Venezuelan crude likely to head to Mediterranean

: Crude oil, Freight
26/01/23

A tanker slated to load Venezuelan crude at the end of this month now looks likely to deliver into the Mediterranean region.

According to brokers, trading firm Vitol secured the Suezmax Poliegos to load from 30 January for delivery to the Mediterranean. Brokers had previously said the charterer was Trafigura. Vitol and Trafigura have been approved by the US government to market Venezuelan crude.

The Poliegos' final destination is unclear.

Vitol owns and operates the 300,000 b/d Sarroch refinery on the Italian island of Sardinia, which was the last Mediterranean refinery to take receipt of Venezuelan crude in 2025 ahead of tightened US sanctions.

A number of tankers have loaded or are loading crude at Venezuela's Jose terminal, according to Argus tracking. Aframax Ionic Anassa loaded around 500,000 bl of crude on Thursday, 22 January, and left the terminal around 22:30 local time headed to Freeport, Texas. Aframax Canopus Voyager loaded a similar-sized cargo on 20-21 January and is headed to the US. Suezmax Gloria Maris is close to the Jose terminal. It appears full with around 1mn bl of crude loaded on Thursday, but is yet to signal a destination.

Other crude tankers are signalling arrival at Jose and others appear to be on route, but some are showing alternate destinations. Suezmax Folegandros is in the Atlantic headed towards Venezuela although it shows its destination as Rotterdam. Broker information shows the tanker will load 130,000t of crude at Jose in early February, chartered by trading firm Trafigura. The Nissos Koufonissi has no destination but is undertaking a similar voyage, with broker information showing a charter by Trafigura, to load 130,000t of crude in February at Jose. Trafigura did not immedately respond to a request for comment.

By Adam Porter and Rhys van Dinther

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

26/01/23

SLB prepared to rapidly ramp up Venezuela activity

New York, 23 January (Argus) — SLB is primed to quickly ramp up activity in Venezuela given its role as the only international oilfield services firm that has maintained an active operating presence in the South American nation. "We are ready and we are already receiving a lot of incoming calls," chief executive officer Olivier Le Peuch told analysts on a conference call today. With the right licensing requirements, safety measures and compliance rules in place, SLB would be able to take advantage of its existing facilities in the country. Earlier this week, rival oilfield services firm Halliburton said it plans to boost its business in Venezuela as soon as commercial and legal terms are resolved, including certainty over payments. A decade ago, SLB employed more than 3,000 workers in Venezuela, which accounted for more than $1bn in revenue for the company. The firm has maintained a significant set of assets in Venezuela that are ready to be deployed across drilling services and production. "Long-term, under the right conditions, we can be the leading partner for our customers there," Le Peuch said. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Nigeria sets 2027 deadline for FID on Bonga Southwest

26/01/23

Nigeria sets 2027 deadline for FID on Bonga Southwest

Lagos, 23 January (Argus) — Nigeria's president Bola Tinubu has told Shell chief executive Wael Sawan that he expects a final investment decision (FID) on the Bonga Southwest deepwater oil development by next year, approving project-specific incentives at a state house meeting, according to a statement from the presidency. "The incentives are not blanket concessions," Tinubu said at the meeting. "They are ring-fenced and investment-linked focused on new capital and incremental production, strong local content delivery and in-country value addition." Presidential energy adviser Olu Verheijen said in a separate statement seen by Argus that Bonga Southwest would involve Shell and its partners investing about $20bn. Sawan said Nigeria's investment climate has improved markedly under Tinubu's administration and that Shell is increasingly confident in the country as a destination for long-term investment, the presidency said. The statement noted that Shell has invested about $7bn in Nigeria over the past 13 months. Shell took a $2bn FID with Nigerian partner Sunlink Energies and Resources in October last year for the HI shallow-water gas project, with capacity of 350mn ft³/d (3.6bn m³/yr). The Sunlink-operated project is expected to supply around one-third of the feedgas required for the seventh liquefaction train at the 22mn t/yr Nigeria LNG plant, which is expected to expand capacity to 30mn t/yr later this year. Shell also took a $5bn FID on its operated Bonga North deepwater oil project in December 2024, targeting first oil by 2030 and peak production of 110,000 b/d from estimated recoverable reserves of 330mn bl of oil equivalent (boe). Bonga North will be tied back to an existing floating production, storage and offloading (FPSO) facility that serves the Bonga Main and Bonga Northwest fields, which started production in 2005 and 2014, respectively. Earlier plans for the delayed Bonga Southwest project envisaged a three-phase development of 23, 20 and 20 wells, targeting estimated recoverable reserves of 590mn, 210mn and 193mn boe, using a dedicated FPSO with capacity of 150,000 b/d. An industry source told Argus today that Shell has called for expressions of interest for the provision of the FPSO. The Bonga Southwest discovery extends from Shell-operated OML 118 into neighbouring OML 140, where Chevron and Russia's Lukoil hold 22pc and 18pc stakes, respectively, and is expected to be unitised for development. Lukoil said in October last year that it had received a buyout offer for its international assets from trading firm Gunvor, but the US blocked the sale, citing Gunvor's alleged Russian connections. Shell operates the Bonga block with a 65pc stake, while Italy's Eni holds 15pc, following TotalEnergies' $510mn sale of its 12.5pc stake to Shell and Eni in September last year. ExxonMobil holds the remaining 20pc stake, while Nigeria's state-owned NNPC is concessionaire under the production-sharing contract. Shell has previously told Argus that alignment with partners contributed to delays to Bonga Southwest's FID. ExxonMobil said it was not stalling the decision, but required clarity on policy, regulation and fiscal incentives at both macro- and micro-levels before progressing to FID. Verheijen said Tinubu has instructed her to facilitate the gazetting of the Bonga Southwest incentives "in line with Nigeria's existing legal and fiscal frameworks". By Adebiyi Olusolape Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Non-sanctioned tankers moving more Venezuela crude

