Iran to invest $1.2B in bid to double oil production

National Iranian South Oil Co. and Iranian Offshore Oil Co. will sign deals with domestic contractors covering onshore fields in Bushehr, Fars, Khuzestan, and Kohgiluyeh and Boyer-Ahmad provinces, National Iranian Oil Co. said in a statement. More »

Iraq signs $2B oil prepayment deal with China’s ZenHua Oil

It’s the first time Baghdad has sought a prepayment deal, in which oil is effectively used as security for a loan. It’s also the latest example of China lending to struggling oil producers via state-controlled trading companies and banks. More »

Egypt taps Exxon, Chevron for billion-dollar offshore exploration program

This deal, plus more to be announced, target drilling 23 wells in nine regions in the Mediterranean and three regions in the Red Sea, with a minimum total investment seen at $1.4 billion. More »

Total reduces Mozambique LNG staff as rebels step up attacks nearby

Fighters linked to Islamic State raided a town less than 5 kilometers (3 miles) from the construction camp this week of what is Africa’s largest private investment, ratcheting up risks for the planned LNG export terminal on Mozambique’s northern coastline. While the heavily guarded site hasn’t been attacked yet, militants have made threats that they may do so. More »

Venezuelan crude exports nosedive as OPEC+ preps output increase

Venezuela has managed to defy sweeping U.S. sanctions against state-owned producer PDVSA and keep shipping some crude abroad, mainly to China. But Washington has intensified the crackdown on companies that break the restrictions, and PDVSA has struggled to sell its barrels in Asia. More »

Exxon’s latest multi-billion writedown signals another quarterly loss

Exxon confirmed in a filing Wednesday it will take a writedown of as much as $20 billion on its upstream assets, a possibility first disclosed at the end of October. It also reported much smaller non-cash impairments related to its refining business. More »