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Crescent Acquires Devon's Eagle Ford Assets for $4.2 Billion
Crescent Energy has agreed to acquire Devon Energy's entire Eagle Ford Shale business for $4.2 billion, according to a report from Rigzone. The deal, announced on October 9, represents a significant consolidation in the U.S. onshore oil and gas sector. For Devon Energy, a major operator in North Dakota's Bakken formation, the sale is part of a strategic portfolio optimization. In a statement cited by Rigzone, the company framed the divestiture of the "relatively mature asset" as a move to improve capital efficiency. The sale, executed in a strong commodity price environment, will allow Devon to accelerate share buybacks, strengthen its balance sheet, and increase long-term shareholder value, Rigzone reported. The transaction's implications for the Bakken are indirect but noteworthy. By exiting the Eagle Ford, Devon is concentrating its capital and operational focus on its remaining core basins. The Bakken, where Devon holds a substantial position, is a key part...
Crescent Energy Acquires Devon's Eagle Ford Assets for $4.2 Billion
Crescent Energy has agreed to purchase Devon Energy's Eagle Ford Shale business for $4.2 billion, according to a report from Rigzone. The transaction was announced on October 9, 2026. Devon Energy, a major operator with significant holdings in the Bakken formation, stated the sale of what it called a "relatively mature asset" was conducted in a strong commodity price environment. The company said the move would improve its capital efficiency, accelerate share buybacks, strengthen its balance sheet, and increase long-term shareholder value. For Bakken operators and watchers, this deal underscores a continued industry focus on portfolio high-grading. Large, diversified producers like Devon are actively managing their asset bases, often divesting non-core or mature properties to concentrate capital on their highest-return regions. The Bakken formation remains a cornerstone asset for Devon and several other large independents. Such significant divestitures can signal a strategic commitment to remaining core areas. The capital freed...
Crescent Acquires Devon Energy's Eagle Ford Assets for $4.2 Billion
Devon Energy has agreed to sell its Eagle Ford Shale business to Crescent Energy for $4.2 billion, according to Rigzone. The transaction was reported on Friday, October 9, 2026. For Devon, a major operator in North Dakota's Bakken formation, the sale of a "relatively mature asset" is a strategic financial move. Rigzone reported that Devon stated the sale, executed in a strong commodity price environment, will improve its capital efficiency. The company plans to use the proceeds to accelerate share buybacks, strengthen its balance sheet, and increase long-term shareholder value. The divestiture highlights a continued trend of large operators streamlining their portfolios to focus on core, high-return assets. While Devon maintains a significant position in the Bakken, this deal suggests a strategic emphasis on deploying capital to its most efficient operations and returning cash to investors. For the broader Bakken operator community, Devon's reinforced financial strategy may signal a sustained...
Crescent Buys Devon Eagle Ford Assets for $4.2 Billion
Crescent Energy has agreed to acquire Devon Energy's Eagle Ford Shale business for $4.2 billion, according to a report from Rigzone. The deal was announced on Friday, October 9, 2026. For Devon, a significant operator in North Dakota's Bakken formation, the sale represents a strategic shift. Rigzone reported that the company stated selling the "relatively mature asset" in a strong commodity price environment would "improve our go-forward capital efficiency." The proceeds are intended to allow Devon to "accelerate share buybacks, strengthen our balance sheet and increase long-term value for shareholders." The transaction highlights a continuing trend of portfolio optimization among large, diversified operators active in the Bakken. Companies are evaluating their asset bases to prioritize capital allocation towards their highest-returning core plays. For Devon, the Bakken remains a cornerstone asset alongside its positions in the Delaware Basin and the Powder River Basin. The $4.2 billion deal underscores the sustained value...
Major Oil Companies Issue Updates as Hurricane Isaias Threatens Gulf
Major integrated oil companies Shell, Chevron, and Occidental Petroleum have issued operational updates in response to Hurricane Isaias, according to a report from Rigzone. The storm's progression in the Gulf of Mexico is being closely monitored by the energy sector. While the Bakken formation in North Dakota is geographically distant from the Gulf Coast, its crude oil market is directly connected. A significant portion of Bakken crude is transported to Gulf Coast refineries via pipeline and rail. Operational disruptions in the Gulf, including production shut-ins or port closures, can impact the destination and pricing of Bakken barrels. For Bakken operators, these updates from companies with major Gulf of Mexico assets serve as an early indicator of potential market volatility. Shut-in production in the Gulf can tighten overall U.S. supply, potentially providing support for inland crude prices, including the Bakken benchmark. Conversely, prolonged refinery outages or export terminal closures could temporarily...