26/01/22

Non-sanctioned tankers moving more Venezuela crude

New York, 22 January (Argus) — Traders are booking tankers that are not under sanctions to move crude out of Venezuela, according to market information, as the trade shifts away from the "dark fleet" that dominated such flows in recent years. Trafigura fixed the Suezmaxes Folegandros and Poliegos to load 130,000 tons of crude each out of Venezuela, or a bit under 1mn barrels in early February, with the option to discharge anywhere, according to brokers. Although there was no destination attached to the fixture, the size of the vessel may indicate that it is heading to Europe, as Venezuelan crude headed to the US Gulf coast is usually transported on smaller Aframaxes, while crude heading to China is typically transported on very large crude carriers. There was no rate attached to the fixture, although the current Argus -assessed rate for a 145,000t Suezmax heading from Venezuela's neighbor Guyana into Europe was at WS125.5, or around $2.89/bl for Paraya Gold , as of 21 January. The rate for that route was heard as high as WS135 at midday Thursday. Chartering activity rose on the day, mostly for US Gulf coast-loading cargoes, the inverse to a drop-off in deals on Wednesday. The vessels are part of the mainstream tanker fleet, meaning they are not under sanctions by Western governments. Vessel tracking data confirms that the Folegandros and Poliegos are currently sailing in ballast on their way to San Jose, Venezuela, and set to arrive at the end of January. Tanker loadings in San Jose are set to pick up in the next week, with Kpler data showing six vessels loading in Venezuela in the week starting 26 January. By Charlotte Bawol and David Haydon Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Venezuela crude rebound could erode Mexico share: IMEF

26/01/22

Venezuela crude rebound could erode Mexico share: IMEF

Mexico City, 22 January (Argus) — A potential overhaul of Venezuela's crude sector and a subsequent rapid recovery of its export capacity could deepen Mexico's loss of market share and weigh on the country's economic growth in 2026, the Mexican institute of finance executives (IMEF) said. Mexico's GDP is expected to grow by 1.3pc in 2026, according to estimates, but several risks could hamper this growth, including a shift in crude flows if Venezuela attracts fresh investment for its oil sector. Venezuela could draw capital back to its upstream sector if political stability improves and operators gain stable property rights, IMEF president Gabriela Gutierrez said. "Venezuela could become more attractive for oil investment than Mexico, which has already seen crude producers reduce their interest," she said. Mexico outpaces Venezuela in crude production, with Pemex and a slew of smaller private-sector companies producing about 1.6mn b/d in 2025. State-owned Pemex — Mexico's only company allowed to export crude — exported about 600,000 b/d from January-November 2025, according to the latest company data. Venezuela's crude output was 934,000 b/d in November, according to an average of Opec secondary sources including Argus . Production has fallen from more than 3mn b/d in the early 2000s, largely because of the impact of falling investment and US sanctions. Chevron, the second-biggest US oil producer, operates in Venezuela with state-owned PdV under a special waiver from US sanctions and imported about 120,000 b/d of crude from Venezuela to the US in December, according to data from Kpler ship tracking. Venezuela has been increasing exports as US policy shifts have allowed more crude to enter the market. Both countries would need to invest tens of billions of dollars to raise output significantly, and the process to reap the rewards would take five to 10 years, according to IMEF's Gutierrez. Mexico faces uncertainty over how it will finance new upstream spending, as the government has limited room to support heavily indebted Pemex. Oil companies have also flagged risks when considering investment in Venezuela, pointing out the unstable political environment in the country. A meaningful turnaround will demand costly repairs to basic energy infrastructure covering everything from pipelines to power supplies, as well as access to the latest equipment and a skilled labor force that is ready to work. US producers will also need clarity around legal frameworks regarding contracts, as well as sharply higher oil prices to justify the massive investments needed. Venezuela's crude reserves are a major differentiator. Mexico holds around 7.5bn bl of proven reserves, while Venezuela reports more than 300bn bl. Even conservative specialist estimates place Venezuelan reserves at over 10 times larger than Mexico's estimated reserves, Gutierrez said. Mexico's decision to reduce crude exports and focus on refining has cost the country market share, IMEF's economic studies chair Victor Herrera said. "We export less every year, while Venezuela is doing everything possible to export more", he added, noting that directing crude to national refining has generated losses, worsening Pemex's financial position. By Cas Biekmann Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Australia's Santos loads first Barossa LNG cargo

