Equinor shuts in four North Sea fields on strike action

: Crude oil, Natural gas
20/10/05

Norwegian state-controlled Equinor has shut oil and gas production from four of its offshore fields in Norway as a result of escalated strike action by the Lederne trade union.

The firm said it has conducted a "controlled closure" of the Gudrun, Gina Krog and Kvitebjorn fields, along with Kvitebjorn's satellite Valemon, after 54 Lederne members downed tools. Workers stepped up strike action from midnight following a breakdown in pay talks last week. Production is unaffected at the Johan Sverdrup field, although 43 Lederne members have been on strike there since 30 September.

The Norwegian Oil and Gas Association (Noga) said last week that in addition to the four Equinor-operated fields, the latest walkout will also affect the Gjoa field, operated by the UK's Neptune Energy, and its satelitte Vega, with is operated by Germany's Wintershall Dea.

The six fields produce a combined 330,000 b/d of oil equivalent (boe/d), around 8pc of total Norwegian oil and gas production, Noga said.

By Rowena Edwards

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25/04/10

Oil and gas lobby calls H2 'core competency,' hails 45v

Houston, 10 April (Argus) — The oil and gas industry views hydrogen production as a "core competency" and sees 45v tax credits driving US exports and innovation, according to the American Petroleum Institute (API). "We really see this, especially from the oil and gas perspective, as a core competency," said Rachel Fox, API director of policy and strategy, on a webinar Thursday hosted by ConservAmerica. "We have such an advantageous opportunity with this credit," said Fox. "When we're talking about the export opportunity, we really do hold the cards in terms of producing hydrogen at the lowest cost anywhere in the world." The 45V incentive has become a crucible in President Donald Trump's agenda to promote fossil fuels. A broad-based coalition of groups sometimes at odds with one another has coalesced in favor of 45V noting that it promotes manufacturing jobs across rural America and sets up US energy companies to dominate growing global demand for cleaner burning fuels. Nonetheless, ConservAmerica described such energy tax incentives as being "squarely in the crosshairs" as legislators gear up for budget negotiations in which the administration is looking to slash government spending to offset a promised corporate tax cut. By tying a tiered scale of incentives to carbon intensity, 45V has spurred oil and gas companies to develop technologies and practices that curb emissions, said Fox. "There's a lot of incentive to try to hit that $3 mark by getting your hydrogen produced at a really low carbon-intensity limit and so it's galvanized a ton of innovation and a ton of new ideas on how that can be done throughout the natural gas system," said Fox. Most of those ideas revolve around lowering the methane intensity of natural gas production or sourcing low-methane intensity natural gas, such as from biowaste, said Fox. Some environmental advocates are skeptical that emissions from natural-gas based hydrogen production can be driven low enough to qualify for the highest $3/kg tier with existing technology and that most oil and gas companies will instead have to use less lucrative 45Q credits that apply to carbon capture and storage technology (CCS). However, at least one major energy company, ExxonMobil, has said it is seeking 45V to advance its massive natural-gas based hydrogen and ammonia project in Baytown, Texas. By Jasmina Kelemen Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

EIA slashes WTI outlook by $7/bl on trade uncertainty

25/04/10

EIA slashes WTI outlook by $7/bl on trade uncertainty

Calgary, 10 April (Argus) — The US light sweet crude benchmark will be nearly $7/bl lower this year than previously expected, with an ongoing trade war stifling global demand by nearly 500,000 b/d, the Energy Information Administration (EIA) said today. WTI at Cushing, Oklahoma, is expected to average $63.88/bl in 2025, the agency said in its latest Short-Term Energy Outlook (STEO), lower by $6.80/bl from its March forecast. It will fall further to $57.48/bl in 2026, or $7.49/bl lower from the prior STEO. Brent prices saw similar downward revisions and is now forecast at $67.68/bl in 2025 and $61.48/bl in 2026. The latest STEO was to be released on 8 April, but the EIA said it needed more time to rerun its models in light of last week's sweeping tariff action by US president Donald Trump and subsequent retaliation by China. The protectionist measures have led major banks to cut oil price forecasts amid growing concerns over a stagnating US economy. The EIA completed its analysis on 7 April meaning it did not incorporate the most recent developments, including Trump's 9 April pause on the highest levels of punitive tariffs against key US trading partners and an increase in Chinese tariffs . The latest forecast is "subject to significant uncertainty," said the EIA. Global consumption of oil and liquid fuels is now expected to average 103.64mn b/d in 2025, lower by 490,000 b/d from the previous forecast. Consumption in 2026 is forecast at 104.68mn b/d, lower by 620,000 b/d. Global production meanwhile was lowered by to 104.1mn b/d for 2025 and to 105.35mn b/d for 2026. These are lower from the prior forecast by 70,000 b/d and 43,000 b/d, respectively. In the US, domestic consumption is projected to average 20.38mn b/d in 2025, lower by 70,000 b/d compared to last month's STEO. Consumption was lowered for 2026 by 110,000 b/d at 20.49mn b/d. Domestic production will come in at 13.51mn b/d in 2025 and 13.56mn b/d in 2026, the EIA said. This is lower by 100,000 b/d and 200,000 b/d, respectively, compared to the March STEO. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Norway plans to cut GHGs, but remain oil, gas producer

