victories in Texas, US more broadly
Democrat victories this week have various implications for the energy industry across the US, as well as in states such as Texas.
Energy Transfer takes FID on $1.6bn South Mississippi pipeline
Energy Transfer has taken a final investment decision on the South Mississippi natural gas pipeline project.
Trump's Russian diesel deal unravels as tankers turn away from US
Two of three tankers carrying Russian diesel to the US under Donald Trump's deal with Vladimir Putin have turned away with no buyers, the Financial Times reported on November 5.
High freight rates and weak demand weigh on Venezuelan crude sales
Venezuela’s oil exports faced a difficult October as rising transportation expenses and reduced refinery demand made its crude harder to sell, with shipments falling to 809,000 barrels a day
Venezuela oil shipments fall 25% as freight costs squeeze exports
Venezuelan crude shipments fell sharply in October as higher tanker rates and seasonal refinery maintenance weakened demand, bringing exports close to some of their lowest levels since Nicolás Maduro came to power
Trump claims US has ‘total control’ of Venezuela
President Donald Trump said the US has assumed “total control” of Venezuela and deployed American representatives there, linking the country’s oil resources to what he described as a major expansion of Washington’s energy position
Mexico's US gas imports hit record 218 mcm per day in August
Mexico bought a record 7.71bn cubic feet (bcf) per day, or 218mn cubic metres (mcm) per day of natural gas from the US in August, up 4.3% year on year, according to the US Energy Information Administration (EIA).
South Korea shifts LNG imports from Middle East to US
South Korea bought more liquefied natural gas (LNG) from the US than from the Middle East in the first nine months of the year, the first time North American supply has surpassed the Gulf region.
Venture Global begins commercial operations of Plaquemines Phase 1
The US’s second largest LNG producer Venture Global has started commercial operations for Phase 1 of Plaquemines LNG, the Arlington, Virginia-headquartered firm announced.
US Maritime Administration approves ST LNG export terminal off Texas coast
The US Maritime Administration has granted regulatory approval for ST LNG’s proposed $8.2bn offshore LNG export terminal located in Texas.
Venezuela’s oil ambitions hinge on bringing skilled workers back
nergy companies seeking to expand production are confronting a depleted labour pool, while the compensation available in the country remains far below what many Venezuelan professionals can earn overseas
Machado pledges to honour Venezuela oil contracts, seeks new investment rules
María Corina Machado said a future Venezuelan government would respect legally signed oil contracts while calling for changes to the regulatory framework to attract private investment and rebuild the energy industry
Trump’s Venezuela oil deal faces operational and financial hurdles
North American Blue Energy Partners (NABEP), the little-known company selected to develop 17 Venezuelan oilfields under a US-backed agreement, faces significant operational and financial challenges as it seeks to raise production beyond 1mn bpd
Venezuela oil shipments to US surge 236% as sanctions ease
Venezuela recorded the largest increase in oil shipments to the US among global suppliers during the first eight months of 2026, as sanctions relief helped revive trade between the two countries
PDVSA export revenue jumps 60% to $18.7bn through September
Venezuela’s state oil company Petróleos de Venezuela SA (PDVSA) generated more than $18.7bn in oil export revenue during the first nine months of 2026, an increase of about $7bn from the same period a year earlier
Chevron targets 20% increase in Venezuelan oil output by year-end
Chevron expects to lift gross oil production in Venezuela to about 300,000 barrels per day by (bpd) the end of 2026, as changes to the country’s fiscal framework improve the economics of its operations, Chief Executive Officer Mike Wirth said
NABEP plans $100bn investment to expand Venezuelan oil output
North American Blue Energy Partners plans to invest nearly $100bn in Venezuela’s oil and gas industry, seeking to expand production and upgrade infrastructure as the privately held company targets output of more than 1mn barrels per day (bpd)
Eni starts operations at Venezuela’s Junín 5 oil field, targets 200,000 Bpd
Eni has begun developing production at Venezuela’s giant Junín 5 oil field in the Orinoco Oil Belt, aiming to raise output from 12,000 barrels per day to 200,000 as the Italian energy group expands its presence in the country
Woodside inks 20-year LNG supply deal with QatarEnergy
Australian LNG producer Woodside Energy has entered into a 20-year agreement with QatarEnergy to deliver as much as 3mn tonnes per year of LNG from its Louisiana LNG project.
US regulator seeks to accelerate LNG development through updated safety rules
The US government is proposing regulatory changes intended to make LNG projects easier, faster, and less expensive to develop.
Canada and EU announce co-operation in LNG
Joint study will inform future LNG trade and investment decisions between the partners.
OPEC+ holds December output steady as 2027 call looms
OPEC+ left December production targets unchanged on November 1, deferring any fresh policy move into next year as the group grapples with Iran war export disruptions
Bangladesh seeks more US LNG deals as Qatar supply crisis deepens
Bangladesh is negotiating additional long-term LNG supply agreements with US companies as it seeks to diversify imports and reduce its dependence on Middle Eastern suppliers following prolonged disruption to Qatari deliveries.
Russia claims US interested in using Novatek LNG technology in Alaska
Russia and the US are discussing the potential use of Russian LNG technology for a liquefaction project in Alaska, according to Kremlin deputy chief of staff Maxim Oreshkin.
Trump says Venezuela sent 1mn barrels of oil as a ‘gift’
US President Donald Trump said Venezuela had sent a tanker carrying 1mn barrels of crude oil as a “gift,” as his administration moves to expand American control.
Experts question Venezuela’s claim to 303bn barrels of oil reserves
Venezuela’s claim to hold the world’s largest proven oil reserves is facing renewed scrutiny as experts question the figures supporting US plans to expand control over the country’s petroleum resources.
US appeals court upholds defaulted PDVSA bonds, increasing pressure on Citgo
A US appeals court upheld the validity of Venezuela’s defaulted 2020 oil bonds, strengthening creditors’ claims tied to Citgo Petroleum and potentially increasing pressure on the US-based refiner.
Citgo raises 2026 profit outlook to as much as $8bn on refining boom
Citgo Petroleum has increased its 2026 earnings forecast by nearly $2bn as strong fuel margins boost the profitability of the Venezuelan-owned refiner’s US operations.
Ozona, Marubeni sanction carbon storage project in Texas
US carbon storage developer Ozona CCS and Japanese trading house Marubeni have taken a FID on the Pawnee Carbon Sequestration Project in Bee County, Texas.
Howard Energy to buy Iron Horse Midstream gas processing firm from Sixth Street
San Antonio-based Howard Energy Partners has signed a definitive agreement to buy Oklahoma gas gatherer and processor Iron Horse Midstream from investment firm Sixth Street.
Shell starts third Silvertip phase at Perdido in US Gulf
Shell has begun producing from the third phase of its Silvertip project in the US Gulf of Mexico, tying two new wells back to the Perdido spar, which it also operates.
Hungary turns to US as Russian gas dependence faces deadline
Budapest is seeking US support to diversify its energy supplies, but its heavy reliance on Russian gas, long-term contracts and infrastructure costs complicate the transition.
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