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Venezuela, Guyana disagree on meeting goals

  • Market: Crude oil, Natural gas
  • 13/12/23

The presidents of Guyana and Venezuela have expressed widely differing views about the purpose of their meeting in St Vincent and the Grenadines Thursday amid rising tension over Caracas's claim to Guyana's resource-rich Essequibo province.

In a letter to the meeting's host, St Vincent prime minister Ralph Gonsalves, Venezuela's Nicolas Maduro said he welcomed the opportunity to meet Guyana president Irfaan Ali "...with the hope that it becomes at a starting point towards the return of direct negotiations."

But Ali rejected direct negotiations with Maduro to resolve the dispute, telling Gonsalves the meeting is to "de-escalate the conflict," and that the UN's International Court of Justice (ICJ) is to rule over the disputed matters.

Essequibo — which Venezuela calls Guayana Esequiba — makes up the western two-thirds of Guyana. Long running tension between the countries has prevented them from agreeing to a maritime border.

The dispute flared anew in October after Guyana awarded offshore exploration permits to several prospectors in the Stabroek block offshore Essequibo that partially overlaps the disputed waters. Venezuela started to move more troops to the border region and held a nationwide vote earlier this month that Maduro claims affirms Venezuela's rights to the province.

The ICJ says it will determine the merits of the case, but Maduro has rejected that ruling, saying the ICJ role "is violative of the principle of mutual consent already agreed upon between the parties."

In a statement Gonsalves said the purpose of the meeting is for the two leaders to have "respectful" dialogue.

"Many things need to be addressed and the matter of the commitment to international law, the commitment to maintaining the region as a zone of peace and not to go to open conflict are all of great importance," Gonsalves said.


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16/05/25

Kuwait's Kufpec gets OK to develop Indonesian gas field

Kuwait's Kufpec gets OK to develop Indonesian gas field

Singapore, 16 May (Argus) — Kuwait's Kufpec, a unit of state-owned KPC, has won approval from the Indonesian government for a plan of development for the Anambas gas field located in the West Natuna Sea offshore Indonesia. The Anambas field is located in the Natuna basin and has an estimated gas output of about 55mn ft³/d. Kufpec will invest around $1.54bn into the development of the field, which is planned to come on stream in 2028. The approved plan of development outlines a phased strategy to unlock the gas and condensate potential of the field, said upstream regulator SKK Migas. The regulator will encourage Kufpec to accelerate efforts and bring the project on stream by the fourth quarter of 2027, said the head of SKK Migas, Djoko Siswanto. The development of the field will include drilling production wells and installing subsea pipelines to transport gas from Anambas to existing facilities in the West Natuna transportation system. Kufpec in 2022 announced the discovery of gas and condensate at the Anambas-2X well in the Anambas block. The Anambas block was awarded to Kufpec Indonesia in 2019 through a bidding process. The company holds a 100pc participating interest in the block and has a 30-year production sharing licence, including a six-year exploration period. The approval of the plan of development marks a step towards the project's final investment decision. It also shows that the upstream oil and gas sector in Indonesia is still attractive to domestic and foreign firms, said Djoko. The field is expected to be able to transport gas to domestic and regional markets, support Indonesia's energy security, and drive economic growth, according to SKK Migas. Indonesia continues to prioritise oil and gas expansion to maintain economic growth. Investment in oil and gas rose from $14.9bn in 2023 to $17.5bn in 2024, according to the country's energy ministry. By Prethika Nair Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Greece’s Alexandroupolis LNG off line until mid-Aug


15/05/25
News
15/05/25

Greece’s Alexandroupolis LNG off line until mid-Aug

London, 15 May (Argus) — Greece's 4.3mn t/yr Alexandroupolis LNG import terminal will remain off line until 15 August, after which it will return to 25pc of capacity for the remainder of the gas year, an updated urgent market message (UMM) from operator Gastrade says. The terminal has been off line since 28 January because of damage to the booster pumps on the floating storage and regasification unit, Gastrade said, and it will remain fully unavailable until 15 August, after which onward regasification services will resume capped at 25pc of maximum capacity, or about 42 GWh/d, with available redundancy for the booster pumps. This availability will be offered for 15 August-30 September only under "certain operational and commercial conditions", Gastrade specified, and several market participants were unsure of what this phrase meant or whether regasification would in fact be possible at all during this period. From the start of the new gas year on 1 October, the 25pc cap will be lifted, but "certain operation constraints may remain for a limited period of time", the operator said. The previous version of the the UMM listed the shutdown end date as 15 May, although Gastrade had already told Argus in April that it did not expect to return to full operations until October . By Brendan A'Hearn Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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SEFE sells only 900GWh of Rehden gas storage space


