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Cop: Cop28 DG says no red line on fossil fuel phase out

  • Spanish Market: Coal, Coking coal, Crude oil, Electricity, Emissions, LPG, Natural gas, Oil products, Petrochemicals
  • 01/12/23

The Cop 28 UN climate conference presidency has no "red lines" when it comes to the language on fossil fuels in the negotiated text, director general Majid al-Suwaidi said today.

"Our job as a Cop presidency is not to have red lines," al-Suwaidi said. "We don't have red lines."

Al-Suwaidi was responding to a question about comments made earlier in the day by UN secretary general Antonio Guterres about the need to phase out, rather than phase down, the use of fossil fuels if the world is to avoid a climate disaster and meet the ambitions of the Paris climate agreement. That agreement sets a goal of limiting global warming to "well below" 2° above pre-industrial averages, and preferably to 1.5°C.

"We cannot save a burning planet with a firehose of fossil fuels," Guterres said. "We must accelerate a just, equitable transition to renewables. The science is clear. The 1.5°C limit is only possible if we ultimately stop burning all fossil fuels. Not reduce. Not abate. Phase out, with a clear timeframe aligned with 1.5°C."

Al-Suwaidi said the UAE, as president of Cop 28, has been "very clear" about the need to discuss energy and the energy system, and how the summit should deliver fossil fuel language. While many countries support a phase out of fossil fuel use, others, the UAE included, view hydrocarbons like oil and gas as having a role in the energy transition.

Cop 28 president Sultan al-Jaber has regularly argued for the need to include all forms of energy, including oil and gas, in the global energy mix, particularly until there is sufficient alternative energy capacity to take over from today's hydrocarbon-heavy baseload.

"It is not oil and gas, or solar. Not wind or nuclear, or hydrogen. It is oil and gas, and solar, and wind and nuclear, and hydrogen," al-Jaber said late last year. "It is all of the above, plus the clean energies yet to be discovered, commercialised and deployed. The world needs maximum energy, minimum emissions."


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08/01/25

Singapore, Malaysia to collaborate on CCS, RECs

Singapore, Malaysia to collaborate on CCS, RECs

Singapore, 8 January (Argus) — Singapore and Malaysia have signed agreements to collaborate on carbon capture and storage (CCS) as well as renewable energy certificates (RECs). The countries will engage in bilateral discussions to enable cross-border CCS, and discuss the components of a legally binding government-to-government agreement, said Singapore's Ministry of Trade and Industry (MTI) on 7 January. A joint committee comprising members from both sides will be established to facilitate this. The countries will also share best practices and information, and facilitate relevant research projects. The region has strong geological potential for CO2 storage, said the MTI. "Many countries are interested to pursue CCS to support their own decarbonisation plans and position themselves as CCS hubs for Asia-Pacific," it added. Malaysia has a geological abundance of deep saline aquifer reservoirs , which could be used to develop large-scale, permanent CO2 storage solutions. RECs Singapore and Malaysia will also study the formation of a credible framework that recognises RECs associated with cross-border electricity trade. The development of the framework will catalyse demand for cross-border electricity trading projects, which will lead to higher investment that can support the long-term viability of regional renewable energy projects, said the MTI. Singapore's licensed electricity importer Sembcorp Power signed a supply agreement with Malaysia's state-owned utility Tenaga Nasional Berhad (TNB) last month to import 50MW of renewable energy issued with RECs , with the renewable energy to be imported via existing infrastructure. Flows into Singapore began on 13 December. The agreement is part of Malaysia's inaugural "green electricity" sales through its Energy Exchange Malaysia (Enegem) platform, which allows for cross-border green electricity sales to neighbouring countries. Almost 28,000 MWh of electricity has been traded under the Energem platform as of 7 January, according to MTI. State-owned electricity firm Singapore Power and TNB are also undertaking a joint feasibility study to expand interconnector capacity and infrastructure between Singapore and Malaysia, said the MTI. Cross-border power initiatives in the region have been growing, such as the recent increase in capacity of the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project (LTMS-PIP) to up to 200MW under its second phase . Inaugural flows from Malaysia to Singapore began in September 2024, and almost 8,000 MWh of electricity has been traded under this phase as of 7 January, according to MTI. By Prethika Nair Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trump wants policy of 'no windmills' being built


