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Denmark invites applications for CO2 storage permits

  • : Emissions, Hydrogen, Natural gas
  • 25/01/09

The Danish Energy Agency has launched its fourth tender inviting applications for exploration and CO2 storage, in three areas off the northwest coast of Denmark.

The blocks, in the Danish North Sea, are geologically "particularly suitable for storing CO2", Denmark's geological survey found. The application deadline is 6 March.

The Danish government issues permits with two phases — an exploration and a storage phase. If granted an exploration permit, developers have up to six years to investigate and assess the suitability and CO2 storage capacity of the area. They are then able to apply for a storage permit, which will be valid for up to 30 years. The Danish state holds a 20pc stake in all exploration and storage permits.

Denmark awarded three CO2 exploration permits in February 2023, and three more in June last year. UK company Ineos took a final investment decision for the first phase of the Greensand CO2 storage project in December. The site's developers successfully demonstrated a pilot CO2 injection in March 2023.

The carbon capture and storage (CCS) industry is gradually developing, led by northern Europe. The region has a geological advantage, in its declining oil and gas fields, as well as government funding from countries including Denmark and Norway.


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25/04/21

US offers Trinidad cushion from Vz gas sanctions

US offers Trinidad cushion from Vz gas sanctions

Kingston, 21 April (Argus) — Trinidad and Tobago and the US have agreed to seek ways to prevent Washington's sanctions on Venezuela's energy sector from harming the Caribbean country's natural gas production and energy security, both governments said. The administration of President Donald Trump revoked licenses earlier this month that had been granted by former president Joe Biden's government to gas-short Trinidad to develop the Dragon and Cocuina gas fields that straddle the maritime border with Venezuela. "Both sides agreed that we are going to work very closely to find a solution that achieves US objectives regarding Venezuela without harming Trinidad," the US State Department and Trinidad prime minister Stuart Young said. But neither government indicated how Trinidad would find alternative sources of feedstock in the short term to lift output of midstream and downstream products. Young and US secretary of state Marco Rubio discussed Trinidad's concerns in an 18 April telephone conversation, Young's office said. "Any outcomes of sanctions upon the Maduro regime and Venezuela is in no way indicative of our relationship with Trinidad and Tobago and the value we place on it," the state department said. Trinidad regards the cross-border gas fields as future sources of feedstock to counter a fall in domestic output that has suppressed LNG, petrochemicals and fertilizer production. It has struggled to recover gas flow since November 2017, following a long slide from a 4.3 Bcf/d peak in 2010. Trinidad's 2024 natural gas production of 2.53 Bcf/d was 2pc less than in the previous year, according to the latest data from the energy ministry. The US Department of the Treasury's Office of Foreign Assets Control (Ofac) had cleared the way for Trinidad and Venezuela to develop the 4.3 trillion cf Dragon field. Ofac also granted BP and Trinidad's state-owned gas company NGC a license to develop the cross-border Cocuina-Manakin field, which contains at least 1 trillion cf. The Trump administration revoked licenses both this year. By Canute James Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

IMF anticipates lower growth from US tariffs


25/04/17
25/04/17

IMF anticipates lower growth from US tariffs

Washington, 17 April (Argus) — Economic growth projections set for release next week will include "notable markdowns" caused by higher US tariffs that have been disrupting trade and stressing financial markets, IMF managing director Kristalina Georgieva said today. The IMF earlier this month warned that the tariffs that President Donald Trump was placing on trading partners could pose a "significant risk" to the global economy. Those higher trade barriers are on track to reduce growth, raise prices for consumers and create incremental costs related to uncertainty, the IMF plans to say in its World Economic Outlook on 22 April. "Our new growth projections will include notable markdowns, but not recession," Georgieva said Thursday in a speech previewing the outlook. "We will also see markups to the inflation forecasts for some countries." Trump has already placed an across-the-board 10pc tariff on most trading partners, with higher tariffs on some goods from Canada and Mexico, a 145pc tariff on China, and an exception for most energy imports. Those tariffs — combined with Trump's on-again, off-again threats to impose far higher tariffs — have been fueling uncertainty for businesses and trading partners. The recent tariff "increases, pauses, escalations and exemption" will likely have significant consequences for the global economy, Georgieva said, resulting in a postponement of investment decisions, ships at sea not knowing where to sail, precautionary savings and more volatile financial markets. Higher tariffs will cause an upfront hit to economic growth, she said, and could cause a shift in trade under which some sectors could be "flooded by cheap imports" while other sectors face shortages. The IMF has yet to release its latest growth projections. But in January, IMF expected global growth would hold steady at 3.3pc this year with lower inflation. The IMF at the time had forecast the US economy would grow by 2.7pc, with 1pc growth in Europe and 4.5pc growth in China. The upcoming markdown in growth projections from the IMF aligns with analyses from many banks and economists. US Federal Reserve chair Jerome Powell on 16 April said the recent increase in tariffs were likely to contribute to "higher inflation and slower growth". Those comments appear to have infuriated Trump, who has wanted Powell to cut interest rates in hopes of stimulating growth in the US. "Powell's termination cannot come fast enough!" Trump wrote today on social media. Powell's term as chair does not end until May 2026. Under a longstanding US Supreme Court case called Humphrey's Executor , Trump does not have the authority to unilaterally fire commissioners at independent agencies such as the Federal Reserve. Trump has already done so at other agencies such as the US Federal Trade Commission, creating a potential avenue to overturn the decision. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