25/04/10

Norway plans to cut GHGs, but remain oil, gas producer

London, 10 April (Argus) — Norway's government has proposed a greenhouse gas (GHG) emissions reduction of a minimum 70-75pc by 2035, from a 1990 baseline, but has also committed to the country remaining "a stable and predictable supplier of oil and gas produced with low emissions". The government today set out plans for a 2035 GHG reduction target, as well as a wider climate plan for the country. The 2035 GHG reduction targets build on Norway's 2030 goal of "at least" a 55pc reduction in GHGs, again from 1990 levels. Norway has a legislated goal of "a low-emission society" by 2050 — GHG reductions of 90-95pc from the 1990 baseline. Norway's government underlined its commitment to Paris climate agreement goals and phasing out the use of fossil fuels "towards 2050", but also said that it would "not prepare a strategy for the end phase of Norwegian oil and gas". "The government's plan is about phasing out emissions, not industries", it said, noting that Norway is "a significant contributor to Europe's energy security". Norway is the largest producer and only net exporter of oil and gas in Europe. "The government will further develop the petroleum industry and facilitate the future provision of fields… production will continue to be efficient and with low emissions," the government said. It aims for the country's oil and gas sector — the country's highest-emitting industry — to bring emissions from production to net zero in 2050. The bulk of oil and gas emissions are from downstream use — known as scope 3. Norway plans to achieve the majority of its proposed 70-75pc GHG cuts through national measures, including reduced fossil fuel use and both technical and nature-based carbon removals. It also plans to purchase emissions reductions from outside the EU and European Economic Area. This refers to internationally transferred mitigation outcomes (ITMOs) — emission credits — under Article 6 of the Paris climate agreement. Norway's parliament will consider the proposals. Once legislated in the country's climate act, Norway plans to communicate its updated plans to the UN. Signatories to the Paris climate agreement are expected to submit updated climate plans — known as nationally determined contributions (NDCs) — to UN climate body the UNFCCC every five years. The deadline for NDCs setting out climate goals up to 2035 was in February, but many countries have yet to submit plans . By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trump coal plant bailout renews first term fight

25/04/09

Trump coal plant bailout renews first term fight

Washington, 9 April (Argus) — President Donald Trump's effort to stop the retirement of coal-fired power plants is reminiscent of a 2017 attempt that faltered in the face of widespread industry opposition. Trump, in an executive order signed on Tuesday, directed the US Department of Energy (DOE) to tap into emergency powers to stop the retirement of coal-fired plants and other large plants it believes are critical to grid reliability. The order sets a 30-day deadline for DOE to decide which plants are critical based on a new methodology that will analyze if reserve margins, or the percent of unused capacity at peak demand, are at an "acceptable" level. The initiative shares similarities to Trump's unsuccessful effort in his first term to bail out coal and nuclear plants. In the 2017 effort, Trump backed a "grid resiliency" proposal to compensate power plants with 90 days of on-site fuel. But an unusual coalition of natural gas industry groups, manufacturers, renewable producers and environmentalists united against the idea, warning it would upend power markets and cost consumers billions of dollars each year. The US Federal Energy Regulatory Commission voted 5-0 to reject the proposal. It remains unclear if a similarly sized coalition will emerge to fight Trump's latest proposal, under which DOE would use emergency powers in section 202(c) of the Federal Power Act to keep some coal plants and other large power plants operating. Industry groups have largely been avoiding taking positions that could be seen as critical of Trump. Environmentalists say they strongly oppose keeping coal plants operating using emergency powers. Doing so would mean more air pollution and greenhouse gas emissions, they say, and higher costs for consumers. Environmental groups say they are hoping other industries affected by the potential bailout will eventually speak out against the initiative. "The silence from those who know better is deafening," Center for Biological Diversity climate law institute legal director Jason Rylander said. "I hope that we will start to see more resistance to these dangerous policies before significant damage is done." DOE said it was "already hard at work" to implement Trump's executive order, which was paired with other orders that were meant to support coal mining and coal production. US energy secretary Chris Wright said today that reviving coal will increase the reliability of the electrical grid and bring down electricity costs, but he has not shared further details on the 202(c) initiative. Trying to litigate the program could be "tricky", and section 202(c) orders have never successfully been challenged in court, in part because they are usually short-term orders, Harvard Law School Electricity Law Initiative director Ari Peskoe said. But opponents could challenge them by focusing on "numerous legal problems", he said, such as not allowing public comment or running afoul of a US Supreme Court precedent that prohibits agencies from attempting to decide "major questions" without clear congressional authorization. "Here DOE would use a little-used statute explicitly written for short-term emergencies in order to PREVENT a change in the US energy mix," Peskoe said. A projected 8.1GW of coal-fired generation is set to retire this year, equivalent to nearly 5pc of the coal fleet, the US Energy Information Administration said last month. Electric utilities often decide which plants to retire years in advance, allowing them to defer maintenance and to forgo capital investments in aging facilities. Keeping coal plants running could require exemptions from environmental rules or pricey capital investments, the costs of which would likely be distributed among other ratepayers. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Colombian crude gains on US tariff uncertainty

