Chevron Corporation (NYSE:CVX) is included among the 14 Best LNG Stocks to Buy Now. Venezuela to Grant More Oil Blocks to Chevron Chevron Corporation (NYSE:CVX) manufactures and sells a range of high-quality refined products, including gasoline, diesel, marine and aviation fuels, premium base oil, finished lubricants, and fuel oil additives. A Bloomberg report on February 12 revealed that Venezuela plans to grant more oil production land to Chevron Corporation (NYSE:CVX), as President Trump pushes the A ...

Core Viewpoint - Saipem is preparing to resume operations in Venezuela following the easing of U.S. sanctions, anticipating demand from oil majors later in the year [1] Group 1: Saipem's Operations in Venezuela - Saipem's CEO, Alessandro Puliti, indicated that the company is ready to return to Venezuela as soon as there is client demand [1] - The easing of U.S. sanctions allows global energy companies to operate in Venezuela, with Saipem expecting contracts from both international and U.S. oil companies [1] - Currently, Saipem has not received any requests for tenders or engineering studies but expects these to materialize later in the year [1] Group 2: U.S. Sanctions and Market Context - The U.S. relaxed sanctions on Venezuela's energy sector earlier this month, issuing general licenses for companies like Chevron, BP, Eni, Shell, and Repsol to operate and negotiate contracts [1] - Venezuela possesses vast oil reserves, but the energy infrastructure is in a dilapidated state, posing challenges for major companies and contractors [1] Group 3: Other Projects and Financial Outlook - In Mozambique, Saipem is collaborating with TotalEnergies on a $20 billion liquefied natural gas project, reviewing orders after a long suspension [1] - Saipem expects its adjusted core earnings to rise to approximately €1.9 billion ($2.2 billion) in 2025, up from €1.7 billion [1]

Phillips 66 (NYSE:PSX) is among the best oil & gas refinery stocks to buy now. On February 18, Reuters reported that U.S. refiner Phillips 66 (NYSE:PSX) is seeking approval to buy heavy crude directly from Venezuela’s state oil company PDVSA starting in April, aiming to boost profits by avoiding middlemen like Chevron and trading houses. Phillips 66 (PSX): Navigating Opportunities in Energy Markets Pixabay/Public Domain The company recently purchased Venezuelan oil from Vitol at about $9 per barrel belo ...

Core Insights - The introduction of larger vessels, capable of carrying up to 2 million barrels of oil, is anticipated to lower transportation costs, address the shortage of smaller tankers, and expedite deliveries from Venezuela starting next month, potentially leading to a quicker depletion of stored oil in the country [1][12]. Group 1: Shipping and Logistics - Three Very Large Crude Carriers (VLCCs) chartered by Vitol and Trafigura have been assigned loading windows in March at Venezuela's main oil terminal, which handles up to 70% of the country's crude exports [2][13]. - The Olympic Lion supertanker is also expected to arrive in Venezuela by late March, indicating increased shipping activity [3]. - Historically, Venezuela's crude exports have utilized medium-sized tankers, such as Panamaxes and Aframaxes, which carry between 450,000 and 700,000 barrels, and Suezmax vessels, which can carry up to 1 million barrels [4][12]. Group 2: Market Dynamics - The larger cargoes are expected to alleviate cost pressures for trading houses, which have expressed concerns over the high prices of Venezuelan crude, particularly in a backwardation market where future shipments are cheaper than current supplies [7][12]. - Chevron has resumed selling Venezuelan crude to Indian refiners, marking a significant return to the market after sanctions, with exports reaching approximately 800,000 barrels per day in January, up from 500,000 bpd in December [8][12]. - The U.S. Treasury Department's issuance of a general license for oil exports is expected to broaden the buyer pool and increase the destinations for Venezuelan oil [11][12]. Group 3: Company Activities - Trading houses Vitol and Trafigura are actively exporting Venezuelan crude as part of a $2 billion deal between the U.S. and Venezuela, with recent sales to Indian refiners aimed at reducing reliance on Russian oil [8][12]. - Chevron and U.S. refiners, including Valero Energy and Phillips 66, are preparing to enhance Venezuelan oil processing at their refineries, which is likely to boost exports [10][12]. - The shift to larger tankers is expected to ease the logistical challenges faced by companies in sourcing medium-sized vessels for Caribbean departures [11][12].

