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KNOC signs 25-year extension for Vietnam’s Block 15-1

  • Market: Crude oil
  • 26/06/25

State-controlled South Korean oil firm KNOC has secured a 25-year extension to its production sharing contract (PSC) for Vietnam's Block 15-1, locking in its participation in the offshore asset until 2050.

The 15-1 block, which is operated by state-owned PetroVietnam, is located in the Cuu Long basin, and produces around 34,000 b/d of crude oil, primarily from the Black Lion field.

The project partners plan to invest $1.3bn for the White Lion gas field region within the block, which aims to supply 125mn ft³/d of natural gas to Vietnam's market. No timeline has been given for when the field will reach this production level.

The extension, signed in liaison with Petro Vietnam's upstream arm PVEP, comes ahead of the expiry of the existing PSC in September 2025. It covers continued development of oil fields within the block and the second-phase development of the White Lion gas field.

KNOC holds an 11.4pc stake in the extended PSC. PVEP remains the majority stakeholder with a 59pc interest. Other partners include South Korean oil exploration firm SK Earthon, Monaco's Geopetrol and UK-French oil and gas company Perenco.

By Haridas

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17/12/25

BP appoints Woodside’s O’Neill as next CEO

BP appoints Woodside’s O’Neill as next CEO

New York, 17 December (Argus) — BP appointed Woodside Energy chief executive officer Meg O'Neill as its next chief executive effective from next April. O'Neill will replace Murray Auchincloss, who has decided to step down on 18 December after more than three decades with the London-based oil major. O'Neill transformed Woodside into the biggest energy company listed on the Australian Securities Exchange after taking over as chief executive in 2021, according to BP. While at Woodside, she also oversaw the acquisition of BHP Petroleum International. O'Neill also spent more than two decades at ExxonMobil earlier in her career. "Her proven track record of driving transformation, growth, and disciplined capital allocation makes her the right leader for BP," said Albert Manifold, chairman of the company's board of directors. Carol Howle, executive vice president, supply, trading & shipping of BP, will serve as interim chief executive until O'Neill takes over. Auchincloss will also serve in an advisory role until December 2026 to ensure a smooth transition. BP scaled back ambitious low-carbon goals earlier this year with Auchincloss conceding that the company had been "optimistic for a fast [energy] transition but that optimism was misplaced." The company raised its 2030 target for oil and gas production as part of a "fundamental reset" of strategy that also entailed a cut in renewable energy investments. O'Neill's appointment follows a search process overseen by the board, with the help of an independent recruitment firm, as part of the company's long-term succession planning. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Trump doubles down on Venezuela oil threat

17/12/25
News
17/12/25

Trump doubles down on Venezuela oil threat

Washington, 17 December (Argus) — President Donald Trump on Wednesday doubled down on his threat to blockade Venezuelan oil shipments unless Caracas offers compensation for oil assets expropriated years ago. Democratic lawmakers on the same day forced the House of Representatives to schedule a vote on resolutions that would prohibit Trump from using military force against Venezuela without explicit authorization from Congress. "They took all of our oil from not that long ago, and we want it back," Trump told reporters on Thursday. "They illegally took it." Trump's domestic policy adviser Stephen Miller on Wednesday said that "American sweat, ingenuity and toil created the oil industry in Venezuela". Venezuela nationalized its oil industry in 1976, only to partially reverse course in the 1990s by inviting US and other foreign oil companies to participate in joint ventures with state-owned PdV. Former Venezuelan president Hugo Chavez in 2007 ordered PdV to change the business terms of operations in joint ventures. Chevron and some European companies accepted these terms. ExxonMobil and ConocoPhillips did not, eventually winning awards in international tribunals and US courts for the expropriation of their assets in Venezuela. ConocoPhillips holds the largest claim for expropriated assets, at $12bn. That claim is about to be partially satisfied as a US court has ordered the auction of PdV-owned US refining company Citgo. It was not clear what prompted the change in the stated rationale of the US campaign of pressure against Venezuelan president Nicolas Maduro. Trump and US officials until this week described the campaign in terms of curbing the seaborne flow of drugs and putting an end to migration from Venezuela, even though Trump previously mentioned possibly pushing for regime change in Caracas. Trump in a social media post on Tuesday night declared a blockade of most Venezuelan seaborne oil shipments. "We're not gonna let anybody going through that shouldn't be going through," Trump said on Wednesday. The Maduro government denounced Trump's threat and appealed to the UN. It is not clear if Caracas can counteract the blockade. Venezuelan oil flows to Cuba already have stopped and cargoes to other destinations were grinding to a halt, following the 10 December seizure of a Cuba-bound Venezuelan oil tanker by the US Coast Guard. US House debate The House of Representatives later on Wednesday will vote on two separate resolutions to prohibit the use of US military force against Venezuela without congressional approval. Debate on the House floor Tuesday afternoon showed a division largely along partisan lines, indicating the resolutions are unlikely to pass. Republican lawmakers pushed back against the resolution, casting the US operation as an extension of the administration's domestic counter-narcotics efforts — a line the White House had advanced until Wednesday. "Congressional authorization is not required to carry out precise, limited strikes," House Foreign Affairs Committee chairman Brian Mast (R-FLorida) said. "My colleagues did not object when prior presidents conducted military operations in Yemen, in Libya, and Syria," Mast said. The US military operation near Venezuela "isn't about drugs — it's about regime change, and it's about oil," said congressman Gregory Meeks (D-New York), who sponsored one of the resolutions. "Trump is provoking a new war right in our backyard and threatening to destabilize an entire region", Meeks said. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Libyan oil firms bypass government to sell crude