26/01/22

Australia's Santos loads first Barossa LNG cargo

Sydney, 22 January (Argus) — Australian independent Santos is loading the first cargo in over two years from its 3.7mn t/yr Darwin LNG (DLNG) facility in Australia, the firm said today. DLNG's first cargo using Barossa gas has been sold and will be delivered to Japan's Sakai terminal. DLNG last loaded a cargo in December 2023, using Bayu-Undan feedstock gas. Output Santos' total output was 22.3mn bl of oil equivalent (boe) in October-December 2025, up from 21.5mn boe a year earlier. But the total 2025 production of 87.7mn boe missed its 89mn-91mn boe guidance, which was revised in October due to delays at Barossa . The firm reported a 10pc fall on the year in Cooper basin oil and gas output in 2025. The firm returned 91 wells to production in October–December 2025 and output has now recovered to levels before widespread flooding occurred in April-June, it said. Santos expects Barossa and Pikka to contribute to a 25-30pc rise in output based on 2024 levels by 2027, and has guided annual production for 2026 at 101mn-111mn boe on the back of these projects coming on line. The BW Opal floating production, storage and offloading (FPSO) vessel at Barossa field in the Timor Sea is producing at 450mn ft³/d (12.7mn m³/d), Santos reported, or 75pc of capacity. The 80,000 b/d Pikka oil field located in Alaska's North Slope region is 98pc complete and is expected on line in late in the January-March 2026 quarter and will reach full capacity in mid-2026. Output from the ExxonMobil-operated 6.9mn t/yr PNG LNG in Papua New Guinea was 7pc higher on the year in 2025. The production volume of 8.64mn t was also above the 8.43mn t shipped in 2023. Full-year unit production costs were under $7/boe, excluding Bayu-Undan volumes, and will be $6.95-$7.45/boe in 2026, Santos said. The 1.7mn t/yr Moomba carbon capture and storage (CCS) project stored 234,000t of CO2 equivalent (CO2e) in October-December 2025. Santos 66.6pc share accounted for 156,000t in the fourth quarter and 820,000t CO2e in 2025, Moomba's first year of operations. Moomba received 907,872 ACCUs in the quarter, covering project commencement in September 2024 to June 2025. The project has stored 1.5mn t of CO2e since its start-up. The proposed Bayu-Undan CCS requires co-operation with the government of East Timor. Santos has continued to engage with the government to reach a final investment decision. The project could store emissions from the CO2-heavy Barossa field. By Tom Major Santos results Oct-Dec '25 Jul-Sep '25 Oct-Dec '24 2025 2024 y-o-y % ± q-o-q % ± YTD % ± Volumes ('000 t) GLNG (100pc) 1,643 1,314 1,791 6,022 6,078 -8 -25 -1 Darwin LNG (100pc) 0 0 0 0 0 n/a n/a n/a PNG LNG (100pc) 2,160 2,187 2,108 8,635 8,055 2 -1 7 Santos' equity share of LNG sales 1,436 1,187 1,320 5,252 5,084 9 21 3 Financial LNG sales revenue ($mn) 780 689 858 3,067 3,287 -9 13 -7 Total sales revenue ($mn) 1,230 1,129 1,401 4,939 5,381 -12 9 -8 LNG average realised price ($/mn Btu) 10.33 11.05 12.39 11.12 12.31 -17 -7 -10 Oil price ($/bl) 66.66 71.30 79.09 73.05 84.76 -16 -7 -14 — Santos Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more

Venezuelan crude likely to head to Mediterranean

Related news posts

SLB prepared to rapidly ramp up Venezuela activity

SLB prepared to rapidly ramp up Venezuela activity

Nigeria sets 2027 deadline for FID on Bonga Southwest

Nigeria sets 2027 deadline for FID on Bonga Southwest

Non-sanctioned tankers moving more Venezuela crude

Non-sanctioned tankers moving more Venezuela crude

Venezuela crude rebound could erode Mexico share: IMEF

Venezuela crude rebound could erode Mexico share: IMEF

Australia's Santos loads first Barossa LNG cargo

Australia's Santos loads first Barossa LNG cargo

Argus Refinery Gate Values: A crucial piece of the crude supply chain puzzle

Argus Refinery Gate Values: A crucial piece of the crude supply chain puzzle

Argus Specialised Freight

Argus Specialised Freight

Unlock the True Value of Crude with Argus Refinery Gate Values (RGVs)

Argus Asia Crack Spread Forward Curves

Argus Russian Domestic Crude Market

Business intelligence reports