Month: August 2026

A new U.S.-Venezuela oil agreement covers 17 fields containing approximately 65 Bbbl of proven reserves, with North American Blue Energy Partners planning up to $100 billion in investment to expand Venezuelan oil production and infrastructure.

Two oil supertankers attempting to exit the Strait of Hormuz were reportedly struck by projectiles as renewed U.S.-Iran hostilities threaten a recent recovery in oil shipments through the critical waterway.

Chevron is nearing a deal to operate two giant oil fields holding billions of barrels of heavy oil in Venezuela’s Orinoco Belt, potentially marking a major expansion of the U.S. producer’s footprint in the country.

BritENERGY Group is shifting investment to the U.S. Permian basin as its chairman criticizes the UK’s energy policies, acquiring interests in 13 New Mexico oil and gas wells targeting 5 MMbbl by 2032.

Elementz and FutureOn are integrating subsea inspection and integrity data into the FieldTwin Operate digital twin platform, allowing offshore engineers to view asset condition, anomalies and planned work within a single environment.

Sapphire Gas Solutions has acquired EDGE LNG, adding approximately 200,000 gal/day of modular liquefaction capacity and expanding its ability to produce, deliver and vaporize LNG across the southern U.S.

Venezuela is considering leaving OPEC just months after the UAE’s withdrawal, raising questions about the producer group’s cohesion and its ability to manage global oil supplies as geopolitical shifts reshape the market.

TotalEnergies has completed the transfer of its 10% Arctic LNG 2 stake to Novatek subsidiary NordLine, formally exiting the project while retaining rights to about $1.3 billion in shareholder loan repayments.

Ovintiv has entered more than 60 transactions totaling about $460 million this year to add 41,000 net acres and 240 drilling locations across its Permian and Montney positions.

Petrobras’ P-80 and P-82 FPSOs are preparing to sail for the Búzios field, where the two high-capacity units will add a combined 450,000 bpd and increase the field’s installed production capacity by about 34%.