NorthAmOil - North America Oil & Gas

UAE withdraws from OPEC following years of frustration

The UAE will officially leave the OPEC alliance in May, driven by mounting frustrations over production quotas that constrained its expanded capacity.

Venezuela’s hydrocarbons reform seen as first step, with key gaps still to fill

Venezuela’s newly approved Hydrocarbons Law is being viewed by analysts as an initial move toward creating a more appealing framework for investors

Chevron sees progress in Venezuela oil reforms but warns more needed

Mike Wirth said the shift “moves things in a positive direction,” but added it is “probably not enough to bring in the level of investment that would be desirable”

Venezuela moves to streamline oil permits

The initiative follows a meeting between Ecosocialism Minister Alfred Nazaret Ñáñez and Hydrocarbons Minister Paula Henao, where both sides agreed to coordinate efforts to manage environmental liabilities linked to hydrocarbon production

Venezuela debt outlook supported by oil gains as risks persist, Oxford says

Emerging-market debt tied to oil exporters such as Venezuela is proving resilient amid turmoil in the Middle East, buoyed by stronger crude prices and a firmer US dollar, according to Oxford Economics

Amber Energy pledges $11bn Citgo investment pending US approval

Amber Energy has outlined plans to invest as much as $11bn in Citgo Petroleum, contingent on securing US authorisation to take control of the refiner, as the future of one of Venezuela’s most valuable overseas assets hangs in the balance

Repsol, Eni plan gradual gas output increase in Venezuela

Spain’s Repsol and Italy’s Eni are advancing plans to raise natural gas production at Venezuela’s Cardon IV field to 18.27mn cubic metres per day from about 580mn, as part of a broader push to expand the country’s energy output

Venezuela courts Barbados investment to bolster energy output

Venezuela’s acting president, Delcy Rodríguez, has invited Barbados to invest in the South American nation’s oil and gas sector, as part of a push to deepen regional energy integration and raise hydrocarbon production

Venezuela oil services firms reactivate idle rigs amid contract overhaul

Oilfield service providers are beginning to mobilise long-idled drilling equipment in Venezuela as a sweeping review of oil and gas contracts fuels expectations of renewed upstream activity following January’s reform of the hydrocarbons law

Golden Pass LNG ships first cargo to Belgium

Golden Pass LNG, the joint venture between QatarEnergy and ExxonMobil has shipped its first cargo.

Enbridge’s $4 bn LNG pipeline gets federal approval

The Canadian government has given the greenlight to infrastructure firm Enbridge to expand an existing natural gas pipeline in British Columbia, national media agency CBC reported on April 24.

Market not willing to pay premium for low-cabon LNG Canadian producer says

Canada’s flagship LNG project says Ottawa’s stringent regulations are impacting competitiveness.

Venezuelan business group pushes for $800mn monthly FX support plan

Venezuela’s leading commerce association has called on the government to channel up to $800mn a month from oil revenues into the foreign exchange market

EIA expects US gas exports to grow almost 30% by 2027

The US Energy Information Administration (EIA) has forecast that US natural gas exports – consisting of LNG exports and pipeline gas shipments to Mexico – will continue to rise this year and in 2027.

New offshore player 1947 Oil & Gas enters US Gulf

A new oil and gas company, 1947 Oil & Gas, has entered the US Gulf of Mexico by agreeing to acquire Renaissance Offshore.

Canadian producers continue to prioritise shareholders over new investment

Canada’s producers have indicated that they will continue to prioritise shareholders ahead of any significant new investment.

Eni, Repsol secure Venezuela deal to launch gas exports by 2031

The deal allows the companies to more than double production at a field in the Gulf of Venezuela and export liquefied natural gas through a floating terminal

Halliburton eyes Venezuela return as oil sector reopens

Halliburton Co. has entered talks with customers over a potential return to Venezuela, signalling renewed activity in the country’s oil services sector amid shifting political and regulatory conditions

Phillips 66, Kinder Morgan to proceed with Western Gateway pipeline

Phillips 66 and Kinder Morgan announced this week that they had secured enough shipper commitments to move forward with development of the Western Gateway refined product pipeline.

Brazil’s Alvorada expands Venezuela bet as sanctions easing fuels oil ambitions

A Brazilian oil firm is accelerating its push into Venezuela, wagering that looser US sanctions and shifting political conditions will unlock growth in one of the world’s largest hydrocarbon basins

Venezuela creditors engage Trump officials as debt talks loom

Discussions also touched on attempts to restore output in key sectors such as oil, gas and mining, highlighting the importance of energy in any recovery plan

Venezuela oil output rebounds in March, exports climb

Venezuela’s oil production rose sharply in March, signalling a recovery in the sector following disruptions earlier in the year, according to the International Energy Agency.

Oil price divergence in a time of crisis

Machado courts Spanish backing, eyes energy investment in Venezuela

Machado argued that global developments have underscored the importance of reliable partners in the West, pointing to the country’s capacity in oil, gas and electricity

Proposed LNG export terminal in Manitoba contingent on start-up by 2030

A proposed LNG export facility in the northern Manitoban community of Churchill needs to be operating by 2030 if it is to get any federal support.