U.S. President Donald Trump said on Sunday that oil from a recently struck deal with Venezuela will be used to replenish the Strategic Petroleum Reserve, which has been drawn down sharply in recent years to respond to global supply disruptions and high fuel prices. Trump said in a social media post that the "topping out" process will begin shortly, describing the Venezuelan oil as a “Gift from Venezuela to the People of the United States.” It is unclear how quickly the Venezuela deal could [Read more]
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Venezuela’s interim president says US energy deal will last 25 years
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]
Prospera Energy Announces Two-Year Extension of Senior Term Loan and Repricing of Equity Financing
Calgary, Alberta--(Newsfile Corp. - August 29, 2026) - Prospera Energy (TSXV: PEI) (OTC Pink: GXRFF) ("Prospera", "PEI", the "Corporation", or the "Company") is pleased to announce that it has entered into an amendment to its senior term loan, extending the maturity date by two years, from August 31st, 2026 to August 31st, 2028. The facility, with a total principal amount of $20,739,465, retains all of its original terms, including its 12% annual interest rate and monthly interest payments. The [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]
Westgate Energy Announces Q2 2026 Financial Results and Provides Operational Update
CALGARY, AB, Aug. 28, 2026 /CNW/ -- Westgate Energy Inc. ("Westgate" or the "Company") (TSXV: WGT), is pleased to announce the filing of its unaudited financial and operating results for the three and six months ended June 30, 2026. The selected financial and operating information provided below should be read in conjunction with Westgate's unaudited consolidated financial statements and related management's discussion and analysis ("MD&A") for the three and six months ended June 30, 2026 [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]
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