Chevron to invest $7bn in Venezuela: Update

Spanish Market: Crude oil
02/09/26

Adds comments by Chevron chief executive officer Mike Wirth

Chevron agreed to spend more than $7bn over the next five years to double its production in Venezuela, as part of US president Donald Trump's drive to revive the South American nation's long-neglected oil sector.

The US major won the rights to develop two new oil fields in the prolific Orinoco Belt, where it has been increasing extra-heavy oil production, after negotiating improved fiscal, commercial and legal terms.

The Petroindependencia joint venture, in which Chevron holds a 49pc interest, will develop the Carabobo 1 and Carabobo-2-South-A sites under the agreement. Chevron says the new contracts will help it double Venezuelan output to around 600,000 b/d from 2026 levels, with total costs of below $20/bl.

"With improved terms and additional acreage, we are strengthening a portfolio that we believe can deliver attractive low-cost oil growth, support energy supply and create differentiated long-term value," said chief executive officer Mike Wirth.

Trump's push to reopen the South American nation's oil sector following the capture of former Venezuelan president Nicolas Maduro in January has met with mixed success so far. Some US producers have been wary about returning to Venezuela, given past asset seizures and also what they see as the need for improved terms around contract sanctity and security guarantees first.

While some smaller independents have signed deals, bigger producers such as ExxonMobil and ConocoPhillips have remained on the sidelines. And billions of dollars of investment will still be required to restore Venezuela's energy industry following decades of mismanagement.

Chevron's agreement is separate to US government plans to take a 35pc stake in a privately-owned company — North American Blue Energy Partners — that has been granted 100-year concessions for 17 oil fields in Venezuela with proven reserves of around 65bn bl.

Earlier this year, Chevron increased its interest in Petroindependencia and gained the rights to develop the Ayacucho 8 area next to the Petropiar joint venture. Its three projects in Venezuela have increased output by 15pc to about 280,000 b/d this year.

Still, it will take some time for overall Venezuelan oil output to recover to the levels of more than 3mn b/d seen in the late 1990s, given the essential repairs to infrastructure needed. Wirth played down the suggestion that Chevron's growth plans could help alleviate supply shortages from disruptions in the strait of Hormuz arising from the US-Iran war. "These things work on different time cycles, so the investment in growth here in Venezuela will take years," he said on Bloomberg Television.

The US major, which traces its presence in Venezuela back to 1923, has a head start over rivals after maintaining a presence in the country during the sanctions era. Chevron is involved in three joint ventures, two of which operate in the Orinoco Belt, and a third in Zulia state in western Venezuela.

"Our expanded position reflects our confidence in the country's deep resource potential and its ability to compete for investment within our portfolio for decades," Wirth added.

By Stephen Cunningham

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02/09/26

Hormuz vessel traffic drops further: Update

New York, 2 September (Argus) — Vessel traffic through the strait of Hormuz on Tuesday fell to some of the lowest levels in months as the US and Iran exchanged strikes around the narrow waterway. Only four vessels transited the strait on Tuesday, down from 13 on Monday, data from maritime security firm Windward shows. Tuesday's transits were split between one inbound trip on the Iranian-controlled northern lane and three outbound trips, including two on the southern US-assisted lane. This puts vessel traffic below 3pc of its levels prior to the US-Israel attacks on Iran on 28 February. "TRUMP STRAIT" US officials continue to claim control over the strait of Hormuz and assure that large flows of crude are exiting the narrow waterway, despite increased military activity in the region. US Energy Secretary Chris Wright said on Wednesday in an interview with CNBC that more than 17mn bl were shipped through the strait on Monday, higher than pre-conflict levels. Vessel tracking and satellite data from Windward, Kpler and Vortexa reviewed by Argus does not corroborate this figure. Vessel information firm TankerTrackers.com (TT) said on Wednesday that the average flows of crude through the strait from 14 July onwards stands around 4.9mn b/d, and that during the past 28 complete days there have been only six days where more than 10mn bl of crude departed from the Mideast Gulf, which include flows through Hormuz and loadings in the Gulf of Oman from ports such as Fujairah, UAE and Mina Al Fahal, Oman. "Now that we have it under U.S.A control, should we change the name Hormuz strait to TRUMP STRAIT???" US President Donald Trump said in a social media post on Wednesday. Trump earlier in the day described the US as having almost total control over the strait. US Central Command, which oversees US forces in the Middle East, claimed in a UK Maritime Trade Operations Centre report that the US facilitated the transit of 39 vessels through the strait of Hormuz in the final two days of August, a figure that is not corroborated by any available satellite or vessel tracking information. Iran crude exports drop The US continues to enforce its blockade on Iranian ports. As of Tuesday, Centcom said it has redirected 84 commercial vessels, disabled three ships and boarded two, in order to ensure compliance with a blockade of Iranian ports it reimposed on 14 July. Iranian oil exports have stalled following the reimposition and enforcement of the US' blockade. Data from vessel tracking service Kpler shows no crude exports last month, and TT said on Tuesday that Iranian crude exports are down 100pc from their pre-war baseline. Iran cut its oil production over the summer to match its domestic refining and consumption, so the country is under little logistic pressure to export crude, explaining the lack of tanker loadings at Iran's main export hub Kharg Island, TT said on Wednesday. Iran has increasingly been attacking commercial vessels in the strait of Hormuz and attempting to further crack down on vessel traffic through the waterway. Iran's Persian Gulf Strait Authority, established after the breakout of the war, added 12 new vessels to its list of non-compliant vessels for a total of 57. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Hormuz traffic drops to 4 vessels: Windward

