Latest insights
Our team of 600+ commodity market experts keep you up-to-date on the energy and commodity markets as they evolve. Explore our latest complimentary written, audio and video content.
Nigeria sets 2027 deadline for FID on Bonga Southwest
Nigeria sets 2027 deadline for FID on Bonga Southwest
Lagos, 23 January (Argus) — Nigeria's president Bola Tinubu has told Shell chief executive Wael Sawan that he expects a final investment decision (FID) on the Bonga Southwest deepwater oil development by next year, approving project-specific incentives at a state house meeting, according to a statement from the presidency. "The incentives are not blanket concessions," Tinubu said at the meeting. "They are ring-fenced and investment-linked focused on new capital and incremental production, strong local content delivery and in-country value addition." Presidential energy adviser Olu Verheijen said in a separate statement seen by Argus that Bonga Southwest would involve Shell and its partners investing about $20bn. Sawan said Nigeria's investment climate has improved markedly under Tinubu's administration and that Shell is increasingly confident in the country as a destination for long-term investment, the presidency said. The statement noted that Shell has invested about $7bn in Nigeria over the past 13 months. Shell took a $2bn FID with Nigerian partner Sunlink Energies and Resources in October last year for the HI shallow-water gas project, with capacity of 350mn ft³/d (3.6bn m³/yr). The Sunlink-operated project is expected to supply around one-third of the feedgas required for the seventh liquefaction train at the 22mn t/yr Nigeria LNG plant, which is expected to expand capacity to 30mn t/yr later this year. Shell also took a $5bn FID on its operated Bonga North deepwater oil project in December 2024, targeting first oil by 2030 and peak production of 110,000 b/d from estimated recoverable reserves of 330mn bl of oil equivalent (boe). Bonga North will be tied back to an existing floating production, storage and offloading (FPSO) facility that serves the Bonga Main and Bonga Northwest fields, which started production in 2005 and 2014, respectively. Earlier plans for the delayed Bonga Southwest project envisaged a three-phase development of 23, 20 and 20 wells, targeting estimated recoverable reserves of 590mn, 210mn and 193mn boe, using a dedicated FPSO with capacity of 150,000 b/d. An industry source told Argus today that Shell has called for expressions of interest for the provision of the FPSO. The Bonga Southwest discovery extends from Shell-operated OML 118 into neighbouring OML 140, where Chevron and Russia's Lukoil hold 22pc and 18pc stakes, respectively, and is expected to be unitised for development. Lukoil said in October last year that it had received a buyout offer for its international assets from trading firm Gunvor, but the US blocked the sale, citing Gunvor's alleged Russian connections. Shell operates the Bonga block with a 65pc stake, while Italy's Eni holds 15pc, following TotalEnergies' $510mn sale of its 12.5pc stake to Shell and Eni in September last year. ExxonMobil holds the remaining 20pc stake, while Nigeria's state-owned NNPC is concessionaire under the production-sharing contract. Shell has previously told Argus that alignment with partners contributed to delays to Bonga Southwest's FID. ExxonMobil said it was not stalling the decision, but required clarity on policy, regulation and fiscal incentives at both macro- and micro-levels before progressing to FID. Verheijen said Tinubu has instructed her to facilitate the gazetting of the Bonga Southwest incentives "in line with Nigeria's existing legal and fiscal frameworks". By Adebiyi Olusolape Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia’s ACCU CAC deliveries near 400,000 in Dec
Australia’s ACCU CAC deliveries near 400,000 in Dec
