Data showing some US-headquartered oil and gas firms paid less in taxes to the US than to foreign governments could be a focus in an upcoming Congress tax policy debate. ExxonMobil reported paying nearly $1.2bn to the US in 2023, and $5.6bn to the UAE, according to a first-time ‘Form SD' report filed with the Securities and Exchange Commission. In its own report, Chevron says it paid nearly $1.2bn in the US, against $4bn to Australia. Independent Hess paid $190,000 in the US and $50mn to Malaysia. Industry officials say the data do not provide a comprehensive view of obligations, which can vary from country to country depending on the tax code and their operations. The payment disclosures also do not cover payroll taxes or state and local taxes, for example, and do not say if a company had carryover net operating losses or tax credits that reduced its overall tax bill in the US.
US oil company filings put 'spotlight' on taxes
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Australia’s Santos commissions Moomba CCS facility
Australia’s Santos commissions Moomba CCS facility
Adelaide, 18 October (Argus) — Australia's Santos has commissioned its 1.7mn t/yr Moomba carbon capture and storage (CCS) project in the onshore Cooper basin of South Australia state. The Australian carbon credit unit-generating project is running at full injection rates of up to 84mn ft³/d (865mn m³/yr) of CO2 with all five wells on line, Santos said, adding that the full 1.7mn t/yr capacity would depend on Cooper basin gas production. The CCS will be Australia's second largest by nameplate capacity after Chevron's controversial 4mn t/yr Gorgon CCS on Barrow Island, which has been criticised for failing to reach its sequestration goals because of problems with pressure management . Santos results Jul-Sep '24 Apr-Jun '24 Jul-Sep '23 y-o-y % ± q-o-q % ± Volumes ('000 t) GLNG (100pc) 1,300 1,338 1,370 -5 -3 Darwin LNG (100pc) 0 0 42 -100 -100 PNG LNG (100pc) 1,938 2,001 2,111 -8 -3 Santos' equity share of LNG sales 1,148 1,264 1,300 -12 -9 Financial LNG sales revenue ($mn) 766 762 821 -7 1 Total sales revenue ($mn) 1,269 1,313 1,436 -12 -3 LNG average realised price ($/mn Btu) 12.69 11.47 12.02 6 11 Oil price ($/bl) 83.24 89.48 89.97 -7 -7 Source: Santos Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Greece-North Macedonia gas link delayed by 22 months
Greece-North Macedonia gas link delayed by 22 months
London, 18 October (Argus) — The commissioning of the 1.5bn m³/yr gas interconnector between Greece and North Macedonia appears to have been delayed by roughly 22 months, judging by timelines laid out in recent construction tenders issued by developers Desfa and Nomagas. In Desfa's recent draft 10-year development plan, it expected commissioning of the interconnector in December 2025 , with the line then starting full commercial operations in January 2026. But an €84mn tender issued by transmission system operator Nomagas on 16 October, seeking construction of the 67km pipeline on the Macedonian side of the border from Evzoni and Negotino to Gevgelija, envisions works taking 34 months. The deadline for the submission of bids is 20 November, suggesting the tender may not be awarded until December — and 34 months from December would mean construction on the Macedonian side would not finish until October 2027. This would be a delay of roughly 22 months from Desfa's target to start commercial operations on the line in January 2026. The tender also lists the pipeline's capacity at 1.8bn m³/yr, slightly higher than the 1.5bn m³/yr previously planned. And Desfa on 17 October opened a €16mn tender seeking planning, supply and construction of a metring station for the interconnector, also closing on 22 November, which envisages the work taking 15 months. If the works took 15 months from December, they would be completed in March 2026. Construction on the line has already started on the Greek side. Desfa and Nomagas were not immediately available to clarify the new expected timeline for the project. By Brendan A'Hearn Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Jury rules against P66 in trade secret case
Jury rules against P66 in trade secret case
