NorthAmOil - North America Oil & Gas

Chinese teapot refiners ramp up purchases from West Africa, Canada and South America

Chinese independent refiners are stepping up purchases of crude from West Africa, Canada and South America as supplies from Iran and Russia tighten, helping push spot premiums to multi-month highs.

Lithuania's Ignitis plans 10 US LNG cargoes from EQT in 2027-36 deal

Repsol says it’s fully committed to Venezuela as oil output rises

Repsol is maintaining its commitment to Venezuela as the country’s energy sector begins to recover, with the Spanish company seeking to sustain gas supplies for electricity generation while expanding hydrocarbon production

Colombia’s GeoPark plans $6.8bn investment in Venezuela’s Bare oil field

Colombian oil producer GeoPark plans to invest $6.8bn over 25 years to develop Venezuela’s Bare field in the Orinoco Oil Belt, while keeping its focus on potential unconventional projects at home, Chief Executive Officer Felipe Bayón said

Rubio defends Venezuela oil pact as US pushes out foreign powers

US Secretary of State Marco Rubio defended Washington’s new energy agreement with Venezuela, presenting the deal as a strategic shift that replaces the influence of China, Russia and Iran in the Western Hemisphere with US companies

Citgo faces new leadership uncertainty as Venezuela moves to reclaim control

Citgo Petroleum is approaching another change in Venezuelan oversight as the government of interim President Delcy Rodríguez moves to dismantle the opposition-backed structure that has supervised the US refiner since 2019

Trump says Venezuela oil deal secures 500 years of reserves for US

US President Donald Trump said an oil agreement with Venezuela will give the United States access to 65bn barrels of reserves, which he described as equivalent to 500 years of supply

Venezuela oil output hits 1.2mn bpd in August, OPEC data shows

Venezuela’s crude production averaged 1.201mn barrels per day (bpd) in August, according to figures submitted by the Ministry of Hydrocarbons and included in OPEC’s latest monthly report, highlighting the government’s push to restore output

Citadel reportedly seeking US shale assets

US-based hedge fund and commodity trader Citadel has reportedly held talks to buy US shale oil production assets.

Canadian producers Tamarack Valley, Headwater to merge in $7.2bn transaction

Calgary-based Tamarack Valley Energy has agreed to merge with fellow Canadian producer Headwater Exploration in an all-stock transaction is valued at CAD10bn ($7.2bn).

Enbridge to buy Tallgrass’ crude midstream assets for $2.55bn

Enbridge is buying Tallgrass Energy’s crude oil midstream business for $2.55bn in cash.

Argent LNG signs Albania deal for regional Adriatic LNG terminal

US energy company Argent LNG has signed a memorandum of understanding with Albania to jointly develop a large-scale liquefied natural gas (LNG) storage and regasification terminal on the country's Adriatic coast, the company...

Venezuela continues to weigh impact of US oil deal

The recently announced oil deal between the US and Venezuela continues to draw significant attention as politicians and analysts assess its likely impact.

Americans split over Trump’s Venezuela oil deal as sovereignty concerns mount

Americans are sharply divided over President Donald Trump’s agreement with Venezuela

Venezuela OPEC exit seen as likely eventually but not imminent

Venezuela is likely to leave OPEC eventually as Caracas restructures its oil industry around closer ties with Washington, though the move would have little immediate effect on crude markets

Growing corporate interest in Venezuela stands out

Venezuela is drawing renewed attention from companies across a range of industries, with more than 25 firms considering market entries, investments or new ventures eight months after Nicolás Maduro was removed from power in a US operation

China draws line over US oil push in Venezuela

Mao Ning, a Chinese Foreign Ministry spokesperson, said that Chinese-Venezuelan cooperation is independent of other countries and should not be subject to outside involvement

Eni deal improves chances of recovering $2.3bn Venezuela debt

After almost 30 years in Venezuela, Eni has accumulated substantial receivables from PDVSA while maintaining operations through political turmoil, economic crisis and US sanctions

Gilinski group takes control of GeoPark with Venezuela oil deal

Jaime Gilinski is expanding his business empire into Venezuela’s oil industry, signing an agreement with interim President Delcy Rodríguez that gives GeoPark a 25-year operating contract for the Bare block in the Orinoco Belt

Venezuela targets Orinoco oil revival with foreign investment and technology

The country has about 303bn barrels of reserves, according to PDVSA Vice President Jovanny Martínez, with approximately 270bn concentrated in the Orinoco region

Venezuela oil deal offers 2.5mn-barrel recovery path, Oxford says

A new US-Venezuela oil agreement could put the country's battered economy on a stronger growth path and improve its fiscal and debt position, Oxford Economics said

Venezuela blames power sabotage on oil deal protests

Venezuela's interim President Delcy Rodríguez accused protesters of sabotaging the country's electricity system following the signing of oil agreements with the US

Venezuela-US oil deal faces legal questions over concessions and control

At the centre of the dispute is North American Blue Energy Partners, which was granted rights to develop more than 65bn barrels of Venezuelan reserves without a public tender

