Maduro clings to power in Venezuela

Politics, geopolitics and conflicts

Although reports are circulating that Israel claims to have forced the collapse of the Hamas brigade in Rafah, it remains unclear whether the brigade was defeated or simply dispersed under the Israeli barrage.

On the ever-expanding Russian-Ukrainian frontline, Ukraine continued its incursion into Russia’s Kursk region, while Moscow focused its retaliation on eastern Ukraine, both attacking the other’s energy infrastructure. Ukraine has set fire to several Russian oil depots, and Russia has left parts of Kiev without power and water. A topic in the news this week was a report that Washington is barring the UK from allowing Kiev to strike military targets inside Russia with Storm Shadow missiles. Why? Because the use of these missiles would require access to American intelligence. In the Russian offensive, Moscow has a two-pronged approach in a flanking maneuver to take the Ukrainian city of Pokrovsk. Heavy fighting is reported in this area. Taking the area would allow Moscow to disrupt Kiev’s military logistics and supply lines.

In Venezuela, Maduro continues to use his ally in the Supreme Court to claim victory and suppress the opposition following elections believed to have been rigged. After keeping his head down since the election, opposition leader Machado vowed on Wednesday to topple Maduro to keep protesters inspired in the face of the threat of security forces. Maduro has been busy stacking…

Politics, geopolitics and conflicts

Although reports are circulating that Israel claims to have forced the collapse of the Hamas brigade in Rafah, it remains unclear whether the brigade was defeated or simply dispersed under the Israeli barrage.

On the ever-expanding Russian-Ukrainian frontline, Ukraine continued its incursion into Russia’s Kursk region, while Moscow focused its retaliation on eastern Ukraine, both attacking the other’s energy infrastructure. Ukraine has set fire to several Russian oil depots, and Russia has left parts of Kiev without power and water. A topic in the news this week was a report that Washington is barring the UK from allowing Kiev to strike military targets inside Russia with Storm Shadow missiles. Why? Because the use of these missiles would require access to American intelligence. In the Russian offensive, Moscow has a two-pronged approach in a flanking maneuver to take the Ukrainian city of Pokrovsk. Heavy fighting is reported in this area. Taking the area would allow Moscow to disrupt Kiev’s military logistics and supply lines.

In Venezuela, Maduro continues to use his ally in the Supreme Court to claim victory and suppress the opposition following elections believed to have been rigged. After keeping his head down since the election, opposition leader Machado vowed on Wednesday to oust Maduro to keep protesters inspired in the face of the threat of security forces. Maduro has been busy stacking strategic ministries (including oil) with his biggest allies for more support.

Discovery and development

Shell plans to cut 20% of its global workforce in its exploration and well development divisions, with significant impacts in the US, the Netherlands and the UK. These cuts are part of CEO Wael Sawan’s wider cost-saving strategy, following recent cuts in Shell’s renewable and low-carbon sectors. The restructuring aligns with Shell’s aim to boost profitability by focusing on core assets, despite scaling back its carbon emissions commitments. Shell shares have risen more than 8 percent this year, reflecting investor confidence in the company’s improved financial performance.

United Oil & Gas Plc has denied rumors of a commercial oil or gas discovery in Jamaica, clarifying that no wells have been drilled in the Walton Morant permit area. The company owns a 100% interest in the asset and is actively seeking a strategic partner to explore the resource potential of the 8,649 square mile offshore block, which holds approximately 2.4 billion barrels of unrisked potential resources.

Apache subsidiary Khalda Petroleum Company made a notable oil discovery in Egypt’s Western Desert in the West Fewebs-1 area, producing 7,165 barrels of high-quality oil and 23 million cubic meters of gas per day. The discovery was confirmed by drilling in Paleozoic sands in the Khalabsha development area.

Trans Canada Gold Corp. announced that it has successfully completed 50% of the drilling for its second horizontal multilateral heavy oil well near Lloydminster, Alberta. Drilling, led by Precision Drilling, is progressing efficiently and is expected to be completed by August 30, 2024, with completion operations planned for early September. Trans Canada Gold Corp. has also acquired additional land in the area of ​​mutual interest, increasing its potential for new multilateral wells in the Sparky and GP producing areas.

Deals, mergers and acquisitions

Qatar is in talks with the German government to potentially acquire Rosneft’s stake in the PCK Schwedt refinery, which Berlin placed under trusteeship following Russia’s invasion of Ukraine. The German government confirmed ongoing talks with Qatar on various investment opportunities, although it did not say whether Rosneft’s stake was included. The trusteeship of Rosneft’s assets in Germany, which supplies 90 percent of Berlin’s fuel, is due to expire on September 10, with a decision pending. Rosneft has been actively trying to sell its German assets, valued at around $7 billion, with the process expected to be completed in September.

Africa Oil Corp. is moving to increase its stake in Impact Oil & Gas, focusing on Namibia’s offshore exploration opportunities in the Orange Basin. Through a call and put option agreement, the Canadian company aims to acquire an additional 7% stake, potentially raising its stake in Impact Oil & Gas to 39.5%. This strategic move aligns with Africa Oil’s objective to increase its influence over the Venus oil discovery and other key assets in the region. The expansion follows Africa Oil’s recent consolidation of interests in Prime Oil & Gas and a deal to increase its holdings in South Africa’s SANAM super-basin.

Marathon Oil Corporation has received the necessary shareholder approval for its merger with ConocoPhillips. The company announced that the transaction is expected to close by the end of the fourth quarter of 2024, pending regulatory clearance and other customary conditions.