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Venezuelan sanctions relief a boon for others: Chevron

  • Market: Crude oil, Oil products
  • 27/10/23

Chevron said the temporary lifting of US sanctions targeting Venezuela's oil sector is more of a boon for others than the second-biggest US major.

"It really kind of opens up the operating room for others, more so than it does for us," chief executive officer Mike Wirth told analysts today.

Chevron was granted a waiver in November last year allowing it to import Venezuelan oil into the US from its joint ventures with state-owned PdV.

Chevron's production from Venezuela has risen to around 130,000 b/d from 60,000 b/d earlier in the year. The company expects output to increase further to around 150,000 b/d by the end of the year.

"You'll see more crude flow to the US," Wirth said in light of the decision earlier this month by the US to lift more sanctions targeting Venezuela's oil and gas sector after its government agreed to work toward free and fair presidential elections next year. "It doesn't materially change our circumstances here."


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19/11/25

Cop: Some 'reluctant' on shift from fossil fuels

Cop: Some 'reluctant' on shift from fossil fuels

Belem, 19 November (Argus) — Some countries are still "very reluctant" to accept including a roadmap to transition away from fossil fuels in the UN Cop 30 climate summit's final documents, the event presidency said. A roadmap to phase down fossil fuels has become a key issue at Cop 30. An initial draft about issues not on the main agenda published by the presidency on Tuesday morning mentioned it, but over 80 countries asked the presidency to put it on formal negotiating tables . There are two categories of countries on roadmap negotiations: those that are "very favorable" or have "very negatives" views on it, Cop 30 president Andre Correa do Lago told reporters. "Some groups [that have negative views on the roadmap] don't want that type of language on fossil fuels, while some developing countries don't want any more obligations, independently on which topic," Cop 30 chief executive Ana Toni said. Still, it is up to developed countries to take the lead on those negotiations, Correa do Lago said. One of the main hurdles to negotiating the roadmap has been how to implement it with solutions that are appropriate for each country, Correa do Lago said. "We really need to see the economic and social implications of the transitioning away [from fossil fuels] for each country and for different regions in each country." Additionally, there are many different interpretations on what needs to enter formal documents, he said. It has been hard to decide between what has to be negotiated and what can be implemented without a formal text, he added. The wording regarding the roadmap on the presidency's initial draft was considered weak by some delegates, according to Tina Stege, the climate envoy of the Marshall Islands, speaking for negotiating bloc the alliance of small island states. The presidency's draft "reflects something that opens the door" for negotiations between favorable and reluctant countries, Correa Lago said. So it is "natural" that the more favorable countries would expect something more ambitious. But Toni said that no group of countries has explicitly told the presidency that the initial draft's wording was "weak". Finance for adaptation One of the topics in which delegates have differed the most during negotiations is finance for adaptation, Brazil's chief climate negotiator Lilian Chagas said. Adaptation covers efforts to adjust to climate change where possible. The presidency's initial drafts included a proposal to triple adaptation finance from wealthier nations to developing countries. "The [global goal on adaptation"] is absolutely central and obviously the push for an increase in adaptation resources is significant", Correa Lago said. "And we want this to be an adaptation Cop". By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Cop: 80 nations back roadmap on shift from fossil fuels


