Opportunity Crudes

The US Biden administration's initiative to engage in talks regarding a temporary lift of sanctions against Venezuela has ignited a glimmer of hope for the rejuvenation of the world's largest oil reserves.

The Canadian oil industry is facing a series of shifts that impact both its production and future prospects.

Chevron Corporation, the last major U.S. firm operating in Venezuela, has been authorized by Washington to restore lost output and resume oil exports.

Venezuela's opposition party is proposing to export 200K b/d to a trustee who would use the proceeds to pay off creditors' claims on Venezuelan assets abroad.

What are the prospects of the world's two largest heavy-oil producers in the coming New Year?

The company has filed a permit with the Alberta Energy Regulator to build a 60K-b/d diluent-recovery unit (DRU) on a 46-acre (19-ha) site near Bruderheim, Alberta, Canada.

Canada's largest oil and gas producer Canadian Natural Resources Ltd. (CNRL) said in a Nov. 30 investor presentation that it aims to boost its crude production to a record 1.0MM b/d next year as the company boosts drilling activity amid the ongoing strength in oil prices and demand.

On Nov. 26, the US Treasury Department granted a six-month authorization to US oil major Chevron Corp. (CVX) to resume operations in Venezuela and to export oil and refined products to the US from its Venezuelan operations.

Canada aims to cut its CO₂ emissions from its upstream sector by 42% from a 2019 baseline by 2030, which will amount to a reduction of 66MM mt/y.

State-owned PDVSA reported that, in its western division, which includes the Lake Maracaibo region, production has fallen from 147.6K b/d at the end of Jan., ...