Energy, Oil & Gas

Venezuela, General Electric sign power expansion deal

Venezuela’s government and General Electric have signed a memorandum of understanding to modernise the national power grid, officials said. The plan targets 1 GW of added capacity within 24 months and more than 5 GW over four years, as authorities move to urgently formalise the agreement. ...

Energy, Oil & Gas

SLB, PDVSA ink deal for digitalisation of Venezuela’s O&G sector

SLB has signed a long-term framework agreement with Petróleos de Venezuela (PDVSA) to modernise the oil and gas sector, covering exploration, production, digital enablement, and workforce training, strengthening cooperation in field development and operational efficiency....

Energy, Oil & Gas

Venezuela Energy Week to offer $100bn opportunities

Venezuela will host its largest international energy investment summit from October 26–29 in Caracas, bringing together US, Venezuelan and international oil companies, investors, financiers and technical service providers to advance near-term investment opportunities across the country’s reopening energy sector....

Energy, Oil & Gas

Eni signs deal with Venezuela to relaunch Junin-5 oil project

Eni signed a programmatic agreement with the Venezuelan Ministry of Hydrocarbons and the state-owned company PDVSA to relaunch oil activities, specifically at Junin-5 (PDVSA 60 per cent, Eni 40 per cent), located in the Orinoco Belt, a heavy oil field containing 35 billion barrels of certified oil in place....

Energy, Oil & Gas

US seizes Russian-flagged oil tanker linked to Venezuela

The United States has taken control of a Russian-flagged oil tanker with links to Venezuela after tracking the vessel across the Atlantic, according to a statement posted on social media by US European Command....

Energy, Oil & Gas

Venezuela to export $2bn worth of oil to US

Caracas and Washington have reached a deal to export up to $2 billion worth of Venezuelan crude to the US, US President Donald Trump said, a flagship negotiation that would divert supplies from China while helping Venezuela avoid deeper oil production cuts....