17/12/25
News
17/12/25

Libyan oil firms bypass government to sell crude

London, 17 December (Argus) — Libyan upstream operators have used a special contractual clause to sell some crude directly to international oil firms in recent months, bypassing the central government to directly access oil revenues, sources told Argus . Mellitah Oil & Gas, Akakus Oil, Zueitina Oil and Agoco sold crude worth more than $380mn between March and October, under this "proxy-payment" scheme, to Italy's Eni, Spain's Repsol, Austria's OMV and Libya's Arkenu Oil respectively, according to sources. The mechanism is legal under a clause in production-sharing contracts dating back to the time of former leader Muammar Gaddafi, which allows operators to sell crude directly to cover special funding needs, sources said. But sources and analysts say the mechanism is opaque, lacks checks and balances and could be exploited for personal gain. It also diverts oil revenues away from the central bank, the custodian of Libya's oil wealth. "The proxy payments occur outside the framework of the ministry of finance and the central bank [and] are not recorded as official revenues or expenditures," said an official at the ministry of finance. "It is being used as an unlawful tool for controlling oil revenues." NOC, Eni, Repsol and Arkenu have been contacted for comment. OMV declined to comment. State-owned NOC, which has stakes in the upstream operators, normally sells its equity crude production to international buyers with proceeds flowing to a ministry of finance account at the central bank in Tripoli. International oil firms with stakes in the operators, including Eni, Repsol and OMV, are allocated equity crude and pay royalties and taxes to the Libyan state. The crude being sold under the proxy payment mechanism is from Libya's equity production, and is separate from the equity crude allocated to international oil firms. The operators are usually reliant on the state to fund their operations. But Libya's political division, with rival governments in the east and west, has for years prevented a unified state budget, leaving operators with irregular and insufficient funding from the central government in Tripoli. "The mechanism was never supposed to be used in this way," said a source with knowledge of the matter. "You can't confirm where this money is being spent." "It's been heavily exploited now in the absence of a budget," said another source at a private Libyan oil firm. Libya's fragmented political framework has allowed powerful groups varying levels of control over the economy, including in the upstream sector. Enter Arkenu The most high-profile example of this is services firm Arkenu Oil, which the UN has said is controlled by Saddam Haftar, a son of east-Libya militia leader Khalifa Haftar. Arkenu has a contract with NOC subsidiary Agoco , operator of the Sarir and Mesla oil fields, to boost output in return for payments in crude. Industry figures and analysts question the capacity of Arkenu to carry out such work and have said the company may be part of an illicit revenue generating scheme. Arkenu has received crude valued at $200mn under the proxy payment mechanism, a source said. Libya's Tripoli-based government ordered a review of contracts related to Arkenu earlier this year, although analysts question the sincerity of the move. Sources and analysts say the use of proxy payments mechanism could spiral and further drain state revenues. Libya produces about 1.4mn b/d of crude and makes most of its income from oil exports, which were worth $28.7bn in 2024, according to Opec's latest Annual Statistic Bulletin. The heads of NOC, the central bank, audit bureau and the attorney general met in late November to discuss, among other issues, the proxy payment mechanism "and its implications for the state's general budget." By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

