South Korea adds to momentum for 2050 carbon neutrality

: Coal, Electricity, Emissions, Natural gas, Oil products
20/10/28

South Korea is aiming to achieve carbon neutrality by 2050, including replacing coal-fired power generation with renewable alternatives, President Moon Jae-in said today.

The pledge, which builds on goals laid out in the country's "green new deal" earlier this year, adds to momentum in east Asia to reach net-zero emissions by around the middle of this century. The Japanese government this week said it will target net-zero greenhouse gas emissions by 2050, after China last month pledged to become carbon neutral by 2060.

South Korea "will move forward to aim for carbon neutrality by 2050, by actively responding to climate change with the international community", Moon said in parliament. "We will create new markets, new industries and new jobs by replacing coal power with renewable energy."

Seoul plans to create a low-carbon, green industrial complex, Moon said, although he did not give any further details of how the switch to renewable energy will affect thermal fuels. South Korea is a major importer of LNG and coal and one of Asia's biggest oil refining and petrochemical hubs.

South Korea announced plans in July to invest 73.4 trillion won ($64.7bn) in energy initiatives as part of its "New Deal" programme, which is a W160 trillion package of measures to create 1.9mn jobs over the next five years. The plans include expanding fleets of electric vehicles and hydrogen cars, as well as more than tripling the country's solar and wind power generation capacity to 42.7GW at the end of 2025 from 12.7GW currently.

Moon's comments were welcomed by UN Secretary General Antonio Guterres, who said South Korea "joins a growing group of major economies committed to lead by example in building a sustainable, carbon neutral and climate resilient world by 2050".

By Kevin Foster and Sam Hong

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25/04/23

India, Saudi Arabia to establish two Indian refineries

Mumbai, 23 April (Argus) — India and Saudi Arabia will collaborate on establishing two refineries and petrochemical projects in India, according to an Indian government release today. Indian prime minister Narendra Modi met Saudi prime minister Mohammed bin Salman in Jeddah on 22 April, as part of the India–Saudi Arabia Strategic Partnership Council. Saudi Arabia in 2019 had pledged to invest $100bn in India in multiple areas including energy, petrochemicals, infrastructure, technology, fintech, digital infrastructure, telecommunications, pharmaceuticals, manufacturing and health. The government did not disclose further details, but industry sources said that one of the two refineries might be Indian state-run BPCL's planned refinery in Andhra Pradesh , which Saudi Arabia's state-controlled Saudi Aramco may join as an investor. The other one might be a refinery in Gujarat, under a partnership with Indian upstream firm ONGC and Aramco. But plans for a 1.2mn b/d refinery in Ratnagiri in collaboration with IOC and Adnoc have mostly been ruled out, because of logistical issues relating to the size of the refinery and land acquisition hurdles, among others. Saudi Arabia is the third-largest crude supplier to India, making up 15pc or 712,000 b/d of India's total imports in January-March, data from oil analytics firm Vortexa show. Saudi Arabia's share in the Indian market has declined, after Russia became India's biggest supplier following its war with Ukraine. Modi's trip to the Middle East comes close on the heels of US vice president JD Vance's visit to India on 21 April. The visit included negotiations for an India-US bilateral trade agreement and efforts towards enhancing co-operation in energy, defence, strategic technologies and other areas. JD Vance in India Vance said on 22 April at his speech in Jaipur that India will benefit from US energy exports and said the US wants to help India explore its own considerable natural resources, including its offshore natural gas reserves and critical mineral supplies. US president Donald Trump has pushed India to step up its purchases of US crude and LNG. Crude imports from the US doubled on the month to 289,000 b/d in March, of which 65,000 b/d was Canadian Cold Lake crude, according to trade analytics firm Kpler. The visits come at a time when geopolitical and trade uncertainty has risen, because of Trump's volatile tariff policies. By Roshni Devi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Cyclone, outages cut Australia’s Woodside output in 1Q

