Friday, April 10, 2026
Thursday, April 9, 2026
Shell Moves to Expand Venezuela Natural Gas Operations
Energy multinational Shell is reportedly in advanced negotiations with the Venezuelan government to expand its operations in the country’s offshore natural gas fields
According to Reuters, the London-based oil and gas giant is seeking rights to exploit four major fields in Venezuelan waters near the maritime border with Trinidad and Tobago.
Shell wants to move beyond the 4.2 trillion cubic feet (tcf) Dragon field project, which it is set to develop alongside Trinidad’s National Gas Company (NGC) after receiving a 30-year license from the Venezuelan government in December 2023. Venezuela’s state energy company PDVSA does not hold a stake in the project.
The company is currently targeting three additional fields that, together with Dragon, comprise the Mariscal Sucre project: Río Caribe, Patao, and Mejillones. The four fields represent approximately 12 tcf of reserves combined.
Shell likewise aims to accelerate operations in the 7.3 tcf Loran field, which forms part of the Loran-Manatee cross-border reservoir with Trinidad. The firm is already developing the Manatee side in Trinidadian waters, and spokespeople referred to Loran, which remains largely untapped, as an “attractive investment opportunity.”
If the deals are finalized, Shell would gain access to a combined resource base of approximately 20 tcf of Venezuelan natural gas, with plans to process it into liquefied natural gas (LNG) in Trinidadian facilities.
Shell CEO Wael Sawan stated during the late March CERAWeek conference in Houston that the company could reach a final investment decision (FID) on at least two Venezuelan projects “before the end of this year, if afforded the right fiscal and legal frameworks.” Sawan added that there is “a long way to go” before the projects launch but that he was “encouraged” by recent progress.
A primary hurdle in the current negotiations is the status of the Río Caribe and Mejillones fields, which had partial ownership stakes previously assigned to Rosneft and then transferred to Russian state-owned Roszarubezhneft in 2020. Both fields have remained largely untouched.
In a statement to Reuters, a Shell spokesperson confirmed that the Russian part-ownership is “a problem” but expressed confidence in overcoming it.
For its part, the government of Trinidad and Tobago has maintained a supportive stance toward the integration of Venezuelan gas into its domestic infrastructure. Port of Spain possesses significant idle capacity at its Atlantic LNG facility, partly owned by Shell, due to declining domestic production in recent years.
The Trinidadian Energy Chamber recently expressed optimism that the expanded Shell projects in Venezuelan waters would “boost [Trinidadian] exports and generate much-needed foreign currency.”
However, the recent negotiations have drawn internal scrutiny. Former Energy Minister Kevin Ramnarine noted that while the deals will benefit Trinidad’s LNG exports, it effectively transitions the country into a gas importer.
The acceleration of talks for natural gas concession projects in Venezuelan waters follows the January 2026 reform of the Caribbean nation’s Organic Hydrocarbon Law. The pro-business overhaul granted private corporations significant benefits in terms of reduced fiscal responsibilities and increased control over operations and sales.
In addition to offshore natural gas ventures, Shell additionally signed agreements to take over light and medium-crude projects in the Punta de Mata Division in eastern Venezuela.
For the Dragon Project, the proposed development plan involves drilling subsea wells in Venezuelan waters and tying them to the Hibiscus platform off the north coast of Trinidad. The Loran field is expected to be linked to the Manatee platform.
Alongside Shell, BP had also previously progressed in talks to exploit the Cocuina-Manakin joint field. Both energy corporations recently received US Treasury licenses to negotiate contracts with Caracas under restricted conditions.
The Nicolás Maduro government had suspended all joint natural gas projects with Trinidad in late 2025 after the Kamla Persad-Bissessar government openly supported the Trump administration’s Caribbean military build-up ahead of the January 3 military strikes against Venezuela.
https://venezuelanalysis.com/news/shell-moves-to-expand-venezuela-natural-gas-operations/
Saudi Arabia says attacks cut oil output and East-West Pipeline flow
Attacks on Saudi energy facilities have cut the kingdom's oil production capacity by around 600,000 barrels per day and throughput on its East-West Pipeline by about 700,000 bpd, Saudi state news agency SPA reported on Thursday, citing an official source at the Ministry of Energy.
The ministry source did not specify who launched the attacks, but Saudi Arabia has intercepted many Iranian missiles and drones in recent weeks. The latest attacks, including previous strikes on some facilities, also disrupted operations at key oil, gas, refining, petrochemical and electricity sites in Riyadh, the Eastern Province and Yanbu Industrial City, SPA said.
Saudi Arabia had not previously provided details about the impact to oilfield production, refineries and pipeline flow from attacks occurring during the U.S.-Israeli war on Iran, which began in late February.
Benchmark Brent crude futures rose in post-settlement trade on Thursday after settling up $1.17 or 1.2%, at $95.92 a barrel.
"The East-West pipe is diverting so much of the Saudi crude not able to leave via the Strait of Hormuz," said Kpler analyst Matt Smith. "Any pullback on volume is going to add to the tight situation. It is not great news for markets."
The two-week ceasefire announced this week appeared tenuous at best, with Israel continuing its attacks on Lebanon and Iran showing few signs that it was lifting its near-total blockade of the Strait of Hormuz, conduit for nearly a fifth of global energy supplies.
