Global Roundup: Repsol-Venezuela Deal, LNG Financing, Canning Basin Funding

Spanish energy firm Repsol SA has signed an agreement with Venezuela to significantly increase its oil production in the country, according to Rigzone. Under the deal with the government and state-owned PdVSA, Repsol will grow its Venezuelan gross production by 50 percent within 12 months and triple it over the next three years. The company's current gross production in Venezuela is approximately 45,000 barrels per day, primarily from the Petroquiriquire field, where Repsol holds a 40 percent stake. The agreement, executed under U.S. Treasury General License 50A, allows Repsol to reassume operational control of the field and establishes payment mechanisms requiring oil taxes or royalties to be paid into U.S.-designated accounts.

Separately, Venture Global Inc. has secured a $1.75 billion credit facility for its Calcasieu Pass LNG project in Louisiana, Rigzone reported. The company stated the senior secured term loan would reduce its overall cost of capital and strengthen its balance sheet. Venture Global reported record 2025 results, with LNG sales of 1,409 trillion British thermal units, a 181 percent increase from 2024, and revenue rising 177 percent to $13.8 billion. The company exported 380 LNG cargoes last year and expects to export 486-527 cargoes in 2026, with 145-156 coming from the Calcasieu Pass facility.

In Australia, Buru Energy Ltd. has received a commitment for a share offering to raise approximately AUD 5.3 million ($3.8 million) for its Rafael Gas Project in the Canning Basin, according to Rigzone. The onshore development, targeting first production by 2029, holds an estimated resource of about 85 billion cubic feet of natural gas and 1.8 million stock tank barrels of liquids. Buru stated that recent engineering studies have enhanced the project's economics by identifying additional liquids and LPG streams. The company has adjusted its drilling timeline to capture this increased value in final funding arrangements.

These international developments underscore ongoing activity in global oil production growth, liquefied natural gas infrastructure financing, and natural gas project funding. For Bakken operators and royalty owners, the expansion of heavy oil production in Venezuela and the continued growth of U.S. LNG export capacity contribute to the complex global supply backdrop that influences crude oil and natural gas prices. The financing success for projects like Calcasieu Pass demonstrates continued capital market access for large-scale energy infrastructure, while the focus on gas development in basins like the Canning Basin highlights the global pursuit of gas resources amid energy security priorities.