16 Dec Energy news updates and expert commentary
(Oilandgaspress) –Chevron has lowered prices for Venezuelan crude sold to U.S. refiners following the seizure of a tanker by U.S. forces in the Caribbean and amid softer global oil prices. The discounted sale occurred a day after the vessel Skipper was intercepted off Venezuela’s coast, highlighting rising U.S. pressure on Caracas by targeting oil revenues vital to the Maduro government. The incident has added to oversupply concerns and weighed on Gulf Coast crude prices. Related News
Crescent Energy Company announced the closing of its previously announced acquisition of Vital Energy, Inc. creating a leading, returns-driven independent E&P company. The allstock transaction positions Crescent as a top ten liquids-weighted independent with a consistent strategy focused on free cash flow generation, disciplined capital allocation and sustainable long-term value creation for shareholders. Crescent expects to provide pro forma 2026 guidance with its fourth-quarter and full-year 2025 results. Related News
Mauritania, Senegal, The Gambia, Guinea-Bissau and Guinea-Conakry are drawing renewed interest from international oil and gas companies as governments move to unlock underexplored acreage and advance new offshore prospects. Several global players are expected to enter the southern portion of the basin in the coming months, following Chevron’s acquisition of Guinea-Bissau acreage earlier this year. Industry analysts note that while the northern MSGBC area has moved into an established production phase with developments in Senegal and Mauritania, the southern sector remains largely undrilled but geologically promising. Related News
China has reportedly been taking advantage of low oil prices to fill up its storage tanks, and it is also building new ones to expand storage capacity. China has been building its oil inventories since March this year, with the daily rate over the first 11 months of the year averaging 980,000 barrels. China’s domestic oil production last month stood at 4.31 million barrels, which was added to imports of some 12.43 million barrels daily. Refiners, for their part, processed an average of 14.86 million barrels daily. Based on these figures, a surplus of 1.88 million barrels daily remained to be placed in storage. Related News
Oil prices fell in early trading as prospects for a Russia-Ukraine peace deal appeared to strengthen, raising expectations of a potential easing of sanctions.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) Oilprice | USD/bbl | $55.74 | Down |
| Crude Oil (Brent) | USD/bbl | $69.50 | Down |
| Bonny Light 12/12/25 CBN | USD/bbl | $63.37 | — |
| Dubai | USD/bbl | $62.10 | — |
| Natural Gas | USD/MMBtu | $3.90 | Down |
| Murban | USD/bbl | $60.51 | Down |
| OPEC basket 15/12/25 OPEC | USD/bbl | $60.80 | Down |
| At press time December 16, 2025 . |
The U.S. Treasury has rejected an offer from a group led by U.S. bank Xtellus Partners for the foreign assets of Russian oil company Lukoil, according to news reports. Xtellus had been competing against Exxon Mobil , Chevron, Abu Dhabi group International Holding Company, Hungary’s MOL and U.S. private equity firm Carlyle, all of which still remain in the race. The U.S. Treasury reportedly declined to comment. Related News
The Norwegian Offshore Directorate has put forward proposed changes to the Regulations relating to resource management in the petroleum activities and the Regulations relating to documentation in connection with storage of CO2 on the shelf for public consultation. According to the consultation memo, the changes were originally intended to enter into force on 1 January 2026.
Multiple consultation statements have been received from the affected parties. The Norwegian Offshore Directorate has identified a need for more time to review these consultation statements, and will therefore postpone when the regulatory changes enter into force.
The new date of stipulation and entry into force will be announced at a later tim. Related News
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Submit your Releases or contact us now!, victor@oilandgaspress.com
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