Venezuela may soon have to start closing some oil wells as it runs low on storage capacity following last week's tanker seizure and U.S. plans to block other sanctioned vessels, Bloomberg News reported on Wednesday, citing people familiar with the situation The country's main oil storage and tankers sitting at its terminals are quickly filling up and may be at maximum capacity in about 10 days, the report said. Reuters could not immediately confirm the report. (Reporting by Nilutpal [Read more]
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Canadian oilpatch can withstand crude market doldrums, experts say
CALGARY - Energy experts say U.S. oil producers will likely be the first to cut output should the global crude price continue to languish below US$60 per barrel, but their Canadian peers should be able to keep chugging along. West Texas Intermediate, the key U.S. light oil benchmark, settled at US$55.13 per barrel on Tuesday, the lowest the price has been since early 2021. Rory Johnston, founder of the Commodity Context newsletter, says unlike during the thick of the COVID-19 pandemic, [Read more]
Carlyle hires Goldman Sachs for Lukoil asset bid
U.S. private equity giant Carlyle has hired Goldman Sachs to work on its bid for Lukoil assets, two sources familiar with the matter told Reuters on Wednesday, as the race for the sanctioned Russian oil firm's overseas portfolio heats up. At least a dozen potential suitors have expressed interest in buying Lukoil assets, including Carlyle, U.S. oil majors Exxon Mobil and Chevron, Abu Dhabi conglomerate IHC, and Saudi Arabia's Midad Energy, sources have said. Both Carlyle and Goldman Sachs [Read more]
Alberta’s huge oil sands reserves dwarf U.S. shale
Oil sands could maintain current production rates for more than 140 years By Will Gibson on December 16, 2025, 11:14 am MST Pipelines at a thermal in situ oil sands facility. Photo courtesy Alberta Energy Regulator Investor interest in Canadian oil producers, primarily in the Alberta oil sands, has picked up, and not only because of expanded export capacity from the Trans Mountain pipeline. Enverus Intelligence Research says the real draw — and a major factor behind oil sands [Read more]
EIG’s MidOcean Energy Completes Acquisition of Interest in Canada from PETRONAS
LONDON--(BUSINESS WIRE)--MidOcean Energy (“MidOcean”), a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors, today announced the completion of its acquisition of a 20% interest in PETRONAS’ key entities in Canada. The transaction includes a 20% interest in the North Montney Upstream Joint Venture (“NMJV”), which holds PETRONAS’ upstream investment in Canada, and a 20% interest in the North Montney LNG [Read more]
US crude stocks fall, fuel inventories fall on robust refining activity, EIA says
U.S. crude stocks fell while gasoline and distillate inventories rose last week as refining activity climbed, the Energy Information Administration said on Wednesday. Crude inventories dropped by 1.3 million barrels to 424.4 million barrels in the week ended December 12, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.1 million-barrel draw. Wednesday's EIA report marked a sharp contrast from an inventory report released on Tuesday by the American Petroleum [Read more]
Mexican president calls on UN to ‘avoid bloodshed’ in Venezuela
Mexican President Claudia Sheinbaum on Wednesday asked the United Nations to act in order to avoid bloodshed in Venezuela, as tensions escalate between the South American country and the United States. Sheinbaum said during her morning press conference that Mexico is against intervention and against foreign interference in Venezuela. "I call on the United Nations to fulfill its role. It has not been present. It must assume its role to prevent any bloodshed," she said. U.S. President [Read more]
As the geopolitical landscape shifts, oil and natural gas remain key to everything
Once upon a time, I imagined there was a layer of people at the top of the world order that were supremely wise, experienced, and of the finest judgement. I assumed that the world moved with purpose as this elite crowd rolled up their sleeves and exercised their skills in a cohesive manner, instituting policies and programs that were the best and most logical choice based on finances and resources available. I assumed the west worked that way, as did the commies (the cold war lives on in my head [Read more]
Rheaume celebrates 20 years in Grande Prairie — from one-person MOC shop to full EPCM partner in the Montney and beyond
2025 marks 20 years in operation for Rheaume Engineering Inc. — which began as a single engineer consulting on MOCs in the Grande Prairie area. Rheaume has grown into a 45-person company, now a full-suite Engineering, Procurement, and Construction Management (EPCM) firm serving the energy, municipal, and industrial sectors across Western Canada. Rheaume delivers Oil & Gas projects such as wellpads, pipelines, and major capital projects — including engineering for thermal oil production [Read more]
Greenfire Resources Announces Preliminary Results for Rights Offering
Calgary, Alberta--(Newsfile Corp. - December 17, 2025) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" or the "Company") today announced preliminary results of its C$300 million rights offering, which expired at 4:00 p.m. (Calgary time) on December 16, 2025 (the "expiration date"). Upon closing of the rights offering, the Company expects to issue 55,147,058 common shares, representing the maximum number of common shares available under the rights offering, without reliance on the [Read more]
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