18/11/25
News
18/11/25

Cop: 80 nations back roadmap on shift from fossil fuels

Belem, 18 November (Argus) — Around 80 countries are asking the UN Cop 30 climate summit's Brazilian presidency to put a roadmap to transition away from fossil fuels on the negotiating table, after an initial draft text released today included only "weak" mentions. The current reference to the roadmap in the text is "weak" and only presented as an option in the main text released today , climate envoy for the Marshall Islands Tina Stege said, speaking for negotiating bloc the alliance of small island states (Aosis). Developing and developed nations as well as island states are supporting the call. The text follows consultations on four topics sitting outside the official conference agenda and sets out options — with various degrees of strength — on the phase-out of fossil fuels and climate finance, including options for no text at all. UK climate envoy Rachel Kyte said that the objective of a meeting today is to make clear to the Brazilian presidency that this coalition of countries is not going to go home without clarity about a roadmap on implementing the outcome from Cop 28 in 2023. Parties at Cop 28 agreed to a call "to transition away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, so as to achieve net zero by 2050 in keeping with the science". German environment minister Carsten Schneider called on other countries to join the coalition. "We want a [Cop 30] outcome that addresses the transition away from fossil fuels in a just and inclusive way," he said, adding that so do "most of [his] European friends", without naming specific countries. "We are saying with one voice that this is an issue that cannot be ignored, cannot be swept under the carpet, and this is where the momentum is", the UK's energy minister Ed Miliband said. He called for the roadmap to be at "the heart of Cop 30". Supporting the call should "also emphasise the importance of providing access to energy for those who don't have it", Kenya's special envoy for climate change Ali Mohamed said. The issue is also economical, Sierra Leone's environment minister Jiwoh Abdulai said. "The cost of adaptation is increasing much faster than we can afford. Insurance markets are going to collapse, even in the developed countries, because insurance companies are not going to want to underwrite a lot of these risks", he said. It is in all countries' interest, including those with economies dependent on fossil fuels, to strengthen co-operation to transition away from fossil fuels, Sweden's lead negotiator Matthias Frumerie said. Individual countries' roadmaps should include the phase out of fossil fuel subsidies, Colombia's environment minister Irene Velez-Torres. Allocating some of these subsidies to the roadmap against deforestation would be a major step, she added. Colombia was an early champion of a roadmap to phase out fossil fuels. Another key issue is figuring out how to replace extractive economies in producing countries and financing, she said. Colombia is calling for the language in the text to be more definite. "What we have so far is that draft that has room for improvement, but it can end up like an onion: you peel back the layers and in the end you find nothing," Velez-Torres said. One negotiator suggested that the text released by the presidency was weighted and that calls for a roadmap were ignored. By Lucas Parolin and Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Venezuela's Maduro seeks talks with US


18/11/25
News
18/11/25

Venezuela's Maduro seeks talks with US

Caracas, 18 November (Argus) — Venezuela president Nicolas Maduro has reciprocated President Donald Trump's openness to talks between the two governments as Caracas faces a large US military presence in the Caribbean. "Whoever in the US wants to talk with Venezuela, we'll talk," Maduro said late on Monday after Trump indicated earlier that day that he was willing to talk with Maduro. The Venezuelan also sang Imagine by John Lennon during a public rally earlier this week to appeal for peace. Trump, speaking to reporters on Tuesday, said that Maduro "wants to talk", but pivoted to a diatribe about Maduro allegedly sending "all of their prison population into the United States". Trump frequently casts Venezuelan immigrants in the US as dangerous criminals, whom he wants to deport back to their country. The US does not recognize the Maduro administration as legitimate, and secretary of state Marco Rubio said he will designate Maduro and other top officials as part of a foreign terrorist organization. The US has amassed about 10pc of its navy in the Caribbean in recent weeks and carried out at least 20 fatal attacks on boats it alleged were ferrying drugs to the US. Crude talks The actions had not deterred crude shipments from Venezuela, but ship tracking data indicates some slowing this week. US company Chevron continues to operate in Venezuela, where it resumed crude exports to the US in August after the Trump administration reinstated modified version of its sanctions waiver to do so. Venezuela produces about 1mn b/d of crude, with about 150,000 b/d of that going to the US in October. Chevron exported roughly 400,000 b/d of crude earlier in 2025. But crude exports to the US have ebbed slightly, with no new exports of Venezuela's Merey crude grade to the US slated for this week, based on ship tracking data from Kpler. Merey is the most common grade exported to the US. A source with Chevron in Venezuela also indicated that there seem to be no new movements for now to the US, although Venezuela's exports to China continue. Venezuela's state-owned PdV declined to comment. Sometimes demand for heavy crude for US refiners will flag later in the year, as they work to reduce stocks, market sources have indicated. By Carlos Camacho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Cop: Presidency tackles key issues in first draft text