15/05/25
News
15/05/25

SEFE sells only 900GWh of Rehden gas storage space

London, 15 May (Argus) — German gas storage operator Sefe sold less than a fifth of the capacity on offer at its Rehden site in an auction on Thursday — the first capacity sold at the site for the current storage year. Sefe offered 5TWh and received bids in excess of this, but said it allocated only 900GWh, suggesting most bids were below its reserve price. German THE prices for delivery over the remainder of the summer, including the balance-of-May market, closed €2.08/MWh below the following winter price and €2.18/MWh below the first-quarter 2026 price on Wednesday. The 900GWh was the first allocated space at the site for the current storage year, after one unsuccessful auction in January and one last week. The German government last month halved the mandatory fill level at the site to 45pc by 1 November. Now there is capacity booked, there might be scope for Rehden not to be fully emptied, given that there is still 1.1TWh of gas in the 45TWh site. There is a two-month period during which capacity holders can withdraw their gas after the beginning of the storage year, and withdrawals have continued at the site since 1 April. Sefe said it will publish further details on upcoming auctions for the capacity not yet marketed "in a timely manner". Injections at Rehden would have to start by 17 August to meet the 45pc mandate, according to Argus calculations, factoring in 18.5 days of maintenance in October. Under the previous 90pc mandate, injections would have had to start before the end of May, taking Rehden's injection curve into account. By Till Stehr Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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France consults on expanded biofuels mandate


15/05/25
News
15/05/25

France consults on expanded biofuels mandate

London, 15 May (Argus) — France has opened consultation on the transposition of part of the recast renewable energy directive (RED III) into national law, which would replace the current system with a new one called "incentive for the reduction of the carbon intensity of fuels" (IRICC). The proposal introduces two separate sets of requirements for transport fuels. The first is for greenhouse gas (GHG) emissions reductions, broken down by transport sectors — road, aviation, maritime, LPG and natural gas for vehicles, which could be CNG or LNG (see table). In the current draft, the GHG reduction target for the road sector will start at 5.9pc in 2026, rising to 10.6pc in 2030 and 18.7pc in 2035. For aviation, the target starts at 2.5pc in 2026, rising to 5.8pc in 2030 and 18.8pc in 2035. The GHG mandate levels include a gradual phasing-in of new fuel sectors – river and maritime fuels, fuel gasses, and aviation. To meet the overall RED III target of 14.5pc emissions reduction by 2030, the national French target includes the biofuels mandates, a share for rail transport, and a share or private vehicle charging. The second set of requirements is a renewable fuel requirement by energy content, which is broken down by fuel type — diesel, gasoline, LPG and natural gas fuels and marine fuel (see table). The blending requirements for diesel start at 9pc in 2026, rising to 11.4pc in 2030 and 16pc in 2035. For gasoline, the mandates start at 9.5pc in 2026, rising to 10.5pc in 2030 and 14.5pc in 2035. Finally, the proposal includes a set of sub-mandates for advanced fuels and renewable hydrogen . The advanced biofuels mandate would start at 0.7pc in 2026, rising to 1.95pc in 2030 and 2.6pc in 2035. Users of renewable fuels of non-biological origin (RFNBOs) would not be subject to the advanced sub-mandate. In feedstock restrictions, the crop cap will rise to 7pc from 6.2pc in 2030 and 2035, while the limit for fuels made from feedstocks found in Annex IX-B of RED will be at 0.6pc in 2026, 0.7pc in 2030 and 1pc in 2035 for diesel and petrol. Aviation fuel will not have a IX-B cap until 2030, and from then it will be 6pc. Mandate compliance would be managed by a certificate system through the CarbuRe registry, with a compliance deadline of 1 March the following year. Public electric vehicle charging would also generate tickets, although the amount of tickets generated by charging light passenger vehicles would be reduced from 2031 to reach 50pc in 2035. Renewable hydrogen used in transport would also generate tickets counting towards the hydrogen sub-quota and reduce the overall GHG savings requirement. Public charging stations will start generating fewer tickets for electric passenger vehicles from 2031 to 50pc by 2035. France is also considering steep penalties for non-compliance, at €700/t CO2 not avoided for the GHG reduction requirement and at €40/GJ for the fuel targets. The penalty for not meeting hydrogen and advanced fuel sub-targets would be doubled, at €80/GJ. The consultation is open for comments until 10 June. By Simone Burgin Proposed GHG reduction by transport sector % 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Road and non-road diesel 5.9 7.1 8.3 9.5 10.6 13.2 14.8 16.2 17.5 18.7 Aviation 2.5 3.3 4.1 4.9 5.8 8.4 10.8 13.3 15.9 18.7 RFNBO sub-target (% en.) 0.0 0.0 0.0 0.0 1.2 1.2 2.0 2.0 2.0 5.0 Maritime 2.5 3.25 4.0 5.0 6.0 7.0 8.0 10.0 12.0 14.5 RFNBO sub-target (% en.) 0.0 0.0 0.0 0.0 1.2 1.2 1.2 1.2 2.0 2.0 LPG and natural gas fuels 0.0 0.0 2.7 6.3 10.6 13.2 14.8 16.2 17.5 18.7 DGEC Proposed energy content mandate by fuel type % (en.) 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Diesel 9.0 9.5 10.1 10.7 11.4 12.2 13.0 13.8 14.9 16.0 Petrol 9.5 9.7 10.0 10.2 10.5 11.1 11.8 12.6 13.4 14.5 Natural gas fuels 0.0 0.0 3.0 7.0 12.0 15.0 16.0 18.0 19.0 21.0 LPG 0.0 0.0 3.0 7.0 12.0 15.0 16.0 18.0 19.0 21.0 Marine fuel 2.9 3.8 4.7 5.9 7.1 8.2 9.4 11.8 14.1 17.1 DGEC Proposed caps and sub-targets % (en.) 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Feedstock caps Crop feedstocks 6.2 6.4 6.6 6.8 7.0 7.0 7.0 7.0 7.0 7.0 Annex IX-B feedstocks* 0.6 0.6 0.65 0.7 0.7 0.75 0.8 0.85 0.9 1.0 Cat. 3 tallow 0.5 0.6 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.7 Tall oil 0.1 0.1 0.1 0.1 0.15 0.15 0.15 0.15 0.15 0.2 Fuel sub-targets Advanced feedstocks 0.7 0.95 1.25 1.6 1.95 2.0 2.1 2.25 2.4 2.6 RFNBOs/Renewable hydrogen 0.05 0.2 0.5 1.0 1.5 1.6 1.7 1.8 1.9 2.0 *For diesel and petrol Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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IEA sees slightly better oil demand outlook


