Venezuela

Under the agreement with PDVSA, Eni will oversee the field's technical, financial, and commercial management. Separately, independent energy company GeoPark has announced its strategic entry into Venezuela through the Bare Block, a large-scale heavy-oil-producing asset.

While discussions on the commercial terms for gas sales continue, the release of the jackup rig intended to drill production wells calls into question Shell’s plans for first gas in 2027.

The supermajor expects output to double to about 600,000 B/D as a result of a new agreement with one of its joint ventures in Venezuela.

Brownfield redevelopment and new exploration projects could lift Venezuelan output above 2 million B/D by next decade.

The Loran Phase 2 license award builds on BP’s growing presence in Venezuela as it seeks to develop offshore projects, particularly shared fields near Venezuela’s maritime border with Trinidad and Tobago.

Saipem has launched offshore operations in Suriname, while Repsol is expanding exploration efforts in Venezuela and partnering with MOL Group and TPAO in the Mediterranean. Petronas, Shell, and Murphy Oil reported new discoveries in Suriname, Namibia, and Côte d’Ivoire, respectively, as Occidental acquired a stake offshore Trinidad and Tobago and BP began gas producti…

Five agreements target more than 11 Tcf of offshore gas and include flare-reduction technology.

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.

The supermajors are seeking new US licenses to develop cross-border natural gas fields.