25/04/23

Cyclone, outages cut Australia’s Woodside output in 1Q

Sydney, 23 April (Argus) — Australian independent Woodside Energy's LNG output dropped in January-March, because of Cyclone Zelia and the retirement of its North West Shelf's (NWS) 2.5mn t/yr train 2 in late 2024. Woodside's overall LNG production fell by 14pc from 231,200 b/d in October-December to 213,900 b/d in January-March (see table) . LNG production at Woodside's 14.4mn t/yr NWS project fell by 22pc on the year to near a three-year low of 71,100 b/d of oil equivalent (boe/d) in January-March, as category 5 storm Cyclone Zelia hit the WA coastline in early February. Woodside's chief officer Meg O'Neil is calling for certainty on the continuation of operations at NWS beyond 2030 , as the firm has yet to receive federal consent, after receiving state government approval late last year. The decision lies with whomever forms government following the federal election on 5 May. Woodside's 4.9mn t/yr Pluto LNG project offshore Western Australia's production dropped by 11pc on the year to 115,000 b/d in the January-March quarter, because of three unplanned outages, which caused days-long shutdowns. This comes after a previous unplanned outage in November 2024 caused by a faulty control system , which halted LNG production for seven days. The cause of the outage is under investigation and the company said it will continue to monitor the facility to minimise the risk of future unplanned outages. Woodside's 13pc interest in Wheatstone remained steady, with production up by 3pc on the year to 26,900 b/d in January-March, from 26,200 b/d in the same period a year earlier. By Grace Dudley Woodside LNG production (mn boe) NWS Pluto Wheatstone* Total Jan-Mar '25 6.4 10.4 2.4 19.2 Oct-Dec '24 7.1 11.2 2.5 20.8 Jan-Mar '24 8.2 11.8 2.4 22.3 2024 29.4 46.7 9.3 85.5 2023 32.8 45.6 10.2 88.6 y-o-y % ± -21.9 -11.3 2.8 -7.5 q-o-q % ± -10.1 -7.1 -1.5 -13.7 *Woodside controls a 13pc interest in Wheatstone LNG Source: Woodside Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

New Zealand could raise ETS auction volumes by 2028-30

25/04/23

New Zealand could raise ETS auction volumes by 2028-30

Sydney, 23 April (Argus) — New Zealand's government should consider increasing auction volumes under the local Emissions Trading Scheme (ETS), as the existing surplus of carbon units has fallen faster than expected, the country's Climate Change Commission (CCC) said today. The CCC estimates 30.5mn New Zealand Units (NZUs) could be available for auctions over 2026-30, 13.6mn more than previously forecast, it disclosed on 23 April in its annual advice report to the climate change minister. The difference is mainly because the 2024 auctions did not sell all units available , and to lower industrial allocation forecasts because of plant closures, lower production and updated baselines, as well as other factors, the CCC said. This has prompted the commission to recalculate its central estimate to a surplus of 50.2mn units as of the end of 2024, down from the previous estimate of 68mn as of September 2023 . The government could readjust auction volumes over 2026-30, but the commission recommends the excess units to be "backloaded" over 2028-30, with a preferred option to auction 7mn in each of those three years, compared with the current schedule of 3.3mn for 2028, 2.4mn for 2029 and 1.7mn for 2030. Volumes are scheduled at 5.2mn for 2026 and 4.3mn for 2027 (see table) . Total private unit holdings in the New Zealand ETS registry, also known as the stockpile, fell to 150.4mn at the end of 2024 from 160.8mn the year before. This reflects that more NZUs have been surrendered for emissions liabilities over the past year than have been allocated into the market through auctions, industrial free allocation and forestry activities, the CCC noted. Price settings should not change The commission has also recommended that price control settings — the auction reserve price, or floor, and the cost containment reserve, or ceiling — remain as they are, only adjusting for inflation. The auction price floor is currently set at NZ$68 ($40.75) in 2025, NZ$71 in 2026, NZ$75 in 2027, NZ$78 in 2028 and NZ$82 in 2029, while the ceiling price — which triggers additional reserve volumes under the auctions — ranges between NZ$193-235 over that same period. NZU spot prices in the secondary market have been hovering just above NZ$50 in recent days, far below the 2025 auction price floor. Two of the four quarterly auctions of 2024 failed to clear as prices in the secondary market were lower than the NZ$64 floor last year . Prices around or above the current NZ$68 auction floor are needed to support gross emissions reductions in New Zealand, the CCC said, noting "a range of evidence" indicating that. The government will now need to consider the advice and conduct public consultation before making decisions in time for the regulations to be updated by 30 September this year and come into force on 1 January 2026. The government last year decided to more than halve auction volumes over 2025-29 , mostly following the CCC's advice. By Juan Weik NZU auction volumes and proposed updates mn units 2026 2027 2028 2029 2030 Current auction volumes 5.2 4.3 3.3 2.4 1.7 Proposed updates 5.2 4.3 7 7 7 Source: Climate Change Commission Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

