NorthAmOil - North America Oil & Gas
Venezuela taps Hogan Lovells to lead $170bn debt restructuring effort
The total includes defaulted sovereign debt, obligations linked to state-owned oil producer PDVSA, institutional borrowing and accumulated interest built up over recent years
Rodríguez begins India visit as Venezuela seeks deeper energy ties
Venezuelan interim President Delcy Rodríguez arrived in New Delhi on June 3 for a five-day visit centred on strengthening energy cooperation with India, as both countries seek to expand commercial ties amid turbulence in global oil markets
ExxonMobil weighs return to Venezuela as oil opportunity meets financial risks
ExxonMobil is discussing the possibility of securing new oil production rights in Venezuela, a move that could reshape the company’s long-term strategy and mark a return to a market it left years ago following legal disputes
Venezuela Energy Week aims to draw investment for oil expansion
The conference and exhibition is being promoted as the country’s principal platform for global energy investment
Norway's Eldorado snaps up US offshore driller Vantage in $258mn deal
Norway-based Eldorado Drilling has agreed to acquire US offshore drilling contractor Vantage Drilling in a transaction valuing the company's equity at approximately $258mn.
Colombian energy firms eye Venezuela as industry rebuild draws interest
Venezuela’s vast hydrocarbon wealth is drawing renewed attention from Colombia’s energy sector following the political changes that followed Nicolás Maduro’s removal
Investor caution persists as Venezuela seeks foreign capital
Companies exploring opportunities in industries ranging from oil and shipping to chemicals and pharmaceuticals remain hesitant to commit funds
Chevron sees Venezuela output reaching 250,000 bpd by 2028, ExxonMobil and ConocoPhillips still mulling returning
Chevron Corp. expects to significantly expand its Venezuelan oil production over the next several years as the company positions itself to benefit from a broader reopening of the country’s energy sector.
Canada’s Frontera Energy pivots from exploration to LNG
Calgary-headquartered Frontera Energy has completed the divestiture of its Colombian exploration and production assets to Parex Resources.
Venezuela pushes oil investors toward self-generated power amid grid strains
Venezuela is moving to require oil and gas operators to produce their own electricity, a policy designed to shield energy projects from the country’s fragile power network while supporting plans to expand hydrocarbon output
US Treasury custody requirement reshapes fuel payments in Venezuela
Operators must transfer funds to a custody account overseen by the US Treasury and submit proof of payment to PDVSA to maintain uninterrupted access to fuel services at the country’s airports and ports
Rodríguez unveils AI-powered hub to support Venezuela’s oil industry
Venezuela is seeking to deepen the technological transformation of its energy sector with the launch of a new data and technology centre designed to support oil and gas operations through the use of artificial intelligence
Chevron seeks clearer tax terms before expanding investment in Venezuela
Chevron Corp. is holding back on committing additional capital to Venezuela's oil industry until the government provides greater certainty over the fiscal conditions that will govern future projects
Venezuela extends run as No. 2 oil supplier to US
The four-week average of Venezuelan exports to the United States rose to 529,000 bpd, the highest reading recorded since January 2019
Venezuela ships 1.2mn bpd in May as overseas demand supports export growth
Venezuela increased overseas crude and fuel sales in May, with exports averaging 1.2mn barrels per day (bpd), reflecting stronger demand from buyers in the United States, India and Europe
Canada’s Ksi Lisims signs 20-year LNG supply deal with Germany’s SEFE
A 20-year LNG supply deal has been signed by Canada’s Ksi Lisims project with German state-run firm Securing Energy for Europe.
US imports no Iraqi crude in latest week of May, EIA data show
The United States imported no crude oil from Iraq, Saudi Arabia or Libya during the latest week of May, according to data released by the US Energy Information Administration.
LNG Energy signs deal for $200mn Venezuela oil venture
The companies plan to establish a new US-based joint venture company focused on existing and future Venezuelan energy blocks
US removes sanctions on two tankers tied to Venezuelan oil trade
The Treasury Department’s Office of Foreign Assets Control said the tankers Despina Andrianna and Magus had been removed from sanctions lists after an interagency review covering dozens of entities considered outdated
Chevron sees Venezuela output reaching 250,000 bpd within two years
The company projected a further 50% increase in production by the end of 2028 if authorities provide stronger legal guarantees and maintain favourable investment conditions
Rodríguez says more oil companies are preparing to enter Venezuela
The interim leader said new hydrocarbon companies will begin arriving in the country “in the coming weeks” as her government intensifies efforts to attract foreign and private investment following a rapprochement with the United States
GMO investor’s Venezuela bet delivers windfall after bond rally
When most investors abandoned Venezuela after its 2017 default, Tina Vandersteel moved in the opposite direction, steadily accumulating distressed bonds that many funds had already written off as worthless
Exxon and ConocoPhillips push for stronger guarantees in Venezuela return talks
The negotiations have gathered momentum alongside the Trump administration’s effort to revive Venezuela’s oil industry after Nicolás Maduro’s ouster
US, Thailand reportedly speed up talks on LNG supply
The US and Thailand are reportedly in talks over new long-term US-produced LNG supplies, which have accelerated in recent weeks.
Williams cautions over pipeline capacity constraining US LNG growth
Williams has warned that gas pipeline and storage capacity constraints could pose a bottleneck for US LNG growth.
NOG enters Canada with Duvernay acquisition
Northern Oil and Gas (NOG) has agreed to acquire a 25% non-operated interest in light oil assets located in Canada’s Duvernay shale play that are owned and operated by Parallax Energy Operating.
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