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No plans to tighten Myanmar sanctions: Australia

  • Market: Crude oil, Natural gas
  • 07/02/22

The Australian government has no plans to follow the US and tighten sanctions against Myanmar (Burma) despite the withdrawal of Australian independent Woodside Petroleum last month from Myanmar over the worsening political situation in the country.

On the eve of the one-year anniversary of the military coup, Washington imposed sanctions on members of the country's military elite, as well as freezing their assets and imposing travel bans.

Australia is following the response of the Association of southeast nations (Asean), which Myanmar is a member, and this grouping of southeast Asian nations have pursued a strategy of dialogue.

"Australia strongly supports Asean's leadership and efforts of the special envoy of the Asean chair on Myanmar. We urge the military to honour its commitment to implement Asean's five-point consensus," Australian foreign minister Marise Payne said in a statement.

Australia's autonomous sanctions regime already includes a longstanding arms embargo against Myanmar, as well as targeted sanctions against five individuals with direct responsibility for atrocities in Rakhine state, where the Myanmar military embarked on a crackdown on the Muslim Rohingya minority. Australia continues to keep its sanctions regime under active consideration, and further sanctions have not been ruled out, Payne said.

Australia strongly supports Asean's leadership and efforts of the special envoy of the Asean chair on Myanmar, Erywan Yusof, the minister said. Australia urges the Myanmar military to honour its commitment to implement Asean's five-point consensus, which includes the cessation of violence in Myanmar and that constructive dialogue between all parties in Myanmar start to seek a peaceful solution.

"We have maintained our view on sanctions is that imposing sanctions at this time would not currently further our interests in terms of our advocacy on the Asean led solution for the critical situation in Myanmar," Payne said. "I do respect, obviously, the decisions of other partners who have determined that imposing further sanctions is the appropriate measure for them. From our perspective, it is not currently a step we are intending to take, but we keep this under review," the minister said.

Woodside in January said it will formally exit the upstream offshore blocks AD-1 and AD-8, the A-6 joint venture and the A-6 production-sharing contract held with state-owned Myanmar Oil and Gas Enterprise. Woodside holds a 40pc participating interest in A-6 as joint operator and participating interests in exploration permits AD-1 and AD-8.


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08/10/24

Hurricane Milton set for late Wednesday landfall

Hurricane Milton set for late Wednesday landfall

New York, 8 October (Argus) — Hurricane Milton is expected to come ashore on Florida's Gulf coast near Tampa Bay late Wednesday, bringing life-threatening storm surge and destructive winds that have already spurred widespread evacuation orders. US president Joe Biden warned Milton could be one of the worst storms to hit Florida in 100 years, as he urged residents under evacuation orders to act without delay. "It's a matter of life and death," he said today. The storm was located about 520 miles southwest of Tampa at 2pm ET today, with maximum sustained winds of 155mph, according to the National Hurricane Center. Storm surge is expected to range from 10-15 feet along the Florida coast from north of Tampa to Englewood. The fall-out for offshore oil and gas production in the US Gulf of Mexico appears limited given the forecast track takes Milton far south of most platforms. Mexican state oil company Pemex said its ports in the Gulf of Mexico stopped operations over the last 24 hours as Milton passed north of the Yucatan Peninsula, but the company did not report on the status of offshore production. Milton is expected to pick up speed as it turns toward the northeast later today, with the center forecast to move across the eastern Gulf of Mexico and approach the west-central coast of Florida through Wednesday. Landfall is expected on Wednesday night before Milton sweeps across central Florida. "While fluctuations in intensity are expected, Milton is forecast to remain an extremely dangerous hurricane through landfall in Florida," the center said. Florida officials are dispatching previously stockpiled fuel to retail stations throughout the state as hundreds of thousands of residents flee the western coast. Ports and terminals on Florida's Gulf coast from Tampa to Fort Myers Beach closed at 8am ET today as a precaution. Chevron previously evacuated and shut in its Blind Faith oil and gas production platform in the Gulf of Mexico. The 65,000 b/d platform is located around 160 miles southeast of New Orleans. Crude production from Blind Faith feeds into South Louisiana Intermediate crude slate, which is not actively traded in the spot market but is typically priced using Heavy Louisiana Sweet. Shell, BP and ExxonMobil all said there has been no impact to their drilling or production in the Gulf of Mexico, although the companies continue to monitor the hurricane. By Stephen Cunningham Hurricane Milton projected path Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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Asia LNG premium to Europe falls to six-month low