18/11/25
News
18/11/25

Cop: Presidency tackles key issues in first draft text

Belem, 18 November (Argus) — The Brazilian presidency of the UN Cop 30 summit has released a first draft text focused on the controversial issues that were left out of the conference's main agenda. The text represents a significant step forward in negotiations, but multiple options are offered for the main sticking points, suggesting that consensus is still lacking. The issues tackled include climate finance from developed to developing nations, unilateral trade measures, and moving away from fossil fuels. The presidency released a package of texts today, aiming to reach conclusion on several elements tomorrow. It included the first presidency draft text, following discussions on unilateral trade measures, climate finance, responses to countries' climate plans and emissions reporting — the four topics sitting outside the official conference agenda. The text sets out options — with various degrees of strength — on fossil fuels and climate finance, including options for no text at all. A menu of multiple options is normal at this stage of the talks. It is now up to delegations to find compromise, with another round of consultations scheduled today. One paragraph mentions the sharing of "domestic opportunities and success stories on the just, orderly and equitable transition towards low carbon solutions". There is also an option recalling the central paragraph of the global stocktake agreed in Dubai , which called for a move away from fossil fuels. This option suggests "convening" a high-level ministerial round table on different pathways and approaches "with a view to supporting countries to developed just, orderly and equitable transition roadmaps, including to progressively overcome their dependency on fossil fuels and towards halting and reversing deforestation". The option echoes previous calls for a roadmap to transition away from fossil fuels, made in the early days of Cop 30. The text also touches on a potential response to the latest round of countries' climate plans, and their alignment with the Paris Agreement. One option calls on countries to accelerate action on the Dubai call, which is reiterated in full in the text. Others mention a "Global Implementation Accelerator" report and a "Belem Roadmap to 1.5[°C]". The latter refers to the Paris Agreement's most ambitious goal of holding the global rise in temperature to 1.5°C above pre-industrial levels, and appears a softer option than a specific roadmap on moving away from fossil fuels. The texts are a "credible package capable of delivering meaningful Cop 30 outcomes" and represent "a substantial starting point", associate director at energy think-tank E3G Kaysie Brown said. A key sticking point in negotiations overall could be on finance for adaptation — adjusting to climate change where possible — according to director of international climate action at non-profit WRI David Waskow. Developing countries are calling for adaptation finance provided by developed nations to reach $120bn/yr by 2030 — up from a goal of $40bn this year. The draft text's elements on unilateral trade measures are "positive", as they invite more consideration, Waskow said. Developed countries seem opposed to going beyond the climate finance deal struck at Cop 29 , but are mostly supportive of language on shifting away from fossil fuels, global policy lead at civil society organisation Oil Change International Romain Ioualalen said. "Parties eyeing an outcome on fossil fuels will not succeed if they don't send strong signals on finance, adaptation, and the just transition", he said. By Caroline Varin and Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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DNO reshuffles N Sea assets to generate quick returns


18/11/25
News
18/11/25

DNO reshuffles N Sea assets to generate quick returns

London, 18 November (Argus) — Norway-based upstream producer DNO has agreed to sell its stake in a redevelopment project in the Ekofisk region of the North Sea, while boosting its interest in Norway's Verdande oil and gas discovery and taking a share of a new exploration prospect. The company will divest its 7.6pc stake in the Ekofisk Previously Produced Fields project to Polish refiner Orlen. It will also acquire from Orlen a 20pc interest in a licence that contains the Cassio prospect, and an additional 0.8pc interest in the Verdande discovery. The deals are part of DNO's strategy to focus on short-cycle and less capital-intensive assets. "Our focus is on increasing near-term cash flow with less spend and more barrels more quickly," said DNO executive chairman Bijan Mossavar-Rahmani. Verdande, located in the Norne area of the Norwegian Sea, is scheduled to come online before the end of 2025, while exploration drilling on Cassio in the North Sea is expected to start in late 2026. The Ekofisk redevelopment programme, on the other hand, is not due to start up until 2029. "We have chosen to deploy our share of the significant capital expenditure necessary [for the Ekofisk project] in ways that play to our strengths, namely exploration and rapid-fire development of our existing discoveries," said Mossavar-Rahmani. Cassio sits directly north of a DNO-operated licence containing the Othello discovery, which the company is considering developing as a tie-back to nearby infrastructure. The transactions follow DNO's $450mn deal to buy Norway's Sval Energi earlier this year , which made the North Sea the biggest contributor to the company's production. DNO's production in July-September increased by 50pc from a year earlier, helping to more than double its revenues. Profits, however, remained broadly flat on the year during the same period, owing to extra production costs in the North Sea. By Lauren Hadeed Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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