Sydney, 23 January (Argus) — Australia's carbon abatement contract (CAC) holders delivered almost 400,000 Australian Carbon Credit Units (ACCUs) to the federal government in December 2025, driving the strongest quarterly increase in the country's cost containment mechanism in more than a year. A total of 39 CAC holders delivered 380,528 ACCUs to the Clean Energy Regulator (CER) to fulfill contract commitments with the Commonwealth, according to an Argus analysis of the latest update to the CAC register published by the CER this week. Separate rounded quarterly data published by the CER this week show that ACCU holdings in its cost containment mechanism rose by around 0.4mn to approximately 4.8mn in October-December 2025 — the highest increase for any quarter since the third quarter of 2024. All ACCUs delivered to the CER under the CACs since January 2023 have been held in the cost containment mechanism, which can only be accessed by facilities under the country's safeguard mechanism at fixed prices that rise each year, starting at A$75/t CO2e ($51.10/t CO2e) for the 2023-24 year and at A$82.68/t CO2e for 2025-26 — levels not expected to be recorded in the secondary market within the next few years. Largest deliveries Australia's largest landfill gas operator LMS Energy delivered the highest volume to the CER in December, with 78,321 ACCUs from three separate CACs, while EDL Energy was also among the holders with the largest deliveries ( see chart ). LMS Energy had led ACCU issuances in December at 176,687 units, while EDL Energy received 83,911 ACCUs. The CER in early December announced a long-awaited decision offering a voluntary permanent exit arrangement for fixed delivery CACs. Holders of nearly 300 active CACs with a combined remaining volume of around 84mn ACCUs will need to deliver at least 25pc of the outstanding volume of ACCUs under their contracts as of 1 January 2025 to be eligible for a 60pc discount on their exit payment. This would then allow them to sell the remaining 75pc contracted volume elsewhere, potentially unlocking up to more than 60mn ACCUs into the secondary market within the next five years. The news sparked uncertainties in the market , with some participants expecting potentially more supply constraints in the near and medium-term because some CAC holders may decide to fill the minimum 25pc requirement as soon as possible to exit their contracts. This could lead to a lower share of ACCU issuances going to the market, driving prices up, market participants noted. Argus assessed generic ACCU prices at A$37.50/t CO2e on 23 January, up by A$0.50/t CO2e on the week, on the back of increased buying ahead of the safeguard surrender deadline of 31 March 2026. By Juan Weik CAC deliveries December 2025 ACCUs CAC holder Delivery LMS Energy 78,321 Rangeland Red 44,016 SLM (ALF) GARRAWIN 35,404 Karen Bailey; Charles Bailey 19,970 EDL Projects (Australia) 18,769 Urana Carbon Farming 17,474 Raymond Taylor 17,447 Colm Dempsey 14,335 HALO NATURE RESERVES 8,882 Breakaway Pastoral 8,571 Others 117,339 Total 380,528 —CER Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Non-sanctioned tankers moving more Venezuela crude
Non-sanctioned tankers moving more Venezuela crude
New York, 22 January (Argus) — Traders are booking tankers that are not under sanctions to move crude out of Venezuela, according to market information, as the trade shifts away from the "dark fleet" that dominated such flows in recent years. Trafigura fixed the Suezmaxes Folegandros and Poliegos to load 130,000 tons of crude each out of Venezuela, or a bit under 1mn barrels in early February, with the option to discharge anywhere. Although there was no destination attached to the fixture, the size of the vessel may indicate that it is heading to Europe, as Venezuelan crude headed to the US Gulf coast is usually transported on smaller Aframaxes, while crude heading to China is typically transported on very large crude carriers. There was no rate attached to the fixture, although the current Argus -assessed rate for a 145,000t Suezmax heading from Venezuela's neighbor Guyana into Europe was at WS125.5, or around $2.89/bl for Paraya Gold , as of 21 January. The rate for that route was heard as high as WS135 at midday Thursday. Chartering activity rose on the day, mostly for US Gulf coast-loading cargoes, the inverse to a drop-off in deals on Wednesday. The vessels are part of the mainstream tanker fleet, meaning they are not under sanctions by Western governments. Vessel tracking data confirms that the Folegandros and Poliegos are currently sailing in ballast on their way to San Jose, Venezuela, and set to arrive at the end of January. Tanker loadings in San Jose are set to pick up in the next week, with Kpler data showing six vessels loading in Venezuela in the week starting 26 January. By Charlotte Bawol and David Haydon Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
SSAB to supply decarbonised steel to Rheinmetall
SSAB to supply decarbonised steel to Rheinmetall