Gulf Hurricane Threat Evacuates Workers, Could Tighten Oil Markets
Major oil companies are evacuating workers from the Gulf of Mexico ahead of a strengthening tropical storm, a move that could introduce new volatility to crude markets with potential implications for Bakken producers. Chevron is evacuating workers from all its Gulf platforms, while Shell is pulling non-essential personnel from six offshore platforms and BP is also conducting evacuations, according to reports from Reuters and CNN. While production at the facilities currently remains normal, the storm is forecast to reach the Gulf Coast by Friday, potentially as a Category 2 hurricane. Analysts warn the storm is an "unwelcome complication for crude, raising the prospect of production and refining disruptions at a time when the market already has enough supply-side headaches," KCM Trade chief analyst Tim Waterer told Reuters. The potential impact on Gulf Coast refineries is a primary concern for the broader oil market, including Bakken crude which often flows to...
Supreme Court Hears Climate Suit, Industry Warns of 'Judicially Ordered Carbon Tax'
The U.S. Supreme Court heard arguments Monday in a pivotal climate liability case that could open the door to state-level lawsuits against oil and gas companies, a prospect the industry warns could act as a "judicially ordered carbon tax," according to a report from OilPrice.com. The case involves a lawsuit filed by Boulder County, Colorado, against ExxonMobil and Suncor Energy Inc., seeking damages for local climate-change-related impacts. The Canadian-based Suncor and Texas-based ExxonMobil argue that climate policy and alleged damages are exclusively federal matters, and the state suit should be dismissed. Boulder County contends it is only seeking compensation for local damage from decades of emissions, not aiming to change federal policy, OilPrice.com reported. For Bakken operators, the case represents a significant liability threat. The industry argues that a victory for Boulder County would allow a flood of similar lawsuits to proceed, potentially targeting producers based on their historical emissions....
ConocoPhillips Signs 20-Year LNG Supply Deal with Venture Global
ConocoPhillips has entered a 20-year agreement to purchase liquefied natural gas from Venture Global LNG, according to a report from Rigzone. The deal, finalized on October 2, 2026, will see ConocoPhillips buying one million metric tons per year of LNG starting in 2030. For Bakken operators, this long-term LNG offtake agreement by a key player highlights the growing importance of global natural gas markets for the region's production. The Bakken formation is a major oil-producing region, but its operations also yield significant volumes of associated natural gas. Such a deal provides ConocoPhillips, a major operator in the Williston Basin, with a secured outlet for future natural gas production. While the specific source of the LNG is not detailed in the report, long-term contracts like this underpin investment in gas gathering, processing, and transportation infrastructure that can benefit the broader Bakken region. The move aligns with industry trends of securing stable...
ConocoPhillips Signs 20-Year LNG Supply Deal with Venture Global
ConocoPhillips has entered a 20-year agreement to purchase liquefied natural gas from Venture Global LNG starting in 2030, according to a report from Rigzone. The deal is for one million metric tons of LNG per year. For Bakken operators, including ConocoPhillips itself as a major player in the region, long-term LNG contracts provide a potential blueprint for managing associated natural gas production. The Bakken formation is a primary oil-producing region, but significant volumes of natural gas are produced alongside that crude. Securing stable, long-term offtake agreements is crucial for the economics of gas production and for meeting flaring reduction targets in North Dakota. While the specific LNG supply for ConocoPhillips' new deal may not originate in the Bakken, the company's growing global LNG portfolio creates optionality for its overall natural gas production. Investments in downstream gas markets help support upstream development by guaranteeing a future sales point. This is particularly...
ConocoPhillips, Chevron Secure Long-Term LNG, Int'l Exploration Deals
ConocoPhillips has entered a 20-year agreement to purchase liquefied natural gas from Venture Global starting in 2030, according to Rigzone. The deal secures one million metric tons per year of LNG for the Houston-based operator, a major player in North Dakota's Bakken formation. Separately, Chevron has moved to replenish its exploration stake in the Namibian Orange Basin, Rigzone reported. The company will acquire a 10 percent stake in Petroleum Exploration License 90 from Custos, partially offsetting a pending farm-out deal with Equinor. For Bakken operators, these deals highlight a strategic focus on securing long-term markets for natural gas and diversifying global portfolios. ConocoPhillips's LNG agreement underscores the growing link between U.S. shale production, including associated gas from oil wells, and the global energy market. Securing a stable, long-term buyer for LNG can support the economic viability of gas production in regions like the Bakken, where gas is often a co-product...
