Global Roundup: ONGC Eyes Venezuela Return, Iberdrola Bets on Brazil, Jera Takes Barossa LNG

India’s ONGC Videsh Ltd (OVL) is considering reviving operations at its two onshore oil assets in Venezuela as the country welcomes foreign companies back, according to a report from OilPrice.com. This development comes amid eased U.S. sanctions and could signal a gradual return of Venezuelan crude to global markets, potentially affecting long-term supply dynamics relevant to Bakken producers.

OVL, the overseas unit of India’s state-owned Oil and Natural Gas Corporation, holds a 40% stake in the San Cristobal project in the Orinoco belt and an 11% stake in the Petrocarabobo project in Eastern Orinoco, with PDVSA holding majority stakes in both. The company plans to resume operations despite expecting about $900 million in unpaid dividends from PDVSA, OilPrice.com reported, citing Indian outlet Economic Times. An industry executive told ET, "The economic conditions in Venezuela are now suitable for operations, so all the field operators are going back, and OVL is also re-examining the situation." A recovery and resumption plan for both fields is expected in the coming months.

The move follows a series of U.S. actions to ease commercial constraints in Venezuela's key sectors, including oil and gas extraction, as the U.S. took over Venezuela's oil sales in January. Venezuela's oil exports hit a seven-year high in May, with shipments to the U.S. and India surging. Indian Energy Minister Hardeep Singh Puri recently expressed interest in expanding into Venezuelan oil during a meeting with Venezuela's interim president.

In other global energy news, Spanish utility Iberdrola will invest nearly $5 billion in the Brazilian state of Bahia by 2030, according to Rigzone. Through its subsidiary Neoenergia Coelba, the company will build 54 new substations, more than 2,000 kilometers of high-voltage transmission lines, and 42,000 kilometers of medium-voltage distribution networks. This massive infrastructure investment underscores the ongoing global demand for energy sector development, which supports continued equipment and service demand relevant to international oilfield firms.

Meanwhile, Japan's JERA received its first cargo of liquefied natural gas from the Barossa Gas Project off Australia's Northern Territory, Rigzone reported. JERA owns a minority stake in the project. The delivery highlights the continued expansion of global LNG supply, which competes in the broader energy mix and influences natural gas pricing benchmarks.

For Bakken operators and service companies, these developments reflect a shifting global landscape. The potential return of significant Venezuelan production, while long-term, represents another source of global supply. Major investments in Brazilian energy infrastructure indicate sustained international capital expenditure in the sector. The growth of LNG projects like Barossa ensures abundant global natural gas supply, which can pressure North American gas prices and affect the economics of associated gas production in the Williston Basin.