Venezuelan interim President Delcy Rodriguez said on Saturday that an energy agreement with the U.S. would remain in force for 25 years, target an increase in crude output to 1.5 million barrels per day (bpd) and preserve the country's sovereignty over its natural resources. Rodriguez hailed the accord in a late-night address as a "historic" deal that would help revive the economy and boost government revenue, saying it would help shape the country's future. “This 25-year bilateral project [Read more]
US to take 35% stake in Venezuelan mogul Betancourt’s oil venture, WSJ reports
The U.S. government plans to take a 35% passive stake in Venezuelan businessman Alejandro Betancourt’s North American Blue Energy Partners, the Wall Street Journal reported on Saturday, citing people involved in negotiating the deal. The U.S. also plans to secure preferential rights to purchase 20% of the company's production at cost, the WSJ reported. The Pentagon's Office of Strategic Capital plans to structure the investment through penny warrants that would yield the U.S. an equity [Read more]
Trump announces sweeping US grab for control of Venezuela’s vast oil reserves
President Donald Trump on Friday announced an unprecedented U.S. push to take control of a fifth of Venezuela's vast oil reserves, betting that American companies can revive the OPEC nation's battered energy industry while delivering a new source of crude to help bring down U.S. fuel prices. Trump provided few details about the agreement, saying only that the U.S. had secured majority control of more than 65 billion barrels of Venezuela's proven oil reserves through a partnership with private [Read more]
Chevron to complete deal in Venezuela to migrate, expand oil projects, sources say
Chevron is about to finalize negotiations to migrate all its oil joint ventures in Venezuela into the country's new energy framework, allowing the U.S. major more control over operations and key oilfield expansions, two sources close to the negotiations said. The agreement, expected to be announced on Wednesday, will include a previously announced asset swap allowing the company's Petropiar heavy crude project, its largest in Venezuela, to expand to the neighboring Ayacucho 8 block. A second [Read more]
Iran’s navy says it has ‘full control’ over Strait of Hormuz
Iran's Revolutionary Guards Corps Navy rejected U.S. claims that the Strait of Hormuz was open, calling them an attempt to control oil prices and conceal what it described as U.S. failures. It said the restrictions would continue until U.S. military actions against Iran end and relevant commitments are implemented, according to a statement. (Reporting by Ahmed Tolba and Yasmine Ghania in Cairo, Editing by Franklin Paul) [Read more]
US in talks with Venezuelan mogul Betancourt for oil deal, Bloomberg News reports
The U.S. government is pursuing a major stake in Venezuelan oil reserves via a potential partnership with Venezuelan businessman Alejandro Betancourt, Bloomberg News reported on Friday, citing people familiar with the matter. The negotiations are focused on as many as 17 oil fields in Venezuela's main petroleum basins, while the Pentagon's Office of Strategic Capital is being discussed as the potential agency to oversee the investment, the report added. Reuters could not immediately verify [Read more]
Trans Mountain CEO says US trade rift adds urgency to Canada’s oil pipeline plan
The collapse of trade talks with the United States has created urgency to plan a new oil pipeline to Canada's west coast, the CEO of the government-owned Trans Mountain pipeline company said on Friday. The project is still a concept, but both the oil-producing province of Alberta and Canada's government say it is in the country's national interest. The need for it became more apparent this week, Trans Mountain CEO Mark Maki told Reuters. Canada, the world's fourth-largest oil producer, sends [Read more]
US energy firms leave rig count unchanged in latest week, Baker Hughes says
U.S. energy firms left the overall rig count unchanged in the latest week, energy services firm Baker Hughes said in its closely followed report on Friday. The total oil and gas rig count, an early indicator of future output, held at 588 in the week to August 28. Baker Hughes said the total count was still up 52 rigs, or 9.7%, from this time last year. It said oil rigs fell by five to 447 this week, while gas rigs rose by five to 132 and other miscellaneous rigs remained unchanged at [Read more]
Argentina locks in $900 million for pipeline to feed first large-scale LNG exports
Argentina's San Matias Pipeline consortium said on Friday it had closed a $900 million project finance loan to build a pipeline from the Vaca Muerta shale formation to the Atlantic coast in Rio Negro province, a crucial piece of financing for the nation's long-delayed ambition to become a global natural gas exporter. The financing marks a major milestone for a country trying to turn one of the world's largest unconventional gas reserves into hard-currency export revenue. The 472-km (293-mile) [Read more]
Pipelines and ports: Iran war spurs Gulf infrastructure investment
The Iran war's redrawing of the global trade map is forcing Gulf nations to retool their investment play book, ploughing capital into infrastructure, from energy pipelines to ports, to weather the fallout from the conflict. The war has highlighted the Gulf's overreliance on the Strait of Hormuz, previously a chokepoint for 20% of global oil flows but also subject for decades to Iranian threats of disruption. With the strait virtually blocked for much of the past six months, a burst of billions [Read more]
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