Italian supermajor energy company grappling with sanctions, diversification and global gas/oil dynamics
The UAE, through ADNOC and its partners, has announced a $6.2 billion investment to develop the Umm Shaif Gas Cap offshore field, aiming to produce about 10% of the UAE’s current gas consumption by 2030. The project, supported by TotalEnergies, Eni and CNPC, is positioned to strengthen domestic energy security and grow the UAE’s LNG platform amid regional tensions in energy markets.
The United States has secured a long-term deal to gain majority control over Venezuela’s oil reserves, with NABEP-backed operations set to develop 17 fields containing some 65 billion barrels. The arrangement gives the Pentagon-backed stake and rights to output, while Caracas preserves ownership of its resources. Analysts say the move signals a major shift in energy dominance and geopolitics.
Chevron has been assigned additional acreage in Venezuela’s Orinoco Belt and plans a multibillion-dollar investment to boost output, as U.S. deals with Caracas and sector players signal a renewed push into the country’s oil sector. The moves come as oil output in Venezuela remains far below its historic highs.
Libya’s oil infrastructure remains disrupted as the Sharara to Zawiya pipeline stays shut or is threatened by protests. The National Oil Corporation warns that continued shutdowns are reducing Sharara output, threatening state revenues and domestic fuel supplies amid ongoing instability.