07/01/25
07/01/25

Trump wants policy of 'no windmills' being built

Washington, 7 January (Argus) — President-elect Donald Trump wants to pursue a policy to stop the construction of wind turbines, a move that could limit the growth of a resource projected to soon overtake coal and nuclear as the largest source of power in the the US. Trump has spent years attacking the development of wind, which accounted for 10pc of electricity production in the US in 2023, often by citing misleading complaints about its cost, harm to wildlife and health threats. In a press conference today, Trump reiterated some of those concerns and said he wants the government to halt new development. "It's the most expensive energy there is. It's many, many times more expensive than clean natural gas," Trump said. "So we're going to try and have a policy where no windmills are being built." The US is on track to add more than 90GW of wind capacity by 2028, a nearly 60pc increase compared to 2024, the US Energy Information Administration (EIA) said in latest Annual Energy Outlook report. If that growth materializes, wind will become the second largest source of electricity in the US at the end of of Trump's term, overtaking coal and nuclear in 2027 and 2028, respectively, according to the EIA forecast. Trump did not offer specifics on the policy, which he did not run on during his campaign. But the vast majority of wind capacity in the US is built on private land such as farms — largely in rural districts represented by Republicans — limiting the federal government's role. Trump could still threaten wind development by blocking projects on federal land, such as offshore wind projects, and working to repeal federal tax credits that subsidize wind. Democratic lawmakers said blocking wind development will raise costs for consumers and reduce energy production. "Trump is against wind energy because he doesn't understand our country's energy needs and dislikes the sight of turbines near his private country clubs," said US Senate Finance Committee ranking member Ron Wyden (D-Oregon), who helped expand federal tax credits for wind through the 2022 Inflation Reduction Act. Wind energy industry officials also raised concerns with the policy, which they said conflicted with an all-of-the-above energy strategy. "American presidents shouldn't be taking American resources away from the American people," American Clean Power chief executive Jason Grumet said. 'Gulf of America' Trump today separately reiterated his vow to "immediately" reverse Biden's withdrawal of more than 625mn acres of waters for offshore drilling, and also said he would rename the Gulf of Mexico as the "Gulf of America", which he said was a "beautiful name". In addition to expanding oil and gas production offshore, Trump said he will seek to drill in "a lot of other locations" as a way to lower prices. "The energy costs are going to come way down," Trump said. "They'll be brought down to a very low level, and that's going to bring everything else down." US consumers paid an average of $3.02/USG for regular grade gasoline in December, the lowest monthly price in more than three years. Henry Hub spot natural gas prices dropped to $2.19/mmBtu in 2024, the lowest price in four years. During his campaign, Trump said he would cut the price of energy in half within 12 months of taking office. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Libyan oil exports resilient in 2024


07/01/25
07/01/25

Libyan oil exports resilient in 2024

London, 7 January (Argus) — Libyan crude exports dipped by just 2pc last year despite several months of politically-motivated blockades at ports and oil fields. The country exported 973,000 b/d across its 12 crude grades in 2024, according to Argus tracking data, only marginally down on 2023 when 989,000 b/d was loaded, the second-highest year for exports since the civil war in 2011. Exports averaged more than 1mn b/d in six out of the 12 months last year and hit 1.15mn b/d in December — the highest monthly average since February 2021. A rise in upstream activity over the past year has enabled Libya to boost its oil production to 1.4mn b/d in recent months — the highest in over a decade — and this has helped to offset the impact of disruptions to loadings earlier in 2024. Libya's largest oil field, El Sharara, was shut by protestors on 2-21 January last year and again on 3 August . The field feeds into the light sweet Esharara stream which is exported from the Zawia terminal. Esharara loadings fell to just 41,000 b/d in January 2024, sharply below the grade's average exports of 135,000 b/d in 2023. Exports of the grade plunged to just 20,000 b/d in August and ground to a complete halt in September for the first time since May 2022. A leadership crisis at Libya's central bank then led to a blockade at ports and fields by Libya's eastern-based administration on 26 August which lasted until 3 October . The blockade pushed total crude loadings to a near four-year low of 507,000 b/d in September. before recovering to 843,000 b/d in October, 1.09mn b/d in November and 1.15mn b/d in December. Demand for Libyan crude from European buyers remained strong last year despite the disruptions. Europe accounted for 84pc of Libyan crude exports in 2024, up from an 80pc share in 2023. By Kuganiga Kuganeswaran Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Viewpoint: Australia edges towards LNG imports in 2025


