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Leak sparks fire on Pemex oil platform: Update

  • : Crude oil, Natural gas
  • 15/06/22

Adds new fourth paragraph with Pemex statement.

Mexico's state-run Pemex reported today that an oil and natural gas leak sparked a fire on its Akal H platform in Campeche bay in the Gulf of Mexico.

Pemex said four emergency vessels extinguished the blaze that erupted at 1:35pm local time, but it could not confirm yet whether production has been affected.

Akal H is a satellite platform, Pemex said, and the only three staff members on board at the time were evacuated immediately and safely.

"The contingency aboard the Akal-H platform is totally controlled. The inspection to evaluate the condition of the facility has begun," Pemex said this afternoon.

This is the third Pemex accident in Campeche bay in less than three months.

A deadly blaze on Pemex's processing platform Abkatun A-Permanente led to a loss of 220,000 b/d of oil production for five days, killing at least seven in April. A month later a maintenance vessel owned by a Pemex contractor, Typhoon Offshore, listed as it was about to carry out maintenance, killing two.

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25/05/07

IMO GHG pricing falls short on green methanol, ammonia

IMO GHG pricing falls short on green methanol, ammonia

New York, 7 May (Argus) — The International Maritime Organization's (IMO) proposed global greenhouse gas (GHG) pricing mechanism might not drive significant uptake of green methanol and green ammonia by 2035, given current market prices. Despite introducing penalties on high-emission fuels use and tradable surplus credits for low-emission fuels, the mechanism does not sufficiently close the cost gap for green alternatives. Under the system, starting in 2028 ship operators will face a two-tier penalty: $100/t CO₂e for emissions between the base and direct GHG intensity limit, and $380/t CO₂e for those exceeding the looser base limit. These thresholds will tighten annually through 2035. Ship operators can earn tradable credits for overcompliance when their GHG emissions fall below the direct limit. Assuming a surplus CO₂e credit value of $72/t — mirroring April 2025's average EU emissions trading system price — green ammonia would earn about $215/t in surplus credits in 2028 (see chart) . This barely offsets its April spot price of $2,830/t VLSFO equivalent in northwest Europe. Bio-methanol would receive about $175/t in credits, offering minimal relief on its $2,318/t April spot price. Currently, unsubsidized northwest Europe bio-LNG sits mid-range among bunker fuel options under IMO's emissions framework. While more expensive than HSFO, grey LNG, and B30 bioblends, the bio-LNG is cheaper than B100 (pure used cooking oil methyl ester), green ammonia, and bio-methanol. To become cost-competitive with unsubsidized bio-LNG — priced at $1,185/t in April 2025 — green ammonia and bio-methanol prices would need to fall by 57pc and 49pc, respectively, to around $1,220/t VLSFOe and $1,180/t VLSFOe by 2028. Unless green fuel prices drop significantly or fossil fuel prices rise, the IMO's structure alone provides insufficient economic incentive to accelerate green ammonia and bio-methanol adoption at scale. By Stefka Wechsler NW Europe, fuel prices plus IMO penalties and credits Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Opec+ eight agree accelerated hike for June: Update


25/05/07
25/05/07

Opec+ eight agree accelerated hike for June: Update

London, 7 May (Argus) — A core group of eight Opec+ members has agreed to accelerate, for a second consecutive month, their plan to unwind some of their production cuts, the Opec secretariat said Saturday. As it did for May, the group will again raise its collective output target by 411,000 b/d in June, three times as much as it had planned in its original roadmap to gradually unwind 2.2mn b/d of crude production cuts by the middle of next year. The original plan envisaged a slow and steady unwind over 18 months from April, with monthly increments of about 137,000 b/d. But today's decision means that the eight — Saudi Arabia, Russia, the UAE, Kuwait, Iraq, Algeria, Oman and Kazakhstan — will have unwound almost half of the 2.2mn b/d cut in the space of just three months. The decision to maintain this accelerated pace into June is somewhat surprising, given the weakness in oil prices and the outlook for the global economy. The eight's decision last month to deliver a three-in-one hike in May was seen as a key reason for the recent slide in oil prices, alongside US President Donald Trump's tariff policies. Front month Ice Brent futures have fallen by about $13/bl since early April to stand at just over $61/bl. But the eight today pointed to "current healthy market fundamentals, as reflected in the low oil inventories" as a key factor in its latest decision. It reiterated, as it has in the past, that the gradual monthly increases "may be paused or reversed subject to evolving market conditions." As was the case for May, delegates said that the main driver for the June hike was again a desire to send a message to those countries that have persistently breached their production targets since the start of last year — most notably Kazakhstan and Iraq, which each have significant overproduction to compensate for through the middle of next year. "This measure will provide an opportunity for the participating countries to accelerate their compensation," the secretariat said. This group of eight is due to next meet on 1 June to review market conditions and decide on July production levels. By Nader Itayim, Aydin Calik and Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

