Tag: Chevron

Mike Wirth framed Chevron’s new $7 billion Venezuela commitment as a “win-win-win” during a Bloomberg Television interview from Caracas: better heavy crude for U.S. Gulf Coast refiners, stronger energy security, and fresh investment and jobs for Venezuela.

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The September 2, 2026 sit-down with Tyler Kendall came the same day Chevron announced updated joint-venture agreements with PDVSA. The company will invest more than $7 billion over five years across three existing ventures, add acreage in the Orinoco Belt’s Carabobo area, and target more than 600,000 barrels per day of production—more than triple the […]

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Chevron, Eni, and a broader group of firms signed energy agreements in Caracas on September 2, 2026, with U.S. Energy Secretary Chris Wright and acting Venezuelan President Delcy Rodríguez present.

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The pacts target higher crude output from existing and new acreage under Venezuela’s reformed hydrocarbons law, separate from the larger U.S.-backed North American Blue Energy Partners (NABEP) arrangement announced days earlier by President Trump. Wright described the package as “tens of billions” in investments and a “transformation for Venezuela.” Rodríguez credited Trump administration efforts for […]

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The White House’s August 31, 2026 fact sheet details a landmark oil agreement that grants North American Blue Energy Partners (NABEP) 100-year concessions on 17 Venezuelan fields holding roughly 65 billion barrels of proven reserves.

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The U.S. government receives a 35% equity stake in NABEP’s corporate parent via the Department of War’s Office of Strategic Capital, a guaranteed right to buy 20% of offtake at production cost, and a right of first refusal on the remaining 80%. U.S. governance rights include veto power over board appointments, a requirement that a […]

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Will Iraq leave OPEC, or will OPEC allow Iraq to double exports within six years?

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Iraq is pushing aggressively to more than double its oil production capacity, targeting 8–10 million barrels per day (bpd) within six years—up from roughly 4 million bpd before the recent Iran-related regional conflict disrupted Strait of Hormuz shipping. On August 21, 2026, Prime Minister Ali al-Zaidi announced the goal at the Baghdad Dialog conference and […]

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Nigeria looks to lead the oil and gas investment boom away from choke points

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Nigeria is positioning itself at the forefront of a global shift in oil and gas investment, targeting up to $50 billion in new offshore projects that could help diversify supplies away from the world’s most vulnerable maritime chokepoints. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has highlighted that new incentives for offshore oil and gas […]

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West Texas Oil Producers Pushing Power Demand ‘To the Moon’

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Oil and gas producers in the Permian Basin are driving electricity demand skyward in West Texas, even as technology companies race to site data centers in the world’s most prolific shale play. The dual surge—from electrifying drilling, fracturing, and production operations, plus hyperscale computing loads—is straining the regional grid and prompting warnings of potential reliability […]

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