US to blockade Venezuela oil flows: Trump

17/12/25
News
17/12/25

US to blockade Venezuela oil flows: Trump

Washington, 16 December (Argus) — US president Donald Trump dramatically escalated the conflict with Venezuela Tuesday night by declaring a blockade of most Venezuelan seaborne oil shipments. Trump, in a social media post, also demanded — without providing any credible explanation — that Venezuela return "all of the Oil, Land, and other Assets that they previously stole from us." Venezuelan oil flows to Cuba already have stopped and cargoes to other destinations were grinding to a halt, following the 10 December seizure of a Cuba-bound Venezuelan oil tanker by the US Coast Guard. "I am ordering A TOTAL AND COMPLETE BLOCKADE OF ALL SANCTIONED OIL TANKERS going into, and out of, Venezuela," Trump said. The tanker seized by the US was previously sanctioned for alleged involvement in transporting Iranian oil. More than 30 tankers could be within the reach of US naval forces positioned near Venezuela if Washington decides to continue seizing ships on its sanctions list. It is not clear what Trump meant by claiming that Caracas "stole" US-owned oil, land or assets, especially his reference to "land". Venezuela during the rule of former president Hugo Chavez nationalized assets of US and other western companies. The government of President Nicolas Maduro also faces claims of expropriation of mining and other western assets, and it has defaulted on sovereign debt obligations. All in all, almost $60bn worth of claims have been advanced against Caracas and state-owned PdV in US courts and international tribunals. A US federal court ordered the sale of PdV-owned US refiner Citgo to partially satisfy those claims. Trump's post concluded a day that featured his senior national security advisers briefing US lawmakers on the US military operations near Venezuela, without mentioning a possible escalation that likely requires congressional approval. The US has stationed a large naval force in the waters near Venezuela since early September as part of an effort ostensibly aimed at stopping waterborne drug shipments. The US Navy has reported having destroyed 25 boats allegedly carrying drugs near the coasts of Venezuela and Colombia since early September, killing 98 crew members. The most recent strikes, destroying three boats, took place on Monday. US lawmakers briefed by defense secretary Pete Hegseth and secretary of state Marco Rubio earlier on Tuesday said they were left wondering about the ultimate objectives of the US military operation. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Venezuela crude flows slow, Cuba feels sting

16/12/25
News
16/12/25

Venezuela crude flows slow, Cuba feels sting

Caracas, 16 December (Argus) — Venezuelan oil flows to Cuba have stopped for now and cargoes to other destinations are grinding to a halt, sources tell Argus, as US pressure on Caracas continues to build. With the exception of crude cargoes chartered by Chevron and a few other foreign oil majors working with state oil firm PdV, very little crude tanker traffic is moving out of Venezuela's main ports, according to industry and government sources. The US seizure of a crude cargo earlier this month and US threats to strike targets in the country are leading some shippers to divert ships heading to pick up Venezuelan crude. Operational problems caused by a cyberattack on PdV systems over the weekend are also impeding cargo loadings. Since late September the US has stationed a large naval force in the waters near Venezuela as part of an effort ostensibly aimed at stopping waterborne drug shipments. Overall crude exports from Venezuela since the start of the operation are not significantly different from the same period a year ago — exports from the country averaged 785,000 b/d from 15 September-15 December, compared to 792,000 b/d during that same period in 2024, according to oil analytics firm Vortexa. But since the start of December the volumes have dropped more significantly, with only seven cargoes and average volumes of 258,000 b/d, versus 17 cargoes and 1.08mn b/d of flow in the first half of December 2024. Of those seven cargoes that have left Venezuela so far this month, four are on their way to the US, one is destined to Malaysia, another to China and another to Cuba, according to Vortexa, although the final destinations may change. Following the US tanker seizure, market participants said they have adopted a "wait-and-see" approach that may be contributing to an overall slowdown in charterers in the Caribbean and Gulf of Mexico. Rates for 2mn bl very large crude carriers (VLCCs) loading out of the US Gulf coast fell on Monday, though levels remain near three-year highs and firmly above the lows reached months prior during the summer months. Asian buyers of Venezuelan crude are unlikely to see a curtailment in flows immediately, according to market sources, since Venezuela exported a relatively steady volume of crude in early fall that has yet to be offloaded. Among the reasons for the overhang is that refiners in the Chinese refining hub of Shandong did not get their import quotas until late November. Cuba, which relies heavily on Venezuela for crude, has been the first to feel the pinch in constrained flows. Cuban premier Miguel Diaz-Canel said this week the disruption of crude supplies from Venezuela — including from the ship seized by the US earlier this month that appeared to be en route to Cuba — is creating a dire economic situation on the island. Dolores Dobarro, a former oil vice minister, told Argus that some China-bound tankers laden with Venezuelan oil previously made quick stops in Cuba to offload some crude volumes, but that traffic has largely stopped following the US seizure operation on 10 December. By Carlos Camacho, Joao Scheller and David Haydon Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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