PDVSA

Since the US arrested and removed Venezuelan President Nicolás Maduro on 3 January 2026, all eyes have turned toward the country’s vast oil reserves, the largest of any country. From 2005 to 2024, oil production in Venezuela fell by 70%, from 3.1 million B/D to just 0.9 million B/D. The race is on to bring production back, but aging infrastructure and expatriation pre…

An asset swap with PDVSA helps consolidate the supermajor’s heavy-oil operations in the country.

US sanctions appear to have prompted a change in ownership. It is unclear how the new arrangement will impact Venezuela’s diminishing ability to export crude oil.

Take a quick look at some of the data points shaping upstream headlines and the movement of oil supplies around the world.

A fluid technology has been developed to deposit a thin, impermeable barrier over the pores and microfractures of weak, underpressured, and otherwise troublesome formations to maintain wellbore stability and reduce formation damage.