Wright says lower Venezuela risk will unlock new energy investment

US Energy Secretary Chris Wright said a sharp reduction in perceived risk in Venezuela is opening the door to a new wave of investment in the country's energy industry

PDVSA uses treasury accounts as shield against creditor claims

The arrangement is intended to reduce the risk that creditors pursuing claims against PDVSA could target company-held funds

Brazil, Venezuela drive 10% surge in Latin America oil output

Brazil and Venezuela helped drive a 10% year-on-year increase in Latin American and Caribbean oil production in April, with the region producing 318mn barrels, according to the Latin American and Caribbean Energy Organization

Venezuela inflation slows to 8.9% in August after July surge

The National Consumer Price Index rose 8.9% from the previous month, the central bank said Friday, pointing to a more stable exchange rate and improved distribution of goods and services

Venezuela says it retains oil ownership under US deal

Venezuela sought to draw a line between foreign investment and control of its natural resources, saying it retains ownership of its oil reserves under a landmark agreement with the US to develop 17 fields containing about 65bn barrels of crude

US overtakes Russia to become Turkey’s leading crude oil supplier

The United States has emerged as Turkey’s leading crude oil supplier, with imports from the US showing a sharp increase in the first half of 2026.

Norway’s Equinor receives first US LNG cargo from Cheniere

Equinor has received its firs LNG cargo from the US Gulf Coast with a delivery made from Cheniere Energy’s Sabine Pass facility.

US LNG exports climb in August

US LNG exports saw an uptick in August as European countries purchased higher volumes to shore up ahead of winter.

Venture Global’s Plaquemines Phase 2 on schedule for deliveries

Venture Global’s Plaquemines Phase 2 is on schedule to commence deliveries of contracted LNG cargoes.

BP sells stakes in Brazil, US Gulf of Mexico exploration blocks to Shell

BP has agreed to sell part of its ownership in an offshore exploration block in Brazil and five leases in the US Gulf to Shell.

Chevron’s long Venezuela bet finally pays off with $7bn oil deal

Chevron’s two-decade decision to remain in Venezuela while rivals exited is now yielding a potentially major payoff, with a new agreement giving the US oil giant access to billions of barrels and extending its operations into the 2040s

Machado demands transparency from US-Venezuela oil agreement

Opposition leader María Corina Machado criticised the recently announced US-Venezuela oil agreement, saying the lack of information surrounding the deal has fuelled concern over its consequences for the country

Venezuela signs oil, power deals with Chevron, Eni and GE Vernova

Venezuela signed a series of energy agreements with international companies as interim President Delcy Rodríguez hosted US Energy Secretary Chris Wright at the Miraflores Palace in Caracas

Venezuela military backs US oil deal as lawmakers endorse agreement

Venezuela’s military leadership endorsed a sweeping oil agreement with the United States, with Defence Minister Gustavo González López portraying the pact as a step towards economic cooperation and stability rather than a concession to Washington

Venezuela oil output seen surpassing 2mn bpd by 2030

Venezuela could more than double its oil production before the end of the decade as new investment flows into the country’s energy sector, US Energy Secretary Chris Wright said during a visit to Caracas

Rubio says Venezuela oil pact can help pave way for democratic vote

The US-backed overhaul of Venezuela’s oil industry is intended to do more than raise crude production, according to Secretary of State Marco Rubio

Trump’s Venezuela oil plan faces hurdle in refilling US strategic reserve

President Donald Trump says Venezuelan crude from a newly announced oil agreement will help replenish the US Strategic Petroleum Reserve, with the process of “topping out” expected to begin soon

Venezuela oil exports hold at 1.17mn bpd in August

The US remained Venezuela’s biggest market, but flows fell to about 553,000 bpd from a record 786,000 in July. India’s purchases climbed 66% month-on-month to roughly 297,000 bpd, while shipments to Europe nearly tripled to about 260,000 bpd

US Energy Secretary seeks more US investment in Venezuela

“We want to see a lot of investment from the United States in Venezuela to increase opportunities and prosperity for Venezuelans, Americans, and energy consumers,” Wright told reporters at Maiquetía International Airport

Summit takes FID on Double E compression project

Summit Midstream has taken a final investment decision on the previously announced mainline compression expansion project on its Double E pipeline.

Oneok to buy Brazos Midstream’s Midland Basin assets for $4.425bn

US midstream player Oneok announced on August 30 that it had agreed to acquire Brazos Midstream’s natural gas-gathering and processing assets in the Permian Basin’s Midland sub-basin for $4.425bn in cash.

Canada’s oil unaffected by latest tensions with US for now

Canada’s oil is not subject to the latest US tariffs but the escalating trade war could nonetheless prompt Ottawa to double down on diversifying export markets for Canadian crude.

US lays out sweeping Venezuela oil pact as legal and political risks mount

The White House has set out the architecture of the sweeping US-Venezuela oil agreement President Donald Trump unveiled last week.

Shell completes acquisition of ARC Resources for $16.5bn

World’s largest LNG trader could be eyeing future LNG projects following ARC Resources acquisition.