Global Roundup: Venezuela Deal, LNG Financing, Australia Gas Funding

Spanish oil company Repsol SA has signed a deal with Venezuela to significantly increase its production in the sanctioned country, according to a report from Rigzone. Under the agreement with the government and state-owned PdVSA, Repsol plans to grow its Venezuelan gross production by 50 percent within 12 months and triple it over the next three years.

Repsol's current gross production in Venezuela is approximately 45,000 barrels per day, primarily from the Petroquiriquire field. The new framework agreement allows Repsol to reassume operational control of that field, where it holds a 40 percent stake. The company stated the deal was executed within the bounds of the United States Treasury's General License 50A, which provides sanctions exemptions but requires oil and gas royalties owed to Venezuela be paid into U.S.-designated accounts.

Separately, U.S. LNG exporter Venture Global Inc. has secured a $1.75 billion credit facility for its Calcasieu Pass project in Louisiana. The company said the senior secured term loan was used in part to redeem preferred equity, reducing its overall cost of capital and strengthening its balance sheet. Goldman Sachs, Barclays, Natixis, and Wells Fargo were arrangers for the deal.

Venture Global reported record financial results for 2025, with LNG sales of 1,409 trillion British thermal units, a 181 percent increase from 2024. Revenue rose 177 percent to $13.8 billion. The company expects to export between 486 and 527 LNG cargoes in 2026.

In Australia, Buru Energy Ltd. has received a commitment for a share offering to raise roughly AUD 5.3 million ($3.8 million) for its Rafael Gas Project in the Canning Basin. The onshore development, targeting first production by 2029, is estimated to hold about 85 billion cubic feet of natural gas and 1.8 million stock tank barrels of liquids. Buru stated that recent engineering studies have "significantly 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 its final funding or partnering structures. Buru had previously secured environmental approval for appraisal drilling in September 2025 and announced a co-development deal with CEFA in April 2025.

Bakken Context These international developments underscore the global competition for capital and the ongoing expansion of oil and gas projects worldwide. For Bakken operators, the sizable financing secured by Venture Global highlights the continued investor appetite for hydrocarbon infrastructure, particularly in the LNG sector, which is a key outlet for associated gas from shale basins. The Repsol-Venezuela deal, operating under a specific U.S. license, illustrates the complex geopolitical landscape that can influence global oil supply and market dynamics. Meanwhile, the funding for the Rafael project demonstrates that even smaller, frontier gas developments are advancing, reflecting a broad-based push for energy security and development outside North America.