India, Saudi Arabia plan two Indian refineries


25/05/07
25/05/07

India, Saudi Arabia plan two Indian refineries

Mumbai, 7 May (Argus) — India and Saudi Arabia are to collaborate on the development of two integrated refinery and petrochemical plants in India. The plan was announced after Indian prime minister Narendra Modi met Saudi counterpart Mohammed bin Salman in Jeddah on 22 April, as part of the India–Saudi Arabia Strategic Partnership Council. Saudi Arabia in 2019 pledged to invest $100bn in India in several sectors including energy and petrochemicals. No further details have been provided but the projects could be Indian state-run BPCL's planned facility in Andhra Pradesh and oil firm ONGC's refinery project in Gujarat, according to industry participants. Plans for a 1.2mn b/d refinery in Ratnagiri alongside the UAE's Adnoc have been abandoned because of logistical and land acquisition challenges, industry participants say. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

India launches attacks on Pakistan


25/05/06
25/05/06

India launches attacks on Pakistan

Houston, 6 May (Argus) — India's military said it launched attacks today against nine targets in Pakistan and Pakistan-occupied Jammu and Kashmir in retaliation for an April terrorist attack that killed dozens. India's ministry of defense said its strikes were a "precise and restrained response" to a 22 April incident near Pahalgam in Kashmir where 26 tourists were killed. They were focused on "terrorist infrastructure sites", the ministry said on the social media site X in a post Tuesday at 4:49pm ET. "Importantly, no Pakistani military facilities were hit, reflecting India's calibrated and non-escalatory approach," the ministry said. The government of Pakistan said on its own X account that five sites had been hit in the attacks. "Pakistan has every right to respond forcefully to this act of war imposed by India, and a forceful response is being given," the Pakistan government wrote. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trump unlikely to lift tariffs on Canada


25/05/06
25/05/06

Trump unlikely to lift tariffs on Canada

Washington, 6 May (Argus) — President Donald Trump suggested today he would not lift tariffs on imports from Canada and told Canadian prime minister Mark Carney that the US-Canada-Mexico (USMCA) free trade agreement needs to be renegotiated. Trump, who hosted Carney at the White House today, told reporters that there was nothing Canada's leader could tell him to change his mind on stiff tariffs he imposed on Canadian steel, aluminum, cars and auto parts. "It's just the way it is," Trump said. While Trump has altered his tariff levels repeatedly, his administration has imposed a 25pc tariff on Canada-sourced steel and aluminum, and a 25pc tariff on some cars and autoparts imported from Canada. Any product that qualifies for duty-free treatment under the USMCA is exempt from tariffs Trump imposed. The 10pc tariff Trump imposed on Canadian crude and other energy imports only lasted from 4-7 March, causing turmoil in North American energy markets. But even the remaining tariffs are a significant hindrance for the integrated North American auto industry, executives in Canada and the US have said. Trump today described the USMCA, which he negotiated during his first administration, as merely a "transitional deal" and suggested that it could be either terminated or renegotiated completely. The USMCA includes a provision calling for it to be reviewed by all three countries in 2026. The existing free trade agreement is "a basis for broader negotiations," Carney said, adding that "some things about it are going to have to change." Carney made his first trip to Washington just a week after winning the 28 April parliamentary election, following a campaign centered around his opposition to Trump's policies. Trump and Carney offered polite compliments to each other, but there was little visible chemistry between the two men. Trump doubled down on his suggestion that Canada could become the 51st US state, prompting Carney to tell him that "as you know from real estate, there are some places that are never for sale." "Having met with the owners of Canada over the course of the campaign in the last several months, it's not for sale," Carney said. "Never say never", Trump retorted. Trump also repeated his past claims that "we don't do much business with Canada. From our standpoint, they do a lot of business with us." "We are the largest client of the United States," said Carney. "We have a tremendous auto sector between the two of us." By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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