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Australia's LNG export sector losing ground: Santos
Australia's LNG export sector losing ground: Santos
Sydney, 9 September (Argus) — Australia is missing out on future earnings from its resources sector, Santos chief executive Kevin Gallagher said, urging the government rethink its regulatory and taxation regime in the wake of the US-Iran war and growing concerns about energy security in Asia. While Canada is striking ahead with plans to develop a west coast LNG sector targeting Asia-Pacific importers, Australia is now perceived by investors in Tokyo, Seoul and Kuala Lumpur as a riskier investment destination, Gallagher told the National Press Club in Canberra on 9 September. Four priority LNG projects are being developed in Canada as the country pivots towards Asia: the under-construction 3.3mn t/yr Cedar LNG and 2.1mn t/yr Woodfibre LNG, and the proposed 14mn t/yr LNG Canada phase 2 expansion and 12mn t/yr Ksi Lisims LNG, both of which are awaiting final investment decisions. Canada's first-ever LNG terminal, the 14mn t/yr LNG Canada Phase 1, began exports in July 2025. Gallagher criticised what he described as a public debate that too often focuses on blaming gas businesses for Australia's rising power prices or suggesting that major export industries such as LNG should be replaced by alternative sectors. In a wide-ranging speech, Gallagher said Australia's comparative advantage in resources, which accounts for two-thirds of national merchandise exports, should not be abandoned in the push for new critical minerals processing and renewable energy sectors. Gas supplies plentiful Data from Australia's energy market operator show the market remains well supplied through 2030, but also warn that new supply will be needed because of declining investment, Gallagher said. He blamed delays to the development of the Beetaloo subbasin and Narrabri projects on drilling moratoriums and other policy constraints from government. The Beetaloo could be a transformational region for Australia's economic future, but access to LNG markets is needed to make such developments financially viable, he said. A prospective reservation should be instituted to ensure Beetaloo meets domestic and LNG markets. LNG export joint ventures include multiple Asian partners that rely on Australia for energy security, meaning certainty and reliability are paramount to maintaining regional stability, Gallagher said. Setting annual rates of supply and conditions under Canberra's proposed domestic supply obligation would be like setting a new tax rate every year — no-one could invest on that basis, Gallagher said. A reservation policy must not oversupply the market and thereby remove the price signals needed to stimulate new investment. Santos believes a Western Australia-style model where gas volumes must be offered to domestic customers on commercial terms should instead be instituted. A draft of the proposed DSO laws is expected to be released by the government this month ahead of enforcement from 1 July next year. By Tom Major Australian gas prices A$/GJ Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US strikes Iranian tankers, Iran hits US base: Update
US strikes Iranian tankers, Iran hits US base: Update
Updates with details throughout. Washington, 8 September (Argus) — The US military on Tuesday carried out strikes that destroyed five Iranian oil tankers in the Mideast Gulf and Gulf of Oman while Iran retaliated with a barrage of missiles targeting a US base in Jordan. US forces destroyed the tanker Derya near Kharg Island, Iran's key oil loading hub, said Central Command (Centcom), which oversees the Middle East-based US forces. The US also destroyed the tankers Kaviz , Charminar , Horizon 1 and Riesco located in the Gulf of Oman, giving crew enough warning to abandon the vessels first, according to Centcom. US forces destroyed three Iranian tankers on 5 September. In both cases, Centcom cited Iranian missile attacks against US warships as a justification for the destruction of Iranian tankers. Iran's Islamic Revolutionary Guard Corps (IRGC) said on Tuesday, following the latest US attacks, that it will retaliate with attacks on US bases across the region. IRGC also issued a warning to crews of all tankers located at ports or near the coast of Kuwait and Bahrain to evacuate vessels, according to Iranian news agency Tasnim, which is affiliated with IRGC. Alerts issued by the Jordanian defense authorities indicate that a US military base in that country became a target of Iranian missile attacks. So far, there has been no independent confirmation of any hits against tankers near Kuwait and Bahrain. Tehran threatened severe retaliation after the 5 September attacks. It said it struck 6 tankers across the Mideast Gulf, but there has been no independent confirmation of direct Iranian attacks on tankers since 5 September. Iran's ability to target US warships and commercial vessels passing through Hormuz counters recent US claims of having decisively eliminated Tehran's military threat and of enabling an increase in oil exports through the critical waterway. A number of energy sector facilities in the southern region of Saudi Arabia came under attack early Tuesday, according to the Saudi energy ministry, causing fires at a number of locations. Yemen's Houthi militant group has taken credit for those attacks. Iran will soon announce the establishment of a new and broader "prohibited zone" for vessels looking to cross the strait of Hormuz, Iran's Supreme National Security Council Mosen Rezaei said on Monday. Vessel traffic through the strait of Hormuz rose to 15 transits on Monday from 12 the previous day but still remained well below pre-war levels, data from maritime security Windward show. October Nymex WTI was up by 2pc to settle at $93.03/bl on Tuesday. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US squeezes Cuba's renewable power efforts
US squeezes Cuba's renewable power efforts
