Global Roundup: Repsol-Venezuela Deal, LNG Financing, Rafael Funding

Repsol SA has signed a deal with Venezuela to increase its oil production in the country by 50 percent within 12 months and triple it over the next three years, according to a statement from the Spanish company reported by Rigzone. Repsol's current gross production in Venezuela is around 45,000 barrels per day, mainly from the Petroquiriquire field. The agreement allows Repsol to reassume operational control of that field and establishes payment mechanisms. The deal was executed within the United States Treasury's General License 50A, which requires oil or gas taxes or royalties owed to Venezuela to be paid into U.S.-designated accounts.

In the LNG sector, Venture Global Inc. has secured a $1.75 billion credit facility for its Calcasieu Pass LNG project in Louisiana, Rigzone reported. The company said the loan reduces its overall cost of capital and strengthens its balance sheet. Venture Global reported record 2025 results, with LNG sales increasing 181 percent to 1,409 trillion British thermal units and revenue rising 177 percent to $13.8 billion. The company expects to export 486-527 cargoes in 2026 and is targeting a commercial operation date for its Plaquemines project phase I in Q4 2026.

Meanwhile, 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 Western Australia, Rigzone reported. The onshore Canning Basin development is estimated to hold about 85 billion cubic feet of natural gas and 1.8 million stock tank barrels of liquids, with production targeted by 2029. Buru said engineering studies have "significantly enhanced the project’s economics" and identified additional liquids and LPG streams, leading the company to adjust its drilling timeline to capture the increased value.

These international developments underscore the continued flow of capital into energy projects and the complex geopolitical frameworks governing production agreements. For Bakken operators, the Repsol-Venezuela deal, operating under a specific U.S. sanctions license, highlights the structured financial channels required for international partnerships in sanctioned regions. The substantial financing secured by Venture Global demonstrates ongoing investor confidence in large-scale LNG infrastructure, a sector that could eventually compete with or complement Bakken gas exports. The funding for the Rafael project, though smaller in scale, shows that even remote onshore gas developments can attract institutional investment when economics are enhanced, a reminder of the importance of continuous project optimization for attracting capital.