ConocoPhillips Signs 20-Year LNG Deal with Venture Global Starting 2030
ConocoPhillips, a major operator in North Dakota's Bakken formation, has entered a long-term agreement to purchase liquefied natural gas from Venture Global, according to a report from Rigzone. The deal, announced October 2, 2026, commits ConocoPhillips to buying one million metric tons of LNG annually for 20 years starting in 2030. The agreement signals a strategic move by a leading Bakken producer to secure a stable outlet for future natural gas production. While the deal is for LNG purchases, it provides ConocoPhillips with a guaranteed market for gas that can be liquefied and exported, potentially including gas from its U.S. operations. For the Bakken region, this development underscores the growing importance of natural gas as a co-product of oil drilling. The formation has historically been an oil-prone play, but associated gas production has risen steadily. Long-term offtake agreements like this one can support the economic justification for continued investment in...
Chevron Bolsters International Position with Namibia Stake Acquisition
Chevron has moved to acquire a 10 percent stake in a Namibian exploration license, according to a report from Rigzone. The company will acquire the interest in Petroleum Exploration License 90 (PEL 90) in the Orange Basin from Custos Investments. The transaction is described as partly offsetting a pending farm-out of Chevron's interest in the same license to Norwegian energy firm Equinor, Rigzone reported. This indicates Chevron is actively managing its exploration portfolio in the emerging offshore basin. For Bakken-focused observers, the news underscores that major operators in North Dakota maintain significant global portfolios. Chevron is a substantial producer in the Williston Basin, and its international investment decisions can reflect broader corporate strategy and capital allocation priorities. Activity in high-profile exploration frontiers like Namibia can compete for capital and corporate attention alongside established onshore plays like the Bakken. The development does not signal a shift away from the Bakken, where...
Texas Regulator Urges Oilfield Theft Reporting, Highlighting Industry-Wide Issue
Texas Railroad Commissioner Wayne Christian has publicly urged oilfield operators to report theft incidents, according to a statement highlighted on the Texas Railroad Commission's (RRC) website recently and reported by Rigzone. The call from a major oil-producing state's regulator brings renewed attention to the costly problem of oilfield crime, which impacts operators across all major basins, including North Dakota's Bakken. While the statement originates from Texas, the issue of equipment and material theft is a significant concern for Bakken operators as well. Theft of valuable items such as crude oil, diesel fuel, tools, valves, and even heavy equipment like pumps and trailers can directly impact a company's bottom line and operational efficiency. These losses contribute to increased operating costs, which can affect the economic viability of wells, especially in a volatile price environment. The Texas Railroad Commission's public emphasis on reporting is a reminder that law enforcement and regulatory bodies...
Texas Regulator Urges Oilfield Theft Reporting
Texas Railroad Commissioner Wayne Christian is urging oilfield operators to report theft, according to a statement posted on the Texas Railroad Commission's (RRC) website recently highlighted by Rigzone. The call for increased reporting highlights a persistent, costly issue in oil and gas regions, including North Dakota's Bakken formation. Equipment theft and fuel siphoning are common crimes that impact operator profitability and site security. While the statement originates from Texas, its message is directly applicable to Bakken operators. Unreported theft leads to financial losses and can complicate recovery efforts if law enforcement is not alerted. Industry-wide, stolen equipment often moves across state lines. For operators in the Williston Basin, maintaining secure sites and promptly reporting incidents to local authorities and the North Dakota Industrial Commission is a standard best practice. Effective reporting helps track crime patterns and can lead to recoveries. The Texas RRC's public emphasis on the issue serves as...
Chevron, ExxonMobil Pursue Crude Supply Agreements with Vietnam
Chevron and ExxonMobil have separately agreed to potential crude oil supply deals with Vietnam, according to reports from Rigzone. The agreements, announced September 28, involve the state-owned Vietnam Oil and Gas Group (PVN). For Bakken operators, these international agreements underscore the importance of global export markets for North Dakota crude. While the deals are not specific to Bakken oil, increased demand from Asian refiners creates a broader, more stable market for the light, sweet crude produced in the Williston Basin. Chevron’s agreement with PVN could also secure supplies of liquefied natural gas (LNG) and liquefied petroleum gas (LPG) for Vietnam, Rigzone reported. This highlights the integrated energy companies' strategy to market a full suite of products, including natural gas, which is a significant associated product from Bakken oil wells. ExxonMobil, a major leaseholder and operator in the Bakken through its subsidiary XTO Energy, is also pursuing a separate crude supply...