Kingston, 8 September (Argus) — Cuba's efforts to increase renewable power production and mitigate the impact of tightened US sanctions on its weakened electricity system are being undermined by Washington's threats against shipping companies supplying the equipment, foreign minister Bruno Rodriguez said on Monday. Cuba has been rapidly developing solar power capacity, but further progress is being curbed as "shipping companies that should bring solar panels or batteries for the new photovoltaic parks are being intimidated, threatened and harassed" by Washington, Rodriguez said. Solar parks developed mainly with Chinese equipment deliver about 10pc of Cuba's power, according to the government that has set a target of 24pc by 2030. Cuba lost access to crude imported mainly from Venezuela following the US' 3 January overthrow of Venezuelan president Nicolas Maduro. The US blockade to force political and economic change in Cuba deprived the island of about 100,000 b/d of imports, causing extensive fuel shortages and frequent and long power blackouts as it depends on domestic production of 40,000 b/d. Cuba's power plants delivered 1.16GW on Monday to meet demand of 2.79GW, according to state power utility UNE. "The US threatens shipping companies and prohibits them from transporting even parts and pieces for thermoelectric plants or photovoltaic systems, even those that have been already paid for," Rodriguez said. The US earlier imposed charges against Cuba's state oil company Cupet and its subsidiaries and on the island's oil industry equipment importers. "These designations reflect [US president Donald] Trump's unwavering vision for a free Cuba," US state secretary Marco Rubio said last week in announcing new sanctions. "Cuba's communist regime elites preside over a failed state where ordinary Cubans go hungry." Havana and Washington "have been holding talks and we continue communicating with the US, but there has been no progress in the negotiations due to the lack of political will on the part of the US", Rodriguez said. Cuba received 730,000 bl of crude from Russia in April — the first imports since January — that was processed and exhausted in May, according to state media. "A diagnosis of the Cuban electro-energy system at the end of May reflects that there are around 1.4GW of capacity that does not generate electricity due to a lack of fuel," Rodriguez said. By Canute James Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Global GHG emissions reached fresh high in 2025: Report
Global GHG emissions reached fresh high in 2025: Report
London, 8 September (Argus) — Global greenhouse gas (GHG) emissions reached a record high of 55bn t/CO2 equivalent (CO2e) in 2025, up by 0.9pc on the year, data from the EU's independent emissions database for global atmospheric research (Edgar) show. These figures include the land use, land use change and forestry (LULUCF) sector — which can act either as a source of carbon or a carbon sink. Excluding LULUCF, global GHG emissions rose to 54.1bn t/CO2e in 2025, an increase of 0.7pc on the year, Edgar found. The highest-emitting countries in 2025 were China, the US and India, with shares of 29.5pc, 11.1pc and 8.3pc of the global total, respectively, Edgar data show. The EU, Russia and Indonesia were responsible for 5.8pc, 4.8pc and 2.5pc, respectively, of global GHG emissions in 2025. These six economies account for 50.1pc of global population, 62pc of global GHG emissions and 63pc of global fossil fuel consumption, Edgar said. Of the top six emitters, the US and Indonesia recorded the most substantial increases in emissions in 2024-5 — a rise of 2.2pc or 131.5mn t/CO2e for the US and one of 1.2pc or 16.1mn t/CO2e for Indonesia. "China and India maintained or reduced their emissions levels for the first time", in 2025, Edgar said. China's GHG emissions rose by just 0.1pc or 9.6mn t/CO2e from 2024 levels, while India's emissions fell by 0.2pc in the same timeframe, Edgar said. The EU and Russia also recorded "small decreases" on the year in GHG emissions in 2025, or 0.2pc and 0.1pc, respectively, Edgar data show. Elsewhere, Japan's emissions — 2pc of the global total — dropped by 1.4pc on the year in 2025 and Australia's by 1.3pc in the same timeframe. UN Cop 31 summit host Turkey's emissions — 1.1pc of the global total — rose by 4.2pc on the year in 2025, Edgar found. Global GHG emissions increased across all sectors in 2025, apart from the power sector, which recorded a drop in emissions of 0.3pc on the year — 51mn t/CO2e — Edgar found. But power remains the "dominant" single sector, responsible for nearly 30pc of global emissions, the report added. CO2, mostly from fossil fuel combustion, "remained the dominant component of global GHG emissions" in 2025, at 73.8pc of the total, Edgar said. Methane was responsible for 17.6pc, nitrogen oxides for 5.3pc and fluorinated gases — for uses such as refrigeration and air conditioning — for 3.3pc, Edgar said. The LULUCF sector globally was a net source of carbon in 2025 of around 900mn t/CO2e — equivalent to 1.6pc of global GHG emissions that year — in part owed to wildfires, Edgar said. Wildfires generated 2.2bn t/CO2e in 2025, which was below the long-term average of 2.9bn t/CO2e since 1990. But "regional spikes were observed", Edgar said. This includes in the EU, where wildfire emissions rose by 40pc from 2024-5. Globally, deforestation in 2025 released 3.7bn t/CO2e, "offsetting more than twice the amount removed by the LULUCF sink globally", Edgar found. Around 106 countries covering approximately 72pc of GHGs have net zero emissions targets in place, IEA data show. Net zero emissions — when GHG emissions are balanced by removals from the atmosphere — would halt further global temperature increases. The Paris climate agreement seeks to curb the rise in temperature to below 2°C above pre-industrial levels, and pursues a 1.5°C limit. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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