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The publication continues to provide weekly coverage of upstream, midstream and downstream news, spanning shale oil and gas, LNG, oil sands, transport by pipeline and rail, company performance and regional energy policy – on both national and state or provincial levels. NorthAmOil provides regular updates on the status of major proposed projects in both the US and Canada. The publication also looks at more distant prospects, such as offshore Arctic drilling.
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Trump announces first US refinery to be built in 50 years
US President Donald Trump announced this week that America First Refining would build the US’ first new oil refinery in 50 years, with India’s Reliance Industries Ltd (RIL) providing financial backing.
CNRL defers early spending on Jackpine oil sands mine expansion
Canadian Natural Resources Ltd has said that it will defer plans for CAD150mn ($110mn) worth of spending related to front-end engineering and design work on its Jackpine oil sands mine expansion project
Oil price tops $100 a barrel - again
Brent crude rose almost 9% in early Asian trading, surpassing $100 a barrel, despite the International Energy Agency (IEA) announcing late on March 11 that all 32 member countries would release up to 400mn barrels of oil.
Rodríguez reviews energy strategy with PDVSA leadership amid sector reforms
The session brought together Petróleos de Venezuela SA (PDVSA) president Héctor Obregón, members of the state company’s board and vice ministers from the Ministry of Hydrocarbons
Chevron, Shell near major oil deals in Venezuela after sector reforms
The negotiations could enable both companies to expand operations in key hydrocarbon regions as part of a broader effort backed by US President Donald Trump to rebuild Venezuela’s oil industry
Repsol sees Venezuela as growth opportunity despite exclusion from 2026–2028 forecasts
According to Imaz, Repsol aims to raise its oil production in Venezuela by about 50% over the next twelve months and potentially triple it in the years ahead
Citgo posts $452mn profit in 2025 on record US refining performance
Citgo Petroleum Corp. reported a net profit of $452mn in 2025, supported by record refining operations that helped the PDVSA subsidiary navigate a competitive global energy market
Argentina seeks halt to discovery process in YPF expropriation case ahead of key New York hearing
Argentina has filed an emergency motion with the United States Court of Appeals for the Second Circuit in New York City seeking to suspend the discovery process in ongoing litigation related to the expropriation of oil state company YPF.
Glenfarne’s Texas LNG signs EPC with Kiewit
US energy and infrastructure development firm Glenfarne has inked an engineering, procurement, and construction deal with US engineering company Kiewit for its Texas LNG facility.
Shell and Venezuela sign deal to develop PDVSA’s Punta de Mata division
The agreements were signed during a ceremony led by interim president Delcy Rodríguez and representatives of Shell, coinciding with a two-day visit to Caracas by US Secretary of the Interior Doug Burgum
US LNG bound for Ukraine arrives in Lithuania
A cargo of US LNG intended for Ukraine has arrived at Lithuania’s Klaipeda terminal and will be sent onward to Ukraine in the near term.
Oil price spike at over $100 per barrel as market faces possibly worst crisis in history
Brent was trading at over $108 per barrel as of 06:30 GMT today, up from the early $70s prior to the US and Israel launch of strikes against Iran on February 28.
BP seeks up to $6bn in damages from Venture Global
UK supermajor BP is asking for up to $6bn in damages from US LNG giant Venture Global from its arbitration case victory.
Germany’s Uniper opens talks to buy Canadian LNG
Germany’s state-run energy company Uniper has begun negotiations with Canada to buy LNG from the fledgling producer.
Costs skyrocket by $4bn for Venture Global’s CP2 plant in Louisiana
US LNG giant Venture Global expects costs for the two phases of its Calcasieu Pass 2 facility to soar by $4bn.
US removes sanctions on Arctic Voyager and Kiara M tanker
The shipping company, incorporated in the Marshall Islands on November 8, 2024, had previously been sanctioned for engaging in Venezuela’s oil sector, in breach of restrictions imposed during Donald Trump’s presidency
Venezuela’s economy expands 8.66% in 2025 driven by oil and non-oil sectors
Oil production led growth in the fourth quarter with a 13.41% increase, while non-oil sectors expanded by 5.30%
Low US oil reserves leave consumers exposed after Iran strikes
Donald Trump’s decision not to replenish the US Strategic Petroleum Reserve (SPR) after the large drawdowns under former president Joe Biden has left the country with limited capacity to cushion a new surge in oil prices.
Shell agreements signal new phase in Venezuela–US energy cooperation
Interim President Delcy Rodríguez said the deals form part of efforts to implement Venezuela’s recently approved hydrocarbons law through “new business models”
Venezuela economy expands 8.66% in 2025 as oil sector drives recovery
According to the central bank, Venezuela has now registered 19 consecutive quarters of economic growth after a decade in which the economy contracted by nearly 80%
Venezuela crude exports from Jose terminal set to hit multi-year high
Venezuelan crude exports are expected to rise sharply in March, with shipments from the Jose terminal projected to reach about 848,000 barrels a day
Venezuela signs new oil supply deals with US as export flows shift
According to PDVSA, the deals are intended to preserve the longstanding commercial relationship between Venezuela and the United States and reiterated its call for the removal of sanctions affecting the country’s oil industry
Glenfarne, TotalEnergies sign Alaska LNG preliminary offtake agreement
TotalEnergies and Glenfarne Group have signed a letter of intent for the offtake of 2mn tonnes per year of LNG from Glenfarne’s proposed Alaska LNG project.
Venezuela’s exports surge as US Gulf Coast refineries process record volumes
Super tankers have also started to dock at the Latin American country’s main terminal.
Alaska offshore lease sale fails to attract any bids
An oil and gas lease sale held in Cook Inlet offshore Alaska received no bids upon closing this week
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