BP defends pivot in face of investor discontent


25/04/17
25/04/17

BP defends pivot in face of investor discontent

London, 17 April (Argus) — BP's chairman Helge Lund took the brunt of a mini-revolt against the strategy pivot that the company announced in late February , as he saw support for his re-election slide at the firm's annual general meeting (AGM) in London today. Lund — who already plans to step down from his role as BP's chair — saw the proportion of votes cast in favour of his re-election drop to 75.7pc, well down on the 95.89pc support he secured at last year's AGM. Prior to this year's meeting, climate activist shareholder group Follow This had said that a vote against Lund was still required to signal concern about BP's governance in the absence of a "say-on-climate" vote following the company's recent strategy revamp which included dropping a 2030 limit on its oil and gas production and investing less on low-carbon assets. Institutional investor Legal and General said last week that it would be voting against the re-election of Lund and that it is "deeply concerned" about the company's strategy change. Commenting on today's vote, Follow This said BP's shareholders had "delivered an unprecedented high level of dissent" that signals deep investor concern about climate and governance. The vote "sends a clear signal" that Lund's successor "needs to be climate and transition competent" and show "resistance to short-term activists", the group added. US activist investor Elliott Investment Management, which has a track record of forcing change at resources companies, has reportedly built a stake of around 5pc in BP . Lund told shareholders at the meeting that BP had carried out "extensive engagement" concerning its strategy change, including sounding out 75pc of its institutional shareholder base, and that a majority did not want a "say-on-climate" vote. He also insisted that the recent strategy shift had been very carefully considered by BP's board and leadership team. These considerations involved a review of a broad range of scenarios including the UN Intergovernmental Panel on Climate Change's and BP's own ambition to be a net-zero company by 2050. Earlier in the meeting, BP chief executive Murray Auchincloss conceded that the company had been "optimistic for a fast [energy] transition but that optimism was misplaced", noting that despite many areas of strength within BP it went "too far too fast" so that "a fundamental reset was needed". Asked by an investor about how BP plans to mitigate the effects of the tariffs on imports to the US imposed by President Donald Trump this month , Auchincloss said the company was "tracking the situation carefully". The steel and aluminium tariffs that have been introduced by Washington should not affect BP's onshore business in the US but there are some impacts on the speciality steels the firm brings into the US for its offshore facilities in the US Gulf of Mexico, he said. Auchincloss received 97.3pc of shareholder votes in favour of his re-election, while finance chief Kate Thomson received 98.7pc support for her re-election. All other directors, apart from Lund, received votes greater than 92.9pc in favour of their re-election. By Jon Mainwaring Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Belgian H2 pipeline faces year delay in fruit dispute


25/04/17
25/04/17

Belgian H2 pipeline faces year delay in fruit dispute

London, 17 April (Argus) — The construction of Belgium's first hydrogen pipeline between the ports of Ghent and Antwerp could be delayed by a year, after its environmental permit was suspended, gas transport system operator Fluxys has said. The 35km pipeline linking the towns of Zelzate and Kallo — part of a "first phase" of Belgium's "open access" hydrogen pipeline network — was to be completed in 2026 following the start of construction last month . But Belgium's council for permit disputes suspended the environmental permit following appeals from fruit growers related to discharge of perfluoroalkyl and polyfluoroalkyl substances (PFAS) — sometimes referred to as "forever chemicals" — into the water, Fluxys said. "Work has been halted pending a decision on the merits of the case, which could take up to a year," said Fluxys spokesperson Tim De Vil. "This clearly puts our timetable at risk." A final decision is expected next year at the earliest. De Vil said Fluxys is talking to the Flemish government and farmers' organisations to ensure the permit can still be approved. Fluxys' permit included permission to dispose of PFAS-contaminated water into surface water under "certain conditions." But the regulatory body ruled the impact on areas already exceeding the PFAS limits had been evaluated inaccurately. By Alexandra Luca Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

