Venezuela | Egypt Oil & Gas - Part 2
US Becomes Top Destination for Venezuelan Oil Following Sanctions Relief
About half of Venezuela’s oil production is now being exported to the United States (US), Reuters reported, quoting US Energy Under Secretary Kyle Haustveit, highlighting the rapid shift in Venezuela’s crude trade fol...
Venezuela Awards Gas License to bp, XRG, and UCC
Venezuela has awarded a license to British Petroleum (bp), UAE-based XRG, and Qatar-based UCC Holding to explore and develop the second phase of the Loran offshore natural gas field, as Caracas seeks to attract foreig...
Eni Restarts Oil Lifting from Venezuela to Recover Gas-Related Depts
Eni resumed receiving Venezuelan crude shipments in April as a form of payment for natural gas produced in the country, a move to gradually recover outstanding debts owed by the government, according to Reuters. This ...
Chevron, Shell Near First Major Oil Deals in Venezuela After Maduro Capture
International oil majors, Chevron and Shell, are nearing agreements to expand oil and gas production in Venezuela, marking the first major deals since the US capture of President Nicolás Maduro in January, five source...
US Issues General Licenses for Venezuela, Reopening Access for Global Majors
The US Treasury Department’s Office of Foreign Assets Control (OFAC) has issued a sweeping relaxation of sanctions on Venezuela’s energy sector. The move grants two general licenses that allow international oil and ga...
ExxonMobil, Chevron Signal Interest in Venezuela Amid Sanctions Easing
US energy majors ExxonMobil and Chevron have expressed tentative interest in re-engaging with Venezuela’s petroleum sector following the easing of US sanctions, provided that the country establishes robust legal and p...
Venezuela Expects Oil Investments of $1.4 Bn Under Production-Sharing Contracts in 2026
Venezuela expects to attract around $1.4 billion in investment this year in projects operating under oil production-sharing contracts (PSCs) promoted by the government, up from about $900 million last year, Interim Pr...
Exxon Mobil Keeps Venezuela Option Open Despite Trump Objections
Exxon Mobil remains interested in assessing a potential return to Venezuela and is prepared to send a technical evaluation team within weeks, despite US President Donald Trump signaling he may block the company from o...
