Several investor groups, including private equity firm Carlyle and a consortium comprising Chevron, Quantum Capital Group and Abu Dhabi-based International Holding Company (IHC), are vying to acquire the global assets of Russia’s Lukoil as a U.S. deadline to divest approaches.
Exxon Mobil remains interested in assessing a potential return to Venezuela and is prepared to send a technical evaluation team within weeks, despite U.S. President Donald Trump signaling he may block the company from operating there, a source familiar with Exxon’s strategy said.
U.S. President Donald Trump said he might block Exxon Mobil from investing in Venezuela after its CEO told him the country was currently unsuitable for investment during a previous White House meeting with at least 17 oil executives. Trump said he was unhappy with Exxon’s response and was inclined to keep the company out of Venezuela because its comments were too cautious.
Shell expects its Upstream production to increase to between 1.84 and 1.94 million barrels of oil equivalent per day (mmboe/d) in the fourth quarter (Q4) of 2025, according to its latest quarterly update note. The projected growth follows a third-quarter (Q3) production level of 1.832 mmboe/d and includes the impact of the Adura joint venture (JV) incorporation.
Trump signed an executive order on January 9 to protect Venezuelan oil revenues from creditors as part of a sweeping effort to stabilize the country’s economy and restore American energy operations following the removal of Nicolas Maduro, Reuters reported. US Treasury Secretary Scott Bessent told Reuters that additional sanctions could be lifted as soon as next week to facilitate immediate crude oil sales.
Abu Dhabi National Oil Company (ADNOC) has reached a final investment decision (FID) for the SARB Deep Gas development, a strategic offshore project within the Ghasha Concession aimed at expanding the UAE’s natural gas production capacity.
US oil major Chevron is in discussions with the Trump administration to broaden a key authorization that would allow the company to increase crude oil exports from Venezuela, including shipments to its own refineries and potentially to third-party buyers, four sources familiar with the matter told Reuters. The talks coincide with negotiations between Washington and Caracas to supply up to 50 million barrels of Venezuelan crude oil to the United States. US officials stated that revenues from these shipments would be managed by a US-supervised trustee, with funds earmarked for purchasing American goods for Venezuela.
Iraq’s cabinet has endorsed the takeover of petroleum operations at the West Qurna 2 oilfield, one of the largest globally, following terms set out in the service contract with Russia’s Lukoil, as reported by Reuters.
Baker Hughes, an energy technology company, announced Monday the closing of the sale of its Precision Sensors & Instrumentation (PSI) product line to Crane Company. The transaction follows a divestiture agreement originally announced in July 2025.
The Trump administration plans to meet later this week with US oil company executives to discuss boosting natural gas and oil production in Venezuela following the removal of President Nicolas Maduro, a source familiar with the matter told Reuters.