Core Viewpoint - Maurel & Prom has been authorized by the U.S. to expand its operations in Venezuela, marking a significant step towards resuming oil exports after a halt due to previous sanctions [1]. Group 1: Company Operations - Maurel & Prom's teams in Venezuela are fully mobilized and prepared for the next phases of development following the U.S. authorization [1]. - The company had previously halted exports from Venezuela in the second quarter of last year due to the suspension of its license by the U.S. government [1]. - The CEO of Maurel & Prom stated that the clarity provided by the new general license will enable the company to operate with confidence in Venezuela [1]. Group 2: Regulatory Environment - The U.S. Treasury Department issued a new general license that includes Maurel & Prom among other companies authorized to operate in Venezuela [1]. - The updated regulatory framework is expected to stabilize Maurel & Prom's activities in the region [1]. Group 3: Market Response - Following the news of the U.S. authorization, shares of Maurel & Prom increased by 6% in early trading in Paris [1]. - The company has submitted a new license application to the U.S. Office of Foreign Assets Control (OFAC) to fully resume its operations in Venezuela [1]. Group 4: Resource Potential - Maurel & Prom reported a significant increase in identified reserves in Venezuela, with studies confirming the potential of previously unproven zones [1].

Core Viewpoint - U.S. refiners Phillips 66 and Citgo Petroleum are planning to purchase heavy crude directly from Venezuela's state oil company PDVSA starting in April, aiming to enhance profitability by bypassing trading houses and Chevron [1] Group 1: Company Initiatives - Phillips 66 is seeking compliance and internal clearance to buy directly from PDVSA and plans to charter tankers for crude loading at PDVSA's terminals [1] - Citgo Petroleum is in discussions to buy crude directly from Venezuela, with intentions to have it delivered to the U.S. Gulf Coast, although logistical challenges exist due to PDVSA's limited vessel availability [1] - Valero, the second-largest U.S. refiner, intends to start direct purchases from PDVSA later in the year after evaluating Venezuela's loading infrastructure [1] Group 2: Market Dynamics - The U.S. refiners' direct purchasing plans come in the context of a general license issued by the Trump administration, which is expected to expand the pool of buyers and increase trade to $5 billion in the coming months [1] - Venezuelan crude prices have recently decreased, with offers for Venezuelan Merey cargoes at $10 per barrel below Brent, compared to $6-$7.50 per barrel below Brent last month [1] - The refiners' plans may face challenges due to the need for individual licenses or specific clearance from the U.S. Treasury's Office of Foreign Assets Control, as well as reluctance from U.S. banks to finance Venezuelan oil transactions [1]

Core Insights - The US has relaxed sanctions on Venezuela's energy sector, allowing global energy companies to resume operations and negotiate new contracts following the removal of President Nicolas Maduro [1] Group 1: Sanctions and Licenses - The US Treasury Department's OFAC issued general licenses to companies like Chevron, bp, Eni, Shell, and Repsol, enabling them to operate oil and gas projects in Venezuela [2] - A separate license allows international companies to engage with PDVSA for new investments, requiring additional permits from OFAC and excluding transactions with entities in Russia, Iran, or China [3] Group 2: Company Responses and Developments - Chevron stated that the new General Licenses and changes in Venezuela's Hydrocarbons Law are crucial for developing Venezuela's resources and enhancing regional energy security [4] - India's Reliance Industries has secured a general license from the US to purchase Venezuelan oil directly, facilitating a shift from Russian crude to discounted Venezuelan oil [5] Group 3: Economic Strategy and Future Prospects - The relaxation of sanctions is part of a broader strategy to support Venezuela's economic recovery and responsible investment, with a $100 billion reconstruction plan aimed at revitalizing the oil industry [6] - ExxonMobil and ConocoPhillips are evaluating potential re-entry into Venezuela after their assets were expropriated in 2007 [7]