Chevron, ExxonMobil Secure Potential Crude Supply Deals with Vietnam
Chevron and ExxonMobil have separately agreed to potential crude oil supply deals with Vietnam, according to reports from Rigzone. The agreements with state-owned PetroVietnam (PVN) were announced on Monday, September 28. For Chevron, the agreement could also secure supplies of liquefied natural gas (LNG) and liquefied petroleum gas (LPG) for Vietnam, Rigzone reported. The details of the crude supply volumes and terms were not disclosed. While the specific sourcing for the crude was not specified in the reports, such international supply agreements are significant for integrated majors like Chevron and ExxonMobil that operate in the Bakken formation. Both companies hold substantial acreage and production in North Dakota's Williston Basin. The development highlights the global market reach of the Bakken's largest operators. Securing offtake agreements in growing Asian economies like Vietnam provides a potential outlet for crude produced in the region. This aligns with the industry's broader strategy of diversifying market...
Amplitude Energy Worker Dies Following Shark Attack
Amplitude Energy announced that one of its workers has died following a shark attack, according to a report from Rigzone. The news service reported the company's statement on September 24, 2026. While the specific location of the incident was not detailed in the summary, it underscores the broad range of occupational hazards faced by the global energy industry. The Bakken formation in North Dakota is a major onshore oil-producing region, where primary safety concerns typically involve wellsite operations, transportation, and exposure to the elements. For Bakken operators, the tragic event serves as a somber reminder of the importance of rigorous safety protocols across all company operations, regardless of geography. Many large independent producers active in the Williston Basin also have assets or operations in offshore or coastal regions. The incident reported by Rigzone involves a fatality, which is the most severe safety outcome. In North Dakota, the oil and gas...
Amplitude Energy Worker Dies in Shark Attack Offshore
Amplitude Energy announced that one of its workers had passed away following a shark attack, according to a report from Rigzone. The energy industry publication reported the news on Thursday, September 24, 2026. The fatal incident underscores the wide-ranging and sometimes unexpected safety hazards faced by oil and gas workers, even for companies with primary operations in onshore basins like the Bakken. While the Bakken formation in North Dakota is a landlocked shale play, many major operators active there also conduct offshore or international operations. For Bakken-focused companies and their workforce, the tragedy serves as a sobering reminder of the paramount importance of safety protocols across all company operations, regardless of location. The incident is likely to prompt internal safety reviews among operators with diverse asset portfolios. The death of a worker is a significant event for any energy company, potentially impacting operations, workforce morale, and corporate reputation. Amplitude Energy...
Data Center Expansion Faces Legal, Geopolitical Risks With Implications for Energy Demand
A surge in legal disputes and new exposure to geopolitical conflict are creating a complex risk landscape for global data center operators, according to a report from insurance broker Howden. For North Dakota's Bakken region, the stability and growth of this power-intensive sector is a key factor in long-term electricity and potentially natural gas demand. The report, cited by OilPrice.com, found that large lawsuits involving data centers more than tripled, from four in all of 2021 to 14 in just the first half of 2026. The main drivers are planning and environmental disputes. Noise and nuisance complaints, including those concerning diesel generator emissions and water consumption, have become increasingly common, accounting for 78 percent of the growth in liability cases over the past three years. This local opposition is already causing regulatory friction. In the UK, regulator Ofgem has raised alarms over speculative data center projects clogging up the nation’s...
South Africa Seeks LNG Terminal Operator; Exxon Highlights Coal Emissions
Transnet National Ports Authority is seeking an operator to build a small to medium liquefied natural gas receiving terminal at the Port of East London in South Africa, according to Rigzone. The authority has opened applications for the project in Eastern Cape province, the source reported on September 18. Separately, ExxonMobil has warned that coal use is accelerating global warming, Rigzone reported the same day. The oil explorer stated that its forecasts are grounded in scientific and economic data accounting for realistic changes in government policies and consumer behavior. For Bakken operators, these developments highlight two interconnected market forces. The pursuit of new LNG import infrastructure in South Africa points to growing global demand for natural gas as a potential transition fuel, which could influence long-term export opportunities for U.S. producers, including those in the Bakken. While the Williston Basin is not a major LNG exporter, global gas demand trends...