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With the strait blocked, the East-West Pipeline has been Saudi Arabia's only crude export route. Reuters reported on Wednesday that Iran attacked the pipeline just hours after the ceasefire was agreed upon.
SAUDI NATIONAL KILLED IN ATTACKS
One Saudi national from industrial security staff of the Saudi energy company was killed and seven other Saudi employees were wounded in the attacks, SPA said.
Saudi Arabia has come under attack from hundreds of Iranian missiles and drones since the start of the war, most of which were intercepted, authorities have said.
Tehran has launched strikes on Israel and Gulf Arab states that host U.S. military installations.
One pumping station on the East-West Pipeline was hit, reducing throughput by about 700,000 bpd, the ministry source said. The source described the pipeline as currently a main route for supplying global markets.
The Manifa oilfield was also hit, reducing production capacity by around 300,000 bpd, while a previous attack on the Khurais facility cut a further 300,000 bpd, bringing the total reduction in Saudi production capacity to about 600,000 bpd, the source added.
It was unclear how long the Manifa and Khurais production could be offline, Smith said.
DAMAGE TO MAJOR REFINERIES
The attacks also hit major refining facilities, including SATORP in Jubail, the Ras Tanura refinery, the SAMREF refinery in Yanbu and the Riyadh refinery, directly affecting exports of refined products to global markets, SPA said. Processing facilities in Ju'aymah were also hit by fires, affecting exports of liquefied petroleum gas and natural gas liquids.
French oil major TotalEnergies (TTEF.PA), opens new tab holds an interest in SATORP, and U.S. major Exxon Mobil has a stake in SAMREF. TotalEnergies did not immediately respond to request for comment and Exxon referred to the operator for comment.
The strikes on key oilfields, pipeline infrastructure and refining hubs underscore the risks to global energy supplies as conflict spreads across the region. Saudi Arabia, the world's top oil exporter, plays a central role in global crude markets, and a prolonged disruption to its production, refining system or export routes could tighten supplies and add to price volatility.
The ministry source said continued attacks would reduce supply and slow recovery, affecting energy security for consuming countries and adding to volatility in oil markets. SPA said the disruption had already depleted a significant portion of operational and emergency inventories, limiting the ability to offset supply shortfalls.
ConocoPhillips goes to Venezuela to evaluate oil opportunities
ConocoPhillips (COP) said Thursday it has sent a team to Venezuela to evaluate the prospects for a return to oil and gas drilling in the country nearly two decades after billions of dollars in assets there were nationalized.
The effort makes ConocoPhillips (COP) just the second major U.S. oil producer to publicly disclose an on-the-ground inspection in Venezuela, after Exxon Mobil, which also left the country after its assets were seized, said last month it dispatched a team to assess opportunities there.
"We will evaluate Venezuela against other international opportunities as part of our disciplined investment framework," ConocoPhillips (COP) said.
CEO Ryan Lance has been telling investors his main priority is recouping ~$12B it is owed with interest following arbitration awards stemming from the expropriations in 2007.
"We're trying to be constructive and help the administration think through what's needed to incentivize the investments that will go into Venezuela," Lance said last month at the CERAWeek by S&P Global conference in Houston. "We have to see what's the pathway to starting to recover some of what's owed us."
Trump: Iran doing 'very poor job' on oil transit
United States President Donald Trump criticized Iran's handling of oil shipments through the Strait of Hormuz, saying the country is failing to honor its commitments.
Trump claimed that Iran is "doing a very poor job" of allowing oil to pass through the waterway. "That is not the agreement we have," he claimed.
The two sides recently entered a two‑week ceasefire that required Iran to guarantee safe passage for vessels in the Strait of Hormuz. However, disputes over Lebanon's inclusion have complicated the deal's implementation.
https://breakingthenews.net/Article/Trump:-Iran-doing-'very-poor-job'-on-oil-transit/66041916
Meta pulls ads aimed at recruiting plaintiffs for social media addiction lawsuits
Meta Platforms has withdrawn ads from Facebook and Instagram recruiting plaintiffs for lawsuits accusing social media companies of fostering addiction in young users. This move follows significant legal setbacks, including a $375 million ruling in New Mexico. Thousands of cases are pending against Meta and other tech giants in California.
Inferno at Pemex's Dos Bocas: A Repeated Setback for Mexico's Energy Sovereignty
A fire erupted at Pemex's Dos Bocas refinery in Mexico, marking the second blaze in less than a month. Despite no reported injuries, the incident highlights ongoing operational challenges at the facility, which is vital to Mexico's energy independence ambitions but plagued by cost overruns and safety concerns.
Afire broke out on Thursday at Pemex's Dos Bocas refinery, located in southern Mexico, marking the second blaze at the facility in under a month. No injuries were reported, according to the state oil firm, and emergency services have been dispatched to the scene.
Without detailing the fire's cause or the extent of the damage, Pemex noted that the incident followed a deadly fire on March 17, which resulted in five fatalities after 'oily waters' ignited at the refinery's perimeter. At more than $21 billion, the Olmeca refinery stands as one of Mexico's flagship energy projects, although its cost has exceeded initial estimates.
Conceived under former President Andres Manuel Lopez Obrador to reduce dependency on imported fuels, Dos Bocas has faced numerous operational issues. While it began operations in 2024, it hasn't achieved its promised production targets, underscoring its ongoing role in Mexico's quest for energy sovereignty.