NorthAmOil - North America Oil & Gas

Venezuela enacts sweeping changes, Trump opens up oil sector to US firms

Washington is moving toward a sweeping authorisation that would permit energy firms to extract crude in Venezuela, signalling a further rollback of restrictions.

Venezuela courts European energy investors in first foreign outreach since Maduro ouster

The talks, held in Caracas, centred on how foreign companies would operate under the new transitional framework

Venezuelan heavy crude seen targeting US refiners, not Brazilian exports

In the short term, shipments from Venezuela to the US are expected to remain below 300,000 barrels per day (bpd), while Brazil continues to channel most of its exports to Asia

US begins receiving Venezuelan crude under 50mn-barrel deal

US President Donald Trump said on February 4 that shipments were already under way, announcing after signing legislation to end the government shutdown that 50mn barrels of oil were headed to Houston

Venezuela tells China US won’t dictate oil prices, seeks to reassure investors

Venezuela has told China that the US will not determine the price of its crude and that Chinese investment in the country will remain safeguarded, according to comments by Ambassador Remigio Ceballos carried by state media

Nine Energy Service files for bankruptcy protection

Oilfield services firm Nine Energy Service announced on February 1 that it had filed for Chapter 11 bankruptcy protection.

Weatherford weighs Venezuela return as oil sector resets after Maduro capture

Weatherford is tracking political and industry shifts in Venezuela as the country reassesses its oil sector following the removal of President Nicolás Maduro last month

US returns $500mn in oil proceeds to Venezuela after January deal

The US has transferred $500mn to Venezuela following the completion of an initial oil sale agreed between Washington and Caracas last month

ExxonMobil, Chevron beat analyst expectations with fourth-quarter results

US-based supermajors ExxonMobil and Chevron both beat analyst expectations with their results for the fourth quarter of 2025, which they reported separately on January 30.

Devon, Coterra agree to shale mega-merger

Devon Energy and Coterra Energy have agreed to an all-stock merger.

US developer Commonwealth LNG seals 20-year supply contract with Mercuria

Commonwealth LNG has finalized a 20-year sales agreement with Mercuria for annual deliveries of 1mn tonnes per year of LNG.

First Greek shipment of US LNG arrives in Ukraine

Vietnam voices concern over Cuba oil tariffs

Vietnam has expressed strong concern over a newly announced plan by the United States to levy additional tariffs on products from countries that supply oil to Cuba.

LNG buyers rethink portfolios as volatility becomes structural

LNG buyers are centralising procurement, expanding trading capability and rebalancing portfolios as price swings, geopolitics and supply growth reshape purchasing strategies, executives said at LNG2026.

LNG alliances move from contracts to co-creation

Partnerships across the LNG industry are becoming deeper, longer-term and more strategic as companies seek to share risk, secure financing and navigate geopolitical volatility, executives said at LNG2026.

Venezuela, India pledge broader ties as oil sector opens to foreign buyers

Venezuela and India agreed to deepen their bilateral relationship across multiple sectors following a call between interim president Delcy Rodríguez and Indian Prime Minister Narendra Modi

Exxon sees reform as prerequisite for any Venezuela return, CEO says

Exxon Mobil Corp remains reluctant to re-enter Venezuela despite the country’s vast crude reserves, pointing to years of nationalisations, policy instability and economic deterioration

Chevron beats estimates as Venezuela bets offset fourth-quarter profit drop

Chevron Corp posted a decline in fourth-quarter earnings but exceeded analyst expectations as cost controls and efficiency gains helped cushion the impact of softer oil prices heading into 2025

US slashes tariffs on Indian exports after trade accord

The US agreed to slash tariffs on India from 50% to 18% after reaching a trade agreement on Indian exports and removing additional penalties added last year for importing Russian oil.

Oil service firms seen as early winners in push to revive Venezuela’s energy sector

Global oil service providers are emerging as likely early beneficiaries of President Donald Trump’s drive to restart Venezuela’s battered oil industry, even as large producers tread carefully

Venezuelan crude shipments jump in January as US retakes control of exports

The increase followed the capture of President Nicolás Maduro and the lifting of a naval blockade, a shift that enabled trading houses to take over most overseas shipments

US supplies EU with 60% of its LNG in January

The European Union received 60% of its LNG from the US in January.

Canada eyes India to boost LNG exports

Upstart LNG exporter Canada is targeting India for a rise in sales with Prime Minister Mark Carney expected to visit the energy-hungry country in the coming weeks.

Canadian energy firm assessing export facility at Port of Churchill

The push for an LNG export terminal on Hudson Bay is gaining momentum with Manitoba Premier Wab Kinew indicating that one of Canada’s largest energy firms is considering a facility at the Port of Churchill.