The U.S. involvement in Venezuela's oil sector offers a potential opportunity for international banks, with JPMorgan Chase in an advantageous spot due to its history in the country and past involvement with international trade financing. A clutch of banks including JPMorgan and Citigroup have historically operated in the country, but reduced operations or pulled out in the last few decades. U.S. banks now, however, may have the potential to compete for opportunities in trade financing or [Read more]
News
Alberta’s Smith calls on Carney to speed up major project approvals
EDMONTON - Alberta Premier Danielle Smith is calling on Ottawa to further speed up its approval process for major projects, saying she wants to see applications approved within six months. Prime Minister Mark Carney's Major Projects Office, established last year, currently aims to complete regulatory reviews within two years. Smith says in a letter to Carney that two years is too long, considering the recent U.S. capture of Venezuelan President Nicolas Maduro and U.S. President Donald Trump's [Read more]
Trump urges US oil giants to repair Venezuela’s ‘rotting’ energy industry
U.S. President Donald Trump began a meeting to discuss Venezuela with executives from some of the world's largest oil companies at the White House on Friday, saying he wants them to invest $100 billion in the country to vastly expand its production. The meeting reflects the importance of oil to Trump’s strategy for the OPEC nation after U.S. forces seized the South American country’s leader Nicolas Maduro in a brazen overnight raid on its capital January 3. "We're going to discuss how [Read more]
Trump pushes ‘drill baby drill’ agenda to Venezuela, hurts producers at home
* Trump aims for $50 oil, below profitable level for U.S. producers * Venezuelan oil redirection to pressure U.S. shale margins * U.S. refineries to benefit from Venezuelan oil influx By Georgina McCartney and Arathy Somasekhar HOUSTON, Jan 9 - U.S. oil producers already reeling from low oil prices are facing renewed pressures, as President Donald Trump pushes them to boost output in Venezuela - a move that would weaken the oil market, cut revenues and hurt industry at home. Trump has [Read more]
US drillers cut oil and gas rigs for first time in three weeks, Baker Hughes says
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in three weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by two to 544 in the week to January 9, the lowest since mid-December. Baker Hughes said this week's decline puts the total rig count down 40 rigs, or about 7% below this time last year. Baker Hughes said oil rigs fell by [Read more]
White House oil meeting on Venezuela includes independents, and strong links to Denver
The White House is summoning oil executives to discuss potential investment in Venezuela on Friday, and while a preliminary list of attendees features the big names of American oil - Chevron, Exxon Mobil and ConocoPhillips - it also includes several smaller independents and private equity-backed players. Only the largest U.S. oil producers have the scale and capacity to operate in Venezuela and have experience doing so, said an oil industry source. The inclusion of smaller domestic companies [Read more]
Shell Canada Production Jumps in November as LNG Canada Ramp Up Ongoing – StackDX Intel
In recent months, Shell Canada has seen increased production volumes, reflecting both upstream activity and the early contributions of the new LNG Canada export facility. In November, Shell Canada’s gross licensed production exceeded 135,000 boe/d — a ~35 % increase over September volumes, underscoring a notable step up in output as market conditions and export infrastructure improve. Of course this is a gross figure, and wouldn't account for any JV deals (ex. Shell/PetroChina JV at Groundbirch) [Read more]
US oil firms juggle Venezuela opportunity, investor concern ahead of White House summit
U.S. oil executives being summoned to the White House on Friday to discuss potential investment plans in Venezuela will be carefully weighing the country's business potential and enthusiasm from President Donald Trump with a more cautious sentiment being expressed by some of their investors. Secretary of Energy Chris Wright, speaking at a Goldman Sachs energy conference in Miami this week, repeated a claim from Trump that U.S. oil firms were prepared to spend billions of dollars to rebuild the [Read more]
White House gathers oil majors, traders, drillers on Venezuela
The White House is convening a meeting on Friday with major U.S. and international oil companies to discuss potential investment in Venezuela’s energy sector, as the administration weighs ways to revive crude output in the sanctions-hit country, according to a White House official. The companies include producers, refiners, traders and oilfield services firms with past or potential exposure to Venezuela. Also attending are Secretary of State Marco Rubio, Energy Secretary Chris Wright and [Read more]
The past and potential of Venezuela’s oil sector, and what it means for Canada
CALGARY - U.S. President Donald Trump's ambition to have U.S. energy companies swoop in and revive Venezuela's beleaguered oil industry has raised questions about what it means for Canadian oilsands producers and whether it's a task American supermajors can or even want to take on. Here is a rundown of the past and potential of Venezuela's energy sector: There's a gargantuan amount of oil in the ground. The U.S. Energy Information Administration says that as of 2023, Venezuela had 303 [Read more]
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