ADNOC, the national oil company of the United Arab Emirates, on Wednesday announced the final investment decision for the SARB Deep Gas Development offshore Abu Dhabi, a key part of the massive Ghasha Concession development.  ADNOC and the UAE are looking to maximize natural gas extraction and processing to boost domestic supply and increase LNG exports.  SARB, located 120 kilometers (75 miles) offshore Abu Dhabi, will include a new offshore platform with four gas production wells connecting to Das Island. From there, gas from SARB would…

Crude oil inventories in the United States posted a sharp draw last week, even as gasoline and distillate stockpiles recorded sizable builds, according to new data released Wednesday by the U.S. Energy Information Administration (EIA). U.S. commercial crude oil inventories, excluding the Strategic Petroleum Reserve, fell by 3.8 million barrels in the week ending January 2, bringing total stockpiles to 419.1 million barrels. Crude inventories remain roughly 3% below the five-year average for this time of year. Refinery activity edged higher on the…

Equinor does not consider returning to Venezuela, which it quit years ago, Anders Opedal, the chief executive of the Norwegian energy major, told Reuters on Wednesday.  Following the capture of Nicolas Maduro by U.S. forces, the industry is buzzing with talk about the opportunities for Western, especially U.S. oil firms, in Venezuela, the holder of the world’s biggest proven oil reserves estimated at about 303 billion barrels.  “At the moment, that's not on the table,” Equinor’s Opedal told Reuters on the…

Equinor does not consider returning to Venezuela, which it quit years ago, Anders Opedal, the chief executive of the Norwegian energy major, told Reuters on Wednesday.  Following the capture of Nicolas Maduro by U.S. forces, the industry is buzzing with talk about the opportunities for Western, especially U.S. oil firms, in Venezuela, the holder of the world’s biggest proven oil reserves estimated at about 303 billion barrels.  “At the moment, that's not on the table,” Equinor’s Opedal told Reuters on the…

U.S. forces have seized a Russia-flagged tanker in the North Atlantic after a dramatic pursuit that began near Venezuelan waters, marking a sharp escalation in Washington’s enforcement of its global blockade on sanctioned Venezuelan oil. U.S. European Command confirmed the capture of the M/V Bella 1, saying the vessel was seized for sanctions violations “pursuant to a warrant issued by a U.S. federal court” after being tracked by a U.S. Coast Guard cutter. The operation concludes a weeks-long chase that began in late December…

U.S. forces have seized a Russia-flagged tanker in the North Atlantic after a dramatic pursuit that began near Venezuelan waters, marking a sharp escalation in Washington’s enforcement of its global blockade on sanctioned Venezuelan oil. U.S. European Command confirmed the capture of the M/V Bella 1, saying the vessel was seized for sanctions violations “pursuant to a warrant issued by a U.S. federal court” after being tracked by a U.S. Coast Guard cutter. The operation concludes a weeks-long chase that began in late December…

U.S. forces have seized a Russia-flagged tanker in the North Atlantic after a dramatic pursuit that began near Venezuelan waters, marking a sharp escalation in Washington’s enforcement of its global blockade on sanctioned Venezuelan oil. U.S. European Command confirmed the capture of the M/V Bella 1, saying the vessel was seized for sanctions violations “pursuant to a warrant issued by a U.S. federal court” after being tracked by a U.S. Coast Guard cutter. The operation concludes a weeks-long chase that began in late December…

The US military strikes in Venezuela and comments afterwards by President Donald Trump have raised the prospect of a massive increase in Venezuelan oil production under US control. It’s not clear when, how, or even if this can happen. But Venezuela has the world’s largest proven reserves, and Trump has suggested that US companies can bring them to market. Venezuela's extra-heavy crude is highly sought after as it's ideal for specialized refineries -- such as those on the US Gulf Coast -- that have coker units allowing them to process…

Venezuela and the United States have reached a deal under which authorities in the South American country will agree to export $2 billion worth of crude oil to the U.S., according to President Donald Trump.  The agreement with the U.S.-compliant leadership in Caracas would boost supply of heavy crude to the U.S. Gulf Coast refineries and potentially further cripple illicit Venezuela shipments of cheap crude to China, Reuters notes.  Venezuela’s state oil firm PDVSA has been unable to ship oil cargoes to Asia for nearly a week, as…