India's ONGC wins 15 blocks in upstream oil, gas bid


25/04/17
25/04/17

India's ONGC wins 15 blocks in upstream oil, gas bid

Mumbai, 17 April (Argus) — Indian state-controlled upstream firm ONGC has won 15 of the 28 blocks offered for bidding in the ninth round under the Hydrocarbon Exploration and Licensing Policy's (HELP's) Open Acreage Licensing Policy (OALP). Three of these were with ONGC's joint venture with state-run Oil India, while another was in a consortium with BP and private-sector refiner Reliance Industries (RIL). This is the first time BP, RIL and ONGC have partnered and won a shallow-water block in the Saurashtra basin. ONGC has a 40pc stake in the consortium, with RIL and BP having 30pc each, a trading source said. RIL-BP had jointly won an ultra-deepwater block in the Krishna Godavari basin in the eighth round. Private-sector Vedanta, which had bid for all 28 oil and gas blocks, won seven blocks. Oil India won six blocks on its own and three in collaboration with ONGC. Private-sector firm Sun Petrochemicals, which had bid for seven blocks in this ninth round, did not secure any blocks. Interest from the private sector was relatively higher in this bidding round, but it remains mostly dominated by state-controlled firms. Foreign participation in the Indian exploration sector remains low. The ninth round saw 28 blocks auctioned(https://direct.argusmedia.com/newsandanalysis/article/2524414) across an area of 136,596.45 km². India has awarded 144 exploration and production blocks comprising a total area of 242,055 km² in eight previous rounds. India in March passed the Oilfields (Regulation and Development) Amendment Bill 2024 , which aims to simplify regulations, attract investment, and enhance exploration and production capabilities. It also allows granting oil leases on stable terms, along with sharing of production facilities and infrastructure. It also scrapped the windfall tax on domestic crude oil production in December 2024. The ministry said it is working on new frameworks to address challenges related to the upstream sector. India imports around 89pc of its crude requirements, despite efforts to reduce its dependency on imports. Crude imports in January-February rose by over 1pc on the year to 5.01mn b/d, oil ministry data show. During the same period, its total crude production fell by over 1pc from a year earlier to 539,000 b/d. By Roshni Devi India OALP blocks ninth bidding round Basin Type Block Area (km²) Awardee Cauvery Basin Ultra-deepwater CY-UDWHP-2022/1 9,514.63 ONGC Cauvery Basin Ultra-deepwater CY-UDWHP-2022/2 9,844.72 ONGC Cauvery Basin Ultra-deepwater CY-UDWHP-2022/3 7,795.45 ONGC Cauvery Basin Ultra-deepwater CY-UDWHP-2023/1 5,330.49 ONGC Saurashtra Basin Shallow water GS-OSHP-2022/1 5,585.61 ONGC Saurashtra Basin Shallow water GS-OSHP-2022/2 5,453.96 ONGC - BPXA – RIL Saurashtra Basin Onland GS-ONHP-2023/1 2,939.56 Vedanta Saurashtra Basin Shallow water GS-OSHP-2023/1 ,5408.79 ONGC Saurashtra Basin Ultra-deepwater GS-UDWHP-2023/1 7,699.00 ONGC Saurashtra Basin Ultra-deepwater GS-UDWHP-2023/2 8,446.28 ONGC Saurashtra Basin Onland GS-ONHP-2023/2 2,977.28 Vedanta Saurashtra Basin Onland GS-ONHP-2023/3 2,793.08 Vedanta Cambay Basin Onland CB-ONHP-2022/2 7,13.92 ONGC- OIL Cambay Basin Shallow water CB-OSHP-2023/1 1,873.66 Vedanta Cambay Basin Onland CB-ONHP-2023/1 446 OIL Cambay Basin Onland CB-ONHP-2023/2 636 Vedanta Cambay Basin Onland CB-ONHP-2023/3 416 ONGC Cambay Basin Shallow water CB-OSHP-2023/2 477 Vedanta Mahanadi Basin Ultra-deepwater MN-UDWHP-2023/1 9,466.85 ONGC - OIL Mahanadi Basin Ultra-deepwater MN-UDWHP-2023/2 9,425.84 OIL Mahanadi Basin Ultra-deepwater MN-UDWHP-2023/3 9,831.48 OIL Krishna-Godavari Basin Ultra-deepwater KG-UDWHP-2023/1 9,495.16 OIL Krishna-Godavari Basin Ultra-deepwater KG-UDWHP-2023/2 9,223.22 OIL Mumbai Offshore Shallow water MB-OSHP-2023/1 2,935.19 ONGC Mumbai Offshore Shallow water MB-OSHP-2023/2 1,749.74 Vedanta Assam Shelf Basin Onland AS-ONHP-2022/2 784 ONGC - OIL Assam Shelf Basin Onland AS-ONHP-2022/3 2,168.09 OIL Kutch Basin Shallow water GK-OSHP_x0002_2023/1 3,164.61 ONGC Source: Oil ministry Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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