FERC commissioner Phillips resigns from agency

25/04/22

FERC commissioner Phillips resigns from agency

Washington, 22 April (Argus) — Democratic commissioner Willie Phillips has resigned from the US Federal Energy Regulatory Commission (FERC) after serving more than three years at an agency responsible for permitting natural gas infrastructure and regulating wholesale power markets. Phillips' departure will clear the way for President Donald Trump to nominate a replacement at FERC, who once confirmed by the US Senate would provide Republicans a 3-2 majority for the first time since 2021. Phillips, whose term was not set to expire until June 2026, had a reputation for negotiating bipartisan deals on contentious orders involving pipelines and power market issues in the two years he served as FERC's chairman under former president Joe Biden. Phillips has yet to release a statement explaining his abrupt resignation. But Trump has already fired Democratic commissioners and board members at other agencies that, like FERC, are structured as independent from the White House. Two of the fired Democrats, who were serving at the US Federal Trade Commission, have filed a lawsuit that argues their removal was unlawful under a 1935 decision by the US Supreme Court. The White House did not respond to a question on whether it had pressured Phillips to resign. FERC chairman Mark Christie, a Republican, offered praise for Phillips as a "dedicated and selfless public servant" who sought to "find common ground and get things done to serve the public interest". Christie for months has been downplaying the threats to FERC's independence caused by Trump's executive order that asserts sweeping control over FERC's agenda. Energy companies have come to depend on FERC in serving as independent arbiter in disputes over pipeline tariffs and electricity markets, without the consideration of political preferences of the White House. Former FERC chairman Neil Chatterjee, a Republican who served in Trump's first term, said in a social media post it was "disappointing" to see Phillips pushed out after he "played it straight" in his work at the agency. As chairman, Phillips was able to authorize a "massive LNG project" — the 28mn t/yr CP2 project — at a time when Biden had sought to pause LNG licensing, Chatterjee said. Separately, Paul Atkins was sworn in as the chairman of the US Securities and Exchange Commission (SEC) on 21 April, after the US Senate voted 52-44 earlier this month in favor of his confirmation. Atkins was previously the chief executive of financial consulting firm Patomak Global Partners and served as an SEC commissioner from 2002-08. Republicans will now have a 3-1 majority at the SEC. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Halliburton working to mitigate tariff impact: Update

25/04/22

Halliburton working to mitigate tariff impact: Update

Adds details from call. New York, 22 April (Argus) — Oilfield services giant Halliburton said it is working to mitigate the impact of tariffs, but still expects to take a 2-3¢/share hit on its second quarter profits. About 60pc of the tariff impact will fall on Halliburton's completions and productions unit, which includes its hydraulic fracturing business, while the rest will affect the drilling and evaluation operation. The company said it has a well-diversified supply chain and can pull other levels to mitigate the effect of tariffs. "We need a bit more clarity and stability in the structure of tariffs so that we can really understand what levers we can pull and then what the overall outcome is going to be," chief financial officer Eric Carre told analysts today after Halliburton posted first quarter results. Quizzed about the market turmoil resulting from US president Donald Trump's growing trade wars, the company said customers are still digesting how their operations will be affected. "From our perspective anyway, the market's not building new equipment," said chief executive officer Jeff Miller, helping to avoid the risk of an oversupply seen in past cycles. Moreover, US upstream companies are more "biased to working through things" than in the past, he added, echoing comments from Liberty Energy last week that the industry is better placed to withstand a downturn than in the recent past given a focus on capital restraint rather than growth at any cost. Halliburton recognized there is more uncertainty now than there was three months ago. However, its international business reported a "solid start" to 2025, with significant contract awards. Even as the market slows in North America, Halliburton aims to outperform rivals by driving technology gains and improving the quality of its services. "Many of our customers are in the midst of evaluating their activity scenarios and plans for 2025," said Miller. "Activity reductions could mean higher than normal white space for committed fleets, and in some cases, the retirement or export of fleets to international markets." International revenue this year is expected to be flat to slightly down compared with 2024, given increased risks to the outlook. Miller struck an upbeat tone in discussing the industry's long-term prospects, despite tariffs and the earlier return of Opec+ barrels, both of which have weighed on oil prices. Demand is at record levels and fossil fuels will play a key role in meeting future energy demand. "Decline curves are real, and in many basins significant, and adequate supplies today do not guarantee adequate supplies tomorrow without ongoing investment," Miller warned. "Our technology will continue to transform the industry and it will unlock new sources of value for us and our customers." 1Q profit, revenue down Profit of $204mn in the first quarter was down from $606mn in the same three months of 2024. Revenue slipped to $5.4bn from $5.8bn. North America revenue fell by 12pc to $2.2bn, largely because of lower stimulation activity in US land as well as a decline in completion tool sales in the Gulf of Mexico. International sales dipped by 2pc to $3.2bn, with Latin America revenue falling 19pc because of a slowdown in Mexico. However, revenue grew in Europe, Africa, the Middle East and Asia. The company also reported a pre-tax charge of $356mn from employee severance costs and an impairment of assets held for sale. Halliburton is the first of the top oilfield services firms to release results. Baker Hughes will follow later on Tuesday, and SLB at the end of the week. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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