25/04/09

Colombian crude gains on US tariff uncertainty

Sao Paulo, 9 April (Argus) — Colombian heavy sour crudes have reached their narrowest discounts to Ice Brent in at least four years, supported by uncertainty surrounding US tariffs and tight supplies of similar grades. Castilla's discount to Ice Brent was $3.50/bl on Tuesday and Vasconia's was at $1.45/bl, $4.40/bl and $3.15/bl tighter than on 2 January, respectively. Castilla has not reached that narrow of a level against the benchmark since early 2021 and Vasconia has not since mid-2019. Outright prices were $60.89/bl for Vasconia and $58.84/bl for Castilla on Tuesday. Colombian crude discounts started to narrow in January after US president Donald Trump mentioned plans for a 25pc tariff on all imports from Mexico and Canada, which produce competing heavy sours. Amid the uncertainty, buyers opted to secure supply that might not face tariffs, sources said, despite delays in tariffs implementation in early February and March. But a sweeping executive order last week excluded energy commodities from tariffs, as well as trade covered under the US-Mexico-Canada free trade agreement (USMCA). Then on Wednesday Trump announced he will pause many of the tariffs on other products for 90 days, but no changes have been announced for energy imports . Despite Trump's tariff exemptions on crude imports to the US, tight availability of heavy supply for US Gulf refiners could still support relative values for Colombian grades. Subbing in Colombian crudes are seen as good substitutes for heavy crude from the US' nearest neighbors, especially Mexican supplies, which are widely used by US Gulf coast refiners. Additionally, Colombia's geographical location makes shipping to the US Gulf coast quicker and less costly compared with other South American countries, such as Ecuador, which also produces heavy sour crude. Further tightening heavy supply for Gulf coast refiners, the US government announced in March that the deadline for the end of Chevron's waiver to produce in Venezuela is 27 May, stopping the flow of crude to the US from its joint venture with state-owned PdV. Chevron brought about 222,000 b/d in Venezuelan crude to the US from January-November 2024. according to the US Energy Information Administration (EIA). Even with the volume representing a fraction of Gulf coast imports, it represents almost 30pc of total Colombian output. Its production reached 760,000 b/d in January, according to oil services chamber Campetrol, citing figures from hydrocarbons agency ANH. Further US tariffs on countries that take delivery of Venezuelan oil and natural gas could also make Colombian barrels more attractive, although Ecuadorean crudes are possible regional supply alternatives too. Meanwhile, Mexico's state-owned Pemex has faced quality issues with its crude production since late last year, which could lead to Gulf coast buyers turning to Colombian barrels as alternatives. Pemex acknowledged issues with salt and water levels in its crude in February but denied that international buyers have rejected shipments because of those concerns. Mexico's policy of expanding domestic refining has also contributed to a decline in crude exports to the US in recent years. Colombian crude values have also likely been supported by firmer competing Canadian crude values at the US Gulf coast. Canadian crude differentials have firmed in part because of upgrader turnaround season in Alberta's oil sands region, slowing production. The shutdown of the 622,000 b/d Keystone pipeline from the region after a spill in North Dakota on 8 April also limited supply, buttressing prices. By João Scheller Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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