Calgary, 17 October (Argus) — A California jury says US independent refiner Phillips 66 must pay $604.9mn in damages for allegedly stealing trade secrets related to the state's biofuels market. The jury issued its verdict on 16 October, siding with west coast fuel retailer Propel Fuels more than two years after it filed suit in the Superior Court of California. Propel sought $1bn in damages , alleging that Phillips 66's renewables business in California was developed from trade secrets the refiner gained while conducting due diligence on for a possible acquisition of the fuel retailer in 2017 and 2018. Propel said it was "... actively building a new integrated renewable fuels business for Phillips 66 when Phillips 66 abruptly and without explanation terminated the deal on August 24, 2018." Shortly after terminating the deal, the refiner told California regulators it would begin selling E85 fuel in the state and launched retail sales of renewable diesel (RD) weeks later, Propel says. "Phillips 66 rapidly expanded its California renewables business using Propel's data and market insights," according to Propel. Phillips 66 denied any wrongdoing and said it is evaluating its legal options following the verdict. A final judgment in the case has not been entered and post-trial motions are pending before the court, Phillips 66 said. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Few 2024-25 LNG cargoes scheduled at Alexandroupolis
Few 2024-25 LNG cargoes scheduled at Alexandroupolis
London, 17 October (Argus) — Users of Greece's new Alexandroupolis LNG terminal have so far only scheduled seven LNG deliveries for the 2024-25 gas year, according to a schedule sent to Argus by terminal operator Gastrade. TotalEnergies delivered the year's first 1TWh cargo to Bulgargaz on 3 October and the French company is scheduled to bring further 1TWh shipments to Bulgargaz on 25 November and 27 December. And next year, only one cargo is scheduled to arrive each month in January-March — the March shipment being only 509GWh — before a four-month gap until a final scheduled delivery of 509GWh on 27 July ( see data and download ). Although still subject to change if spot slots are purchased or swapped in the future, those 6TWh of scheduled deliveries would utilise only a fraction of the terminal's full 66.3 TWh/yr capacity. Such low utilisation is despite the fact that 69pc of the terminal's capacity is booked for the current gas year, according to the operator. With prices on Bulgaria's Balkan Gas Hub frequently at least €5/MWh ($5.4/MWh) below the TTF, firms have little incentive to bring LNG to Greece. Imports to Greece's Revithoussa terminal have more than halved so far this year, despite much higher Greek consumption . And the full 90pc of Alexandroupolis' capacity is booked for the 2025-26 and 2026-27 gas years, with just the EU-mandated 10pc held back for offer as prompt products. Bookings drop slightly in the following three years before falling more significantly from 2030 onwards ( see bookings table ). The Alexandroupolis terminal is currently undergoing scheduled maintenance on the 15-18 October gas days, halting sendout. Works are also scheduled to freeze sendout on 7-14 June 2025. There are currently 14 registered users at Alexandroupolis. As well as some of the main regional players such as Bulgargaz, OMV Petrom, Edison, and Depa, there are also some smaller companies such as Attiki Gas Supply, Tibiel EOOD, and Sustainable Energy Supply ( see supplier table ). By Brendan A'Hearn Alexandroupolis registered users ATTIKI GAS SUPPLY COMPANY S.A. BULGARGAZ EAD DEPA COMMERCIAL S.A. EDISON SpA HERON ENERGY S.A. OMV PETROM S.A. PUBLIC POWER CORPORATION OF GREECE S.A. PREMIER ENERGY SRL SK GAS MED PUBLIC COMPANY SRBIJAGAS NOVI SAD JSC Power Plants of North Macedonia - AD Elektrani na Severna Makedonija (AD ESM - Skopje) TIBIEL EOOD SUSTAINABLE ENERGY SUPPLY LTD VENTURE GLOBAL LNG ― Gastrade Alexandroupolis capacity bookings GWh/d Gas year Technical cap Reserved cap Available cap Available short-term cap 2025-2026 181.6 163.4 0.0 18.2 2026-2027 181.6 163.4 0.0 18.2 2027-2028 181.6 158.4 5.0 18.2 2028-2029 181.6 158.4 5.0 18.2 2029-2030 181.6 138.6 24.8 18.2 2030-2031 181.6 99.3 64.2 18.2 2031-2032 181.6 94.3 69.2 18.2 2032-2033 181.6 94.3 69.2 18.2 2033-2034 181.6 94.3 69.2 18.2 2034-2035 181.6 31.4 132.1 18.2 2035-2036 181.6 31.4 132.1 18.2 2036-2037 181.6 31.4 132.1 18.2 2037-2038 181.6 31.4 132.1 18.2 2038-2039 181.6 31.4 132.1 18.2 ― Gastrade Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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