Core Viewpoint - Valero Energy is poised to become the leading foreign refiner of Venezuelan crude oil, planning to purchase up to 6.5 million barrels in March for its Gulf Coast refineries, following the easing of U.S. sanctions on Venezuela [1] Group 1: Valero's Position and Actions - Valero was among the first U.S. refiners to resume Venezuelan crude imports after a $2 billion oil supply deal with Venezuela's interim government and the easing of sanctions [2] - If Valero successfully acquires 10 or more cargoes in March, it could process approximately 210,000 barrels per day, surpassing Chevron as the top U.S. refiner of Venezuelan crude [2] - This would mark the highest volume of Venezuelan crude processed by Valero since U.S. sanctions were imposed on Venezuela's oil industry in January 2019 [3] Group 2: Chevron's Role and Supply Dynamics - Chevron is expected to increase its Venezuelan crude exports to around 300,000 barrels per day in March, up from 220,000 barrels per day in January, with a significant portion likely going to Valero [3] - Valero is anticipated to receive most of its planned import volume from Chevron in March, highlighting the interdependence between the two companies [4] Group 3: Market Context and Future Expectations - Valero has engaged in negotiations with trading houses like Trafigura for additional cargoes, which were among the first authorized by the U.S. government to trade Venezuelan oil [4] - A Valero spokesperson indicated that Venezuelan crude is expected to constitute a significant portion of its heavy-crude purchases in February and March [6] - Valero has a historical long-term supply agreement with PDVSA for crude purchases prior to the sanctions, indicating established ties with Venezuela's state oil company [7]

Core Insights - Venezuela's state-run oil company PDVSA has recently restricted oil sales to companies lacking individual U.S. licenses, which has limited exports and hindered the rapid depletion of its storage tanks [1] Group 1: U.S. Licensing and Trade - The U.S. government has issued a general license allowing oil exports and individual licenses to traders like Trafigura and Vitol for billions of dollars in oil exports [2] - The general licenses aim to exempt companies from U.S. sanctions on Venezuela's oil industry, which have been relaxed following the capture of President Nicolas Maduro [3] - Despite the issuance of general licenses, buyers report that the broad nature of these licenses has created ambiguity, making it difficult to understand what is permissible [4] Group 2: Banking and Financing Challenges - U.S. banks are hesitant to finance Venezuelan oil transactions due to the complexities surrounding the licenses, leading to increased due diligence [5] - This reluctance from banks may not significantly impact major traders who have substantial cash reserves but could complicate operations for smaller companies entering the Venezuelan oil market [6] Group 3: Government Response and Sanction Relaxation - The White House has indicated that the Trump administration is rapidly issuing general licenses in response to high interest from oil and gas companies in Venezuela's energy sector [7] - The Treasury Department has issued additional general licenses that allow major oil producers like Chevron, BP, Eni, Shell, and Repsol to expand their activities in Venezuela, marking a significant relaxation of production-targeted sanctions [8]

THANK YOU. GRACIAS PORCI TIEMPO. WELCOME TO VENEZUELA, CHRISTIAN.THANK YOU. IT'S VERY BEAUTIFUL HERE. WE APPRECIATE IT.THANK YOU FOR HAVING US. YOU MET WITH THE ENERGY SECRETARY TODAY. WHAT WAS YOUR BIGGEST TAKEAWAY FROM THAT CONVERSATION.BUENO PRIMERO UNO MUY PRIMERA EN VENEZUELA. SO FIRST OF ALL WE'RE VERY HAPPY AND TO HAVE HERE THE, THE SECRETARY OF ENERGY. IT IS THE FIRST TIME THAT WE HAD A SECRETARY OF ENERGY FROM THE UNITED STATES COME VISIT VENEZUELA CASO CONCRETO JOE PLANTIADO QUESEA UNA ASSOCIACION ...