Global Energy Shifts Present Strategic Context for Bakken Operators
Transnet National Ports Authority is seeking an operator to build a small to medium liquefied natural gas receiving terminal at the Port of East London in South Africa, according to Rigzone. The authority opened applications for the project on September 18, 2026. Separately, ExxonMobil issued a warning that coal use is accelerating global warming, Rigzone reported the same day. The oil explorer stated its forecasts are based on scientific and economic data accounting for realistic policy and consumer behavior changes. For Bakken operators, these developments underscore the complex global energy transition shaping markets for North Dakota's resources. The Bakken formation is a major producer of both crude oil and associated natural gas. The search for an LNG terminal operator in South Africa signals continued international demand growth for natural gas as a potential transition fuel. Increased global LNG infrastructure could support long-term demand for Bakken natural gas, though direct export...
South Africa Seeks LNG Terminal Operator at East London Port
Transnet National Ports Authority is seeking an operator to develop a liquefied natural gas import terminal at the Port of East London in South Africa, according to a report from Rigzone. The state-owned port authority has opened applications for the small to medium-scale LNG receiving terminal project in the country's Eastern Cape province. The development of new global LNG import infrastructure represents a potential future outlet for natural gas produced in the Bakken formation. While North Dakota gas is primarily consumed domestically or in regional markets, growing international demand for LNG can support broader market fundamentals and provide optionality for producers. For Bakken operators, the announcement is a reminder of the evolving global gas trade. New import terminals, especially in developing economies seeking to diversify energy sources, can incrementally increase long-term demand. A project in South Africa would connect to a market actively seeking to secure stable energy supplies. The...
ExxonMobil Warns Coal Use Is Accelerating Global Warming
ExxonMobil has stated that coal consumption is accelerating global warming, according to a report from Rigzone. The company made the statement on Friday, September 18, 2026. The oil explorer maintains that its forecasts are grounded in scientific and economic data, which take into account realistic changes in government policies and consumer behavior, Rigzone reported. For operators in North Dakota's Bakken formation, such high-level climate assessments from a major industry player underscore the long-term market and regulatory environment in which they operate. While the Bakken is primarily an oil-producing region, the broader energy transition away from carbon-intensive fuels shapes investment and strategic planning. ExxonMobil's emphasis on data-driven forecasts suggests a focus on pragmatic energy scenarios. This outlook acknowledges a gradual shift in the global energy mix while recognizing the continued role of hydrocarbons like oil and natural gas during the transition. Bakken operators, which include some of the world's largest oil...
Continental Resources Signs Major Venezuela Deal with PDVSA
Continental Resources, a major Bakken Shale operator, has signed a memorandum of understanding with Venezuela's state oil company PDVSA to operate and develop the Ayacucho 2 Block in the Orinoco Belt, the company announced Wednesday. According to OilPrice.com, the block holds an estimated 30 billion barrels of resource in place across roughly 126,000 acres in Anzoátegui state. The two sides intend to finalize a long-term "Contrato de Participación Productiva" agreement in the coming weeks, after which Continental will operate the block with a 100% working interest. CEO Doug Lawler called Ayacucho 2 "one of the most significant resource opportunities in Continental's nearly 60-year history," according to the report. Founder and Chairman Emeritus Harold Hamm said the agreement takes the company "to an entirely new level." The deal is part of a series of agreements following the Trump administration's call for American energy companies to help rebuild Venezuela's oil industry, OilPrice.com...
ExxonMobil Angola Discovery Highlights Global Capital Competition for Bakken Operators
ExxonMobil and its partners confirmed a new oil discovery in deepwater Angola on Wednesday, underscoring the global scale of investment and competition facing capital allocation for Bakken shale development. The Vicango Este-01 well in Block 15 encountered 25 meters of high-quality, hydrocarbon-bearing sandstone, according to a joint company statement reported by OilPrice.com. This marks the 20th discovery on Block 15, which has produced more than 2.7 billion barrels over 30 years. ExxonMobil Angola chief executive Brian Unietis called the block "one of Angola's most significant deepwater developments" and stated that new discoveries increase the value of existing infrastructure, OilPrice.com reported. The activity in Angola is part of a broader wave of international exploration that pulls capital and technical focus from U.S. onshore basins like the Bakken. The discovery comes three weeks after Chevron reported a major find at its 105-4X well in neighboring Block 0, where the company hit more...