London, 22 January (Argus) — Swedish steelmaker SSAB has signed a preliminary agreement with German defence manufacturer Rheinmetall to supply decarbonised steel. The deal makes Rheinmetall the first defence producer to use decarbonised steel in its manufacturing. The timing of the first shipments has not been set, but implementation planning is under way, SSAB told Argus . "We can already deliver SSAB Zero, so it is now a question of us planning for the implementation," SSAB head of sustainability Thomas Hornfeldt said. "The agreement entered with Rheinmetall is a strategic agreement and thus longer term," he added. Rheinmetall will initially receive SSAB Zero steel, which is a scrap-based steel produced using fossil fuel-free electricity, SSAB said. Deliveries will ramp up over time and later include material based on SSAB's HYBRIT process, which uses hydrogen-reduced sponge iron. SSAB received a €128mn ($139mn) grant from the European Commission in 2024 to support its transition from coal-based steel production at its Lulea site to what the commission described as a nearly zero-emission system. The company plans to install an electric arc furnace (EAF) using hydrogen-based direct reduced iron. In 2025, SSAB postponed the transformation by a year because of delays in securing sufficient electricity supply, but said in April that it will still proceed with installing the EAF to replace the site's sole blast furnace. The unit had been expected to start up in 2028 and reach full capacity in 2029. Another Swedish low-carbon steelmaker, Stegra, is also progressing commercial agreements , having pre-sold just over half of its planned 2.5mn t/yr output ahead of first deliveries in 2027. The company has signed multi-year deals with customers including German firm Thyssenkrupp Materials Processing Europe, Italy's Marcegaglia and several German manufacturers. By Elif Eyuboglu Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
关税持续升级，如何影响并重塑市场格局？
关税持续升级，如何影响并重塑市场格局？
From Brazil to the world: Corn market insights
From Brazil to the world: Corn market insights
Energy Storage: The Next Battery Revolution?
Energy Storage: The Next Battery Revolution?
Commodities we cover
From upstream production to downstream end-uses, Argus illuminates complex and opaque commodity markets through accurate and reliable price discovery and actionable insight.
Crude Oil
As the leading price benchmark provider for global crude oil, Argus brings transparency to naturally opaque markets to enable trade efficiency.
Oil products
Price benchmarks and forward looking analysis for global refined oil products, including; road fuels, jet fuel, marine fuels, base oils and more.
LPG/NGLs
Market-leading price assessments, news, analysis, fundamentals data and price forecasting for the global LPG and NGL markets.
Gas and Power
Our benchmark price assessments, news and analysis give you vital insight into the key coal markets of Europe, Asia-Pacific, the Americas and Africa.
Why Argus
Argus Market Highlights
These free email alerts keep you ahead of the rapidly changing energy and commodity markets with the latest news and insight from Argus, sent direct to your inbox.
Sign-up now
How we deliver our services
Our wide range of delivery methods ensures you have instant access to the information you need whenever you need it, however you want it.
The Argus advantage
Our people
Our dedicated team of industry professionals are close to local markets, so you benefit not only from precise pricing data but the breadth of market intelligence at their fingertips. Data alone – no matter how accurate – is not sufficient.
Find out more
Methodologies
The unique market insights we deliver are founded on a deep understanding of market mechanisms. Our methodologies for price discovery are transparent and firmly based on rigorous processes and specifications developed in consultation with market participants.
Find out more
Heritage
For over 50 years, clients have benefited from the precise market intelligence delivered by Argus experts working collaboratively across the global commodity markets.
Find out moreLatest events
We draw upon our deep industry expertise and widespread network of well-placed industry commentators to organise events across key energy and commodity markets around the world.
Argus Global Base Oils Conference
Argus Global Base Oils Conference
Argus Americas Crude Summit
Argus Americas Crude Summit
Argus Oil Products. Caspian and Central Asia Markets Conference
Argus Oil Products. Caspian and Central Asia Markets Conference
How can we help?
No matter which side of the energy commodity market you are on, we remain committed to providing you with a clear focus on the intelligence that is relevant to you