02/09/26

Hormuz traffic drops to 4 vessels: Windward

New York, 2 September (Argus) — Vessel traffic through the strait of Hormuz on Tuesday fell to its lowest level in months amid increased strikes between the US and Iran around the narrow waterway. Only four vessels transited the strait on Tuesday, split between one inbound trip on the Iranian-controlled northern lane and three outbound trips, including two on the southern US-assisted lane, data from maritime security firm Windward shows. This puts vessel traffic below 3pc of levels prior to the US-Israel attacks on Iran that began on 28 February. The US continues to claim large amounts of oil are flowing through the strait of Hormuz. US energy secretary Chris Wright said on Wednesday in an interview with CNBC that the US shipped 17mn bl through the strait on Monday, higher than pre-conflict levels. Vessel tracking and satellite data from Windward, Kpler and Vortexa reviewed by Argus does not corroborate this figure. Vessel information website TankerTrackers.com said on Wednesday that the average flows of crude through the strait since 14 July stands at around 4.9mn b/d, down from 10mn b/d during the roughly month-long detente period following the signing of the memorandum of understanding between the US and Iran on 17 June. US president Donald Trump said late on Tuesday that the US has "almost total control of the strait", a slight departure from his assertions on 27 August that the US has "total control" over the waterway. Iran has increasingly been attacking commercial vessels in the strait of Hormuz and attempting to further crack down on vessel traffic. The Persian Gulf Strait Authority, established by Iran after the outbreak of the war, added 11 new vessels to its list of non-compliant vessels, bringing the total number to 57, according to a social media post made Wednesday by Martin Kelly, head of advisory at EOS Risk Group. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Texas center plans alternative for EPA's GHG data