08/10/24
News
08/10/24

Asia LNG premium to Europe falls to six-month low

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News

Dutch TTF gas rises through coal-to-gas switching range


08/10/24
News
08/10/24

Dutch TTF gas rises through coal-to-gas switching range

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News

Serbia, N Macedonia sign agreement on gas link


08/10/24
News
08/10/24

Serbia, N Macedonia sign agreement on gas link

London, 8 October (Argus) — The governments of Serbia and North Macedonia on 7 October signed an agreement on the construction of a 70km gas interconnector, although no timeline for the project was given. The agreement was signed in Skopje by the Serbian and North Macedonian prime ministers. Serbian prime minister Milos Vucevic said that with the new interconnection, Serbia aims to create another supply route from Greece's new Alexandroupolis LNG terminal, where Serbia's dominant supplier, Srbijagas, holds capacity . It is unclear why another route is needed given the recent commissioning of the Interconnector Bulgaria-Serbia, although flows through the link have been low since its commissioning at the beginning of this year, with Azerbaijan's Socar having been the only user under its so far underutilised 365mn m³/yr contract with Srbijagas. The 70km pipeline will have a capacity of about 1.2bn m³/yr, Vucevic said according to state news agency Tanjug, but no timeline was given for its construction. Serbia wants to "expand the number of partners interested in co-operating with us in the energy sector and that will definitely lead, or contribute, to our state's energy stability", Vucevic said, adding that the North Macedonian side also expressed interest in building an oil or oil products pipeline simultaneously with the gas pipeline. North Macedonia is also "finalising a tender procedure that will finally start the construction of the interconnector with our southern neighbour [Greece], to provide an additional option for gas supply to central Europe", Vucevic's North Macedonian counterpart, Hristijan Mickoski, said. Greek grid operator Desfa has already started construction of the 1.5bn m³/yr interconnector, which is scheduled to begin commercial operations at the start of 2026, according to Desfa's latest plans . By Brendan A'Hearn Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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September was second hottest: EU's Copernicus


08/10/24
News
08/10/24

September was second hottest: EU's Copernicus

London, 8 October (Argus) — Last month was the second hottest September on record globally, after September 2023, with average temperatures 0.73°C higher than the 1991-2020 average for the month, according to data from the EU climate-monitoring service Copernicus. Last month's average temperatures globally were 1.54°C above pre-industrial (1850-1900) levels and September's average was the 14th month in a 15-month period when the global average surface air temperature was more than 1.5°C above pre-industrial levels. The global average temperature for the 12 months to September was the second highest on record for any 12-month period — 0.74°C above the 1991-2020 average, and an estimated 1.62°C above the 1850-1900 pre-industrial average. The January–September 2024 global-average temperature was 0.71°C above the 1991-2020 average, the highest on record for the period and 0.19°C warmer than the same period in 2023. It is almost certain that 2024 will turn out to be the warmest year on record, Copernicus said. The average temperature over European land for September 2024 was 1.74°C above the 1991-2020 average for September, making it the second warmest September on record for Europe after September 2023, which was 2.51°C above average. Last month also had exceptionally high rainfall levels across much of the continent, with widespread floods across central Europe. Last year was the hottest on record , averaging 1.45°C above pre-industrial temperatures. By Gavin Attridge Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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