ExxonMobil Acquires Operatorship of Papua LNG Project from TotalEnergies
ExxonMobil Corp. has agreed to acquire the operatorship of the Papua LNG project from TotalEnergies, according to a report from Rigzone. The transfer, announced on September 7, 2026, also involves a farm-down by French majority owner TotalEnergies. TotalEnergies stated the transaction is intended to help advance the project toward a final investment decision, Rigzone reported. The Papua LNG project is a major liquefied natural gas development located in Papua New Guinea. For Bakken formation operators and stakeholders in North Dakota, this corporate maneuvering highlights the ongoing global competition for capital within integrated oil majors. As companies like ExxonMobil commit resources and operational expertise to large-scale, long-term international projects like Papua LNG, capital allocation for domestic shale basins can be affected. Major operators with significant Bakken assets, including ExxonMobil subsidiary XTO Energy, continually balance their investment portfolios between short-cycle shale production and large-scale international developments. Strategic moves into multi-billion dollar LNG...
Chevron JV Plans $7 Billion Venezuela Investment Over Five Years
Chevron Corporation announced that its joint ventures in Venezuela plan to invest more than $7 billion over the next five years, according to a report from Rigzone. The news, published September 3, 2026, signals a significant international capital commitment by one of the Bakken formation's largest operators. For North Dakota's oil industry, the announcement highlights the global competition for capital within integrated majors. Chevron is a major player in the Williston Basin, holding substantial acreage and operating hundreds of wells. Large-scale investments in other regions can influence the pace of development and spending available for domestic shale plays. The Bakken has seen a trend of disciplined capital expenditure from public operators in recent years, with a focus on shareholder returns and free cash flow. A multi-billion dollar, multi-year commitment to Venezuela represents a substantial allocation of Chevron's future investment budget. While the company has not made any specific announcement regarding...
Chevron JV Plans $7B Venezuela Investment Over Five Years
Chevron Corporation, a significant operator in North Dakota's Bakken formation, announced that its joint ventures in Venezuela plan to invest more than $7 billion over the next five years, according to a report from Rigzone. The announcement, published on September 3, 2026, outlines a substantial international capital commitment by the integrated energy giant. While the company has not provided specific details on how this investment might affect its other global assets, such announcements are closely watched by the Bakken industry for signals of shifting corporate priorities. For Bakken operators and service companies, major investment decisions by large players like Chevron can influence the broader competitive and financial landscape. Capital budgets are finite, and a multi-billion dollar, multi-year commitment to one region can lead to comparative analysis of returns on investment across a company's portfolio. The Bakken, while a mature and prolific basin, competes for capital against international opportunities and other...
Chevron Commits $7 Billion to Venezuela Expansion
Chevron will invest more than $7 billion in Venezuela over the next five years, a major international commitment announced Wednesday that could influence capital spending in other regions, including the Bakken. According to a report from OilPrice.com citing Reuters, the investment aims to more than double Chevron's oil production in Venezuela to about 600,000 barrels per day by 2031. The capital will be deployed through Chevron's three Venezuelan joint ventures, with the company stating total production costs will remain below $20 per barrel. The investment follows new agreements with Venezuela that provide Chevron with improved fiscal, commercial, and legal terms, as well as additional acreage in the Orinoco Belt. Chevron currently produces about 290,000 barrels per day in Venezuela. For Bakken operators and North Dakota stakeholders, the scale of this overseas investment highlights the global competition for finite capital within integrated majors. While the source material does not detail specific...
Chevron Nears Major Venezuela Deals as Global Portfolio Expands
Chevron is preparing to sign final energy agreements in Venezuela, part of a wave of new foreign investment into the country's oilfields and power infrastructure, according to a Reuters report cited by OilPrice.com. The deals come as Venezuela rewrites contracts to give companies more operational control and direct export rights. The agreements are separate from a larger U.S.-Venezuela pact announced last week covering stakes in 17 oilfields. Chevron's specific deals are expected to be "of significant size," one source told Reuters, and include seeking an additional block in the Orinoco Belt and an area in northern Monagas to supply diluents. For Chevron, a major operator in North Dakota's Bakken formation, the move represents continued investment in its international portfolio. The company maintained operations in Venezuela throughout recent years, unlike peers ExxonMobil and ConocoPhillips which have not returned to operating oilfields there. This expansion occurs as the industry globally competes for...