02/09/26

Texas center plans alternative for EPA's GHG data

Washington, 2 September (Argus) — A research unit at the University of Texas at Austin is preparing to launch a voluntary program, backed by the oil sector and environmentalists, that would replicate parts of a federally run greenhouse gas (GHG) reporting program that President Donald Trump's administration wants to eliminate. The university-led program, dubbed openGHGRP, is meant to serve as a "bridge" for continuing to collect a trove of key emissions data that would no longer be available if the US Environmental Protection Agency (EPA) moves forward with a repeal proposal it is likely to finalize soon. The University of Texas at Austin's Center for Energy and Environmental Systems Analysis (CEESA) plans to launch the program in the coming months. Initial financial support will come from the oil and gas groups the American Petroleum Institute, the American Exploration & Production Council and the American Gas Association, as well as Chevron and the nonprofit group the Environmental Defense Fund. About 8,000 industrial facilities report their annual emissions under the existing EPA program, which started collecting data in 2010. The Trump administration has sought to end the program over the objections of oil groups and manufacturers, who see the program as the most effective way to track their GHG emissions, comply with potential carbon-based import fees and claim federal tax credits. There are "Swiss cheese holes of need" for the emissions data everywhere, said openGHGRP's principal investigator Erin Tullos, who is also a professor at the University of Texas at Austin's chemical engineering department. "Rather than plugging each of those business use cases individually, people are like, 'Maybe it would be better if we just kept this intact.'" Those involved with openGHGRP said they want to replicate the existing EPA program as closely as possible, including using the same rules for emissions reporting and creating an online dashboard for the public to access the data. The program will launch initially to collect data from "subpart C" and "subpart W" sources, which primarily cover the oil and gas sector. CEESA is attempting to add more categories if it is able to secure enough financial support to cover the cost of collecting and processing additional data. API said last year that if EPA went through with repealing its reporting program, the industry would try to retain reporting voluntarily by finding a third-party alternative. The openGHGRP initiative has attracted broad support, API said. But it would be up to individual companies to decide whether to submit data. "The US oil and natural gas industry has a longstanding commitment to transparent, accurate GHG emissions reporting — and a consistent, accessible database of this information helps measure progress, inform sound policy and support American competitiveness in global markets," API vice president of corporate policy Aaron Padilla said. 'Not a substitute' Environmentalists not involved in the initiative see it as a positive that openGHGRP is working to replicate the EPA program, in a way that would make data accessible to the public. But they note it would not fulfill the same role as EPA's program, which was able to track nationwide emission trends, and not exclusively from companies willing to self-report. "It's going to be self-selecting within the (oil and gas) industry, and it's not going to include the other industries, so it's not a substitute for what we have under the regulations and under the law," Natural Resources Defense Council senior attorney David Doniger said. "If and when EPA promulgates the proposed repeal, it can expect to be challenged by the NRDC and others." Those working on openGHGRP said the effort is not meant to be a permanent replacement to EPA's program. It would instead offer a mechanism to continue to collect data in one location, avoiding data fragmentation and maintaining reporting capacity in participating companies. Those contributing a minimum amount of funding to openGHGRP will have a vote on a steering committee that will decide how to prioritize the build-out of information technology, but governance will include stakeholders from industry, non-profits and other groups. "Governance is set in these four corners, and no matter how much money you contribute doesn't change it," Tullos said. Other universities have already stepped in to replicate other climate programs the Trump administration has dismantled. Earlier this year, the University of Maryland's Center for Global Sustainability began publishing a national inventory for GHG emissions for the US, replicating data that EPA had compiled for 1990-2024 before it halted publication of the annual report last year. EPA, asked for comment on openGHGRP, said it was reviewing comments on its proposal to end greenhouse gas reporting. EPA released the proposed rule nearly a year ago. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Singapore's RHP discovers oil, gas at Indonesian well

02/09/26

Singapore's RHP discovers oil, gas at Indonesian well

Singapore, 2 September (Argus) — Singapore-headquartered independent upstream firm RH Petrogas (RHP) has discovered oil and gas at the Northwest Klagagi-1 (NWK-1) well in the Kepala Burung production sharing contract (PSC) area in southwest Papua, Indonesia, the firm said on 1 September. The well was drilled by its 82.65pc-owned subsidiary, Petrogas (Basin). Tests revealed a flow of 1.6mn-2.7mn ft³/d of gas and 40-109 b/d of oil in the lower interval of the Upper Kais development, and 4.2mn ft³/d of gas flow and 192 b/d of condensate in the upper gas-bearing interval of the zone. The results demonstrate strong gas-condensate deliverability and an unexpected oil opportunity in the Upper Kais formation, RHP said. The firm will carry out additional reservoir evaluation to decide an appropriate development strategy for the Northwest Klagagi field, it added. Testing in the Lower Kais zone recovered only formation water. The deeper exploration zone of the NWK-1 well has since been plugged and abandoned. The firm had been targeting development of potential gas and condensate resources in the Upper Kais formation, and evaluating deeper exploration potential in the Lower Kais zone as well as the Oligocene-aged Sirga formation and underlying basement rocks. RHP operates the Kepala Burung PSC through Petrogas (Basin) and holds a 70pc working interest in the block. Indonesian state-owned refiner Pertamina holds the remaining 30pc. The Kepala Burung PSC currently produces from 18 active oil and gas fields, according to RHP's website. Drilling activity in the block began in 1972 and led to oil and gas discoveries in the Kais formation, and cumulative production from the block has exceeded 360mn bl of oil and 270bn ft³ of gas. The Walio field is the largest contributor, accounting for more than 50pc of the block's oil production. The Kasim Marine Terminal (KMT), located within the contract area, treats and stores crude oil before it is lifted by the PSC partners via pipeline delivery to the adjacent refinery owned by Pertamina or loading onto tankers for domestic and export markets. Crude from various blocks is co-mingled in KMT and sold as Walio Mix crude blend. The gas produced at the Kepala Burung block is used for internal power generation and also sold to a local government entity for supply to Sorong city, the largest city in Southwest Papua. The Asean-focused RHP operates upstream activities covering exploration, development and production of oil and gas resources. The firm operates two producing upstream assets in Indonesia — the Kepala Burung PSC and the Salawati PSC in the Salawati Basin — under PSCs with Indonesian upstream regulator SKK Migas. Southeast Asian national oil companies look set to continue investing in exploration efforts in their search for new fossil fuel sources to meet growing energy demand. Pertamina discovered oil at a new well in south Sumatra earlier this year , while Italy's Eni discovered 600bn ft³ of gas at the Konta-1 exploration well in the Kutei basin, offshore east Kalimantan, in late 2025. By Ariel Lee Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US, Iran exchange strikes after Hormuz impasse: Update

