Venezuelan Oil Output Could Return to Pre-Blockade Level by Mid-2026, EIA Says

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(Reuters) – Expanded U.S. licenses for Venezuela-related deals are expected to restore the South American country’s oil production by mid-2026 to levels seen before a U.S. naval blockade in December, the U.S. Energy Information Administration said on Tuesday. Venezuela’s state oil company PDVSA was forced to make deep output cuts after Washington imposed the strict …

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U.S. Will Have to Do ‘Something Very Tough’ If No Deal Reached With Iran, Says Trump

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(Reuters) – The United States will have to do “something very tough” if a deal is not reached with Iran, President Donald Trump told Israel’s Channel 12 in an interview published online on Tuesday. “Either we reach a deal or we’ll have to do something very tough,” it quoted Trump as saying. Trump has said …

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US Power Use to Beat Record Highs in 2026 and 2027, EIA Says

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(Reuters) – U.S. power consumption, which hit its second straight record high in 2025, will rise further in 2026 and 2027, the Energy Information Administration said in its Short-Term Energy Outlook on Tuesday. The EIA projected power demand will rise from a record 4,195 billion kilowatt-hours in 2025 to 4,268 billion kWh in 2026 and …

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BP’s Buyback Cut is Short-Term Pain That Could Be Shell’s Gain: Bousso

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(Reuters) – BP’s decision to scrap buybacks may be painful in the short run, but by prioritising production growth over shareholder payouts it can begin to repair its shaky financial footing. Cutting buybacks marks the most significant shift in BP’s financial framework since it halved its dividend in August 2020 following the pandemic-driven collapse in …

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Norway’s Equinor Plans Sharp Increase to International Oil and Gas Output by 2030

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(Reuters) – Equinor’s international oil and gas portfolio will return to growth in the next few years as the Norwegian energy group targets sharply increased output abroad by 2030, its head of foreign operations told Reuters. After recent divestment of onshore assets in Argentina, Equinor now produces oil and gas in seven countries outside Norway, …

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Chevron Buys West Texas Ranch in ‘Zombie’ Oil Well Settlement

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By David Wethe and Kevin Crowley Chevron Corp. acquired a ranch in West Texas whose owner had been waging a legal battle accusing the US energy giant of negligently spilling toxic water and crude oil on the 22,000-acre property. The sale of Ashley Watt’s Antina Ranch was recorded on Feb. 3 by the Crane County …

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Saudi, US Firms to Partner on Northeast Syria Energy Project

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By Timour Azhari [image] Saudi, US firms to explore oil and gas in northeast Syria Project follows Assad’s ousting, lifting of US sanctions Consortium includes Baker Hughes, Hunt Energy, ACWA Power, TAQA, Argent LNG RIYADH, Feb 10 (Reuters) – Two Saudi Arabian and three U.S.-based firms are set to form a consortium for oil and …

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Canadian Oilpatch Expected to Keep Bulking Up Through Mergers and Acquisitions

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CALGARY – Oilpatch advisers are expecting the wave of consolidation to continue after last year’s string of blockbuster Canadian deals, but whether foreign buyers are ready to jump into the fray remains an open question. Companies have seen the merit in bulking up through mergers and acquisitions as oil prices hover around the lacklustre US$60 …

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BP Suspends Buyback to Trim Debt, Sending Shares Down Over 4%

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BP pauses $750-million quarterly share buybacks Q4 net profit $1.54 billion, up 32% on year Bumerangue field expected to hold 8 billion barrels Shares dropped as much as 5.7% in morning trading (Reuters) – BP  suspended its share buyback programme and took about $4 billion of charges in its renewables and biogas assets, sending its shares …

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US Energy Producer Presidio Plans First-of-Kind $1 Billion Goldman Debt Facility to Fund Deals

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Summary Presidio’s Goldman facility is a first in oil and gas industry Acquisition finance provided by Goldman, with debt held by bank for use in future ABS Structure offers lower debt costs, as well as speed and more certainty in deal talks (Reuters) – Presidio Investment Holdings is working with Goldman Sachs on a first-of-its-kind debt …

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