15/05/25
News
15/05/25

IEA sees slightly better oil demand outlook

London, 15 May (Argus) — The IEA has nudged up its global oil demand growth forecasts for this year and 2026, citing better macroeconomic forecasts and the effects of lower oil prices. In its latest Oil Market Report (OMR), published today, the Paris-based watchdog raised its projected increase in oil consumption by 20,000 b/d to 740,000 b/d in 2025, bringing overall demand to 103.9mn b/d. It increased its oil demand growth forecast for 2026 by 70,000 b/d to 760,000 b/d. In its previous OMR the IEA cut its oil demand forecasts for 2025 by 310,000 b/d after the US' announcement of an array of import levies in April. But the IEA said today the tariff supply shock appeared less severe than initially implied, pointing to subsequent US trade arrangements with the UK and China. US talks with other countries continue. "Subsequent pauses, concessions, exemptions and negotiations are likely to attenuate the levies' permanence and economic impact," the IEA said. But it said policy uncertainty continued to weigh on consumer and business sentiment, and it sees oil consumption growth slowing to 650,000 b/d between now until the end of 2025, from 990,000 b/d in the first quarter of the year. Its demand growth forecast for 2025 is 320,000 b/d lower than at the start of the year. The IEA increased its global oil supply growth forecast by 380,000 b/d to 1.61mn b/d in 2025, with almost all the rise accounted for by the Saudi-led unwinding of Opec+ cuts. It nudged its oil supply growth forecast for 2026 up by 10,000 b/d to 960,000 b/d. Eight Opec+ members earlier this month agreed to continue accelerating the pace of their planned unwinding of 2.2mn b/d of crude production cuts for June. The IEA again revised down its supply growth forecasts for the US, mainly because of the effects of lower oil prices on US shale producers. It downgraded US growth by 50,000 b/d to 440,000 b/d for 2025 and by 100,000 b/d to 180,000 b/d for 2026, and said US tight oil production in 2026 would contract on an annual basis for the first time since 2020. The IEA said sanctions on Russia, Iran and Venezuela are a key uncertainty in its forecasts. It noted that Russian crude supply grew by 170,000 b/d in April as crude prices fell below the G7 $60/bl price cap. The IEA's balances show supply exceeding demand by 730,000 b/d in 2025 and by 930,000 b/d in 2026. It said global observed stocks rose by 25.1mn bl in March, with preliminary data showing a further rise in April. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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