01/09/26

US, Iran exchange strikes after Hormuz impasse: Update

Updates with details throughout Washington, 1 September (Argus) — US and Iranian forces exchanged strikes on Tuesday, following apparent Iranian attacks on Saudi tankers attempting to transit through the strait of Hormuz. US strikes targeted Islamic Revolutionary Guard Corps (IRGC) installations beginning at 12pm ET (16:00 GMT) on Tuesday, said the US Central Command (Centcom), which oversees Middle East-based US forces. The US strikes hit targets on Qeshm island in the strait of Hormuz and near Bandar Abbas in southern Iran, according to the IRGC-affiliated Iranian news agency Tasnim. IRGC said it launched missile and drone attacks against US bases in Jordan and Bahrain and claimed that an Iranian missile hit resulted in casualties at a Jordan-based US base. Centcom did not confirm the Iranian claim. President Donald Trump on Tuesday vowed to retaliate at "a much harder and higher level" in response to the Iranian attacks on US bases. Trump told Fox News that the US strikes on Tuesday targeted the recently-rebuilt Iranian radar installations, according to the US network's account of the interview that the White House confirmed. October Nymex WTI rose by almost 6pc to $90.22/bl on Tuesday following the resumption of US-Iranian strikes. Centcom said the Tuesday attacks were a retaliation after two very large crude carriers (VLCCs) carrying Saudi crude were involved in separate security incidents in the strait of Hormuz. The US and Iran exchanged strikes on Monday for the first time in more than a month. The US said it had taken "limited, precise action" against Iran's IRGC minelaying forces on Larak island in Hormuz, while the IRGC said it retaliated with ballistic missile attacks against US bases in Jordan. The Pentagon cited the IRGC attack on the US base in Jordan on Monday as an additional justification for the US military action on Tuesday. Iran's ability to target ships passing through Hormuz counters recent US claims of having decisively eliminated Tehran's military threat and of enabling an increase in oil exports through the critical Mideast Gulf waterway. Vessel traffic through the strait of Hormuz remained low on Monday, according to data from maritime security firm Windward. Trump on Monday "officially" declared Iran a "failed nation", citing the supposed destruction of its military potential. Trump said last week that the US military removed all Iranian mines in the strait of Hormuz. But on Tuesday, he said that he ordered US strikes "in retaliation for the Iranians' failed attempt at adding sea mines to the Strait, which currently has no mines (They have been completely removed or detonated!)". Treasury secretary Scott Bessent, speaking on the sidelines of the G20 finance ministerial in North Carolina on Tuesday, likewise described Iran as "militarily crushed" and said that the US was prioritizing its naval blockade and new economic sanctions against Iran to bring pressure on Iran. Bessent at the same time downplayed the importance of Hormuz. "In two years, the strait of Hormuz will be like a worthless piece of water," he said, citing projects by Mideast Gulf states to diversify exports from the region by pipelines. Earlier Tuesday Iranian president Masoud Pezeshkian said the country would immediately reciprocate if the US returns to its commitments under an interim agreement reached in June. Tehran has repeatedly linked the restoration of free navigation through the strait of Hormuz to US implementation of the June agreement. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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