07/01/25
07/01/25

Viewpoint: Australia edges towards LNG imports in 2025

Sydney, 7 January (Argus) — Australia — formerly the world's largest LNG exporter — edges closer to importing the fuel in 2025, after years of supply warnings from the Australian Energy Market Operator (Aemo). Anti-gas lobbying from environmental groups, new emissions laws, slumping exploration, and rising costs have all been blamed for forecasts of production falling below demand levels, even as gas use dips. Debate about the rationale and demand for LNG continues, with no buyers having signed term sales yet. But the recent purchase of the proposed 386 TJ/d (10.3mn m³/d) Outer Harbor LNG project has raised expectations that deals may occur in 2025, to alleviate winter shortfalls from 2026 onwards. Aemo is predicting southern Australia's gas output will drop by 40pc from 1,260 TJ/d in 2024 to 740 TJ/d in 2028, with four import projects proposed in the nation's south. Initial imports will most likely head to New South Wales (NSW) state, Australia's largest jurisdiction by population. NSW is largely reliant on the ExxonMobil-operated Gippsland basin joint venture for supply, and the closure of a 400 TJ/d plant at the formerly 1,150 TJ/d Longford facility this year has accelerated concerns. Australian firm Squadron Energy said its 2.4mn t/yr Port Kembla Energy Terminal in NSW is now ready for operations, which could cover NSW' entire winter demand of about 481 TJ/d, excluding gas-fired generation. Limited storage capacity exists and no new major fields are under near-term development, but increasing pipeline capacity to bring enough Queensland coal-bed methane south could prove critical. Expansion of Australian pipeline operator APA's 440 TJ/d South West Queensland pipeline could be approved in early 2025, raising gas security. LNG imports cost up to 25pc more than pipeline gas, with the AVX — Argus' assessment for month-ahead spot gas deliveries to Victoria — averaging A$12.46/GJ in 2024 t o 27 December, while the Argus Gladstone fob price — an LNG netback indicator calculated by subtracting freight and costs associated with production from the delivered price of LNG to Asia-Pacific — averaged A$16.03/GJ for the same period. On the export scene, Australian independent Santos will restart production at the 3.7mn t/yr Darwin LNG after commissioning the Barossa field in July-September 2025 . The project has withstood significant legal challenges since 2023, with Santos promising an offshore carbon capture and storage facility later this decade to offset emissions. Other Australian terminals will produce steady volumes in 2025. The Woodside-operated North West Shelf project took a 2.5mn t/yr train off line in 2024, reducing its nameplate capacity to 14.4mn t/yr. The facility will start processing about 1.5mn t/yr of onshore gas from Beach Energy and Mitsui's 250 TJ/d Waitsia plant from early 2025. Energy election Australia's federal elections must take place no later than May, in what could be a referendum on the Labor government's renewables-led vision for Australia's grid. Abolishing Coalition-era gas exploration grants, Labor finds itself wedged between critics of further gas extraction and domestic shortfalls which may be already contributing to manufacturing sector weakness. Aemo expects 13GW of gas-fired generation is required under Canberra's 2050 net zero target to firm renewables. But gas projects remain unpopular in many communities, while anti-fossil fuel member of parliaments could hold the balance of power in the next parliament, polls show. Labor is sticking to its 82pc renewables by 2030 plan, while the Coalition has said it will not be met and it would make changes to Australia's 43pc emissions reduction by 2030 target, persisting with coal until nuclear generators can be built. Regardless, it appears much more gas will be needed in the short term as coal plants retire, meaning the temptation to raid east coast LNG projects for supply will remain. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Caracas clamps down before disputed inauguration


06/01/25
06/01/25

Caracas clamps down before disputed inauguration

Caracas, 6 January (Argus) — Exiled Venezuelan politician Edmundo Gonzalez called on his opposition supporters to protest President Nicolas Maduro's plans to take the oath of office on 10 January, despite the US and other countries long backing claims of election fraud. Gonzalez was likely the winner of Venezuela's 28 July presidential election, international observers and others hold, but Maduro claimed victory and forced his opponent into exile in Spain. Gonzalez met with US president Joe Biden at the White House today, as part of several international visits. Protesting is "a task for everyone, for the political leadership but also for all Venezuelans who believe in democracy", Gonzalez said when leaving the White House today. The US has not changed its sanctions on Venezuela, including restrictions on crude exports, in response to the election results. Biden did not indicate that the US sanctions regime would change following his meeting with Gonzalez today, based on the White House readout of the meeting. "Both leaders agreed there is nothing more essential to the success of democracy than respecting the will of the people," the White House said. President-elect Donald Trump has not specified what will change after he takes office on 20 January, but many of the restrictions he put in place during his first term remain. The Venezuelan opposition may be hoping that the incoming US administration's officials, which include long-time Venezuela hardliners such as secretary of state nominee Marco Rubio and designated White House national security adviser Mike Waltz, would advance a tougher policy toward Maduro. But it is equally possible that Trump's plans to deport millions of migrants from the US would lead to dealmaking between the White House and Maduro, who said he would accept Venezuelans returning home from the US. In Caracas, Maduro's administration has heavily increasing police presence on the streets this week ahead of the swearing-in ceremony. Police lined platforms on the Caracas subway and guarded entry points into the city, searching most passengers and cars, causing lengthy delays. Police and paramilitary groups known as colectivos also surrounded the presidential palace of Miraflores. The main thoroughfare Avenida Urdaneta has been closed to motor traffic. Maduro's planning swearing-in has also led to additional diplomatic falling outs, with Venezuela breaking diplomatic ties with Paraguay after its president held a call with Gonzalez on Sunday and recognized him as the legitimate Venezuelan president. Venezuela had already severed ties with about a dozen countries in the area for siding with Gonzalez. Neighboring Brazil and Colombia are among the few Latin American countries with ambassadors in Caracas. Both Brazil and Colombia have promised to send a representative, although not their presidents, to the ceremony, but the EU has said it will not recognize the event. Gonzalez will be arrested if he tries to return to Venezuela, defense minister Vladimir Padrino reiterated today. The Maduro government is offering a $100,000 reward for information leading to Gonzalez' arrest. By Carlos Camacho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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