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Canada sets 2035 emissions reduction goal

  • Market: Crude oil, Emissions, Natural gas
  • 13/12/24

Canada has set a new 2035 climate goal, aiming to reduce its greenhouse gas emissions by 45-50pc by 2035, from a 2005 baseline.

This builds on its 2030 target of a 40-45pc emissions reduction, again from 2005 levels. Canada's emissions had been in 2015 projected to rise by 9pc by 2030, from 2005 levels, "but we are now successfully bending the curve", the Canadian environment and climate change ministry said.

The newly-announced target is in line with a pledge Canada made at the UN Cop 29 climate summit last month. Countries that are party to the Paris climate accord must submit new national climate plans by 10 February 2025, to cover a timeframe up to 2035. Canada, the EU, Mexico, Norway and Switzerland committed at Cop 29 to set out new plans with "steep emissions cuts" that are consistent with the global 1.5°C temperature increase limit sought by the Paris Agreement.

The plans are known as nationally determined contributions (NDCs). Canada's NDC is being considered by the cabinet, and the country plans to submit it by the deadline, Canadian climate change ambassador Catherine Stewart told Cop 29 delegates on 21 November. Tackling climate change is "both an environmental imperative and an economic opportunity", she added.

The target was informed "by the best available science, Indigenous Knowledge, international climate change commitments, consultations with provinces and territories and expert advice", the ministry said. Canada will also "seek feedback on how to help companies take advantage of the economic opportunities that come with building a clean economy" in the near term, it added.

Although the plan is not yet available, the ministry said that it will examine the role of carbon removal technologies for the energy transition.

"Canadians are increasingly experiencing record-breaking extreme weather," the ministry noted. The country experienced record wildfires in 2023. Carbon emissions from wildfires this year were second only to the "unprecedented" levels in 2023, EU earth-monitoring service Copernicus found this month.

Canada has a legally binding target of net zero emissions by 2050.


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11/02/25

Brazil plans Amazon forest concession sale

Brazil plans Amazon forest concession sale

Sao Paulo, 11 February (Argus) — Brazil's environment ministry will auction concessions in the Jaturana national forest, in northern Amazonas state, as part of government efforts to prevent deforestation. The government will sell four forest management concession areas with a combined 453,000 hectares (ha) in the Apui municipality. The concessions will require roughly R430mn ($7.4mn) in infrastructure investments and R3.4bn in operating investments over the 37-year concession period. The auction is scheduled for 21 May and will be held at the B3 exchange, in Sao Paulo state, to guarantee transparency and boost competition, the ministry said. The government plans to hold a roadshow to promote the concessions. The government estimates that the auction will generate concession payments of R32.6mn/yr, which will be split between federal environmental protection agencies, Amazonas state and the Apui city government. The winning bidders will be allowed to harvest up to six trees/ha for lumber from the concession area, according to the auction's terms elaborated by the Bndes development bank. Other select activities, including the production of açai fruit, Brazil nuts and tropical tree oils, such as copaiba and andiroba, will also be permitted. The concession terms stipulate that the winning bidder will not have control over the mineral or water rights of the region and will be required to invest in research and environmental education. With the sale of the Jaturana concessions, Brazil will increase the total amount of forest managed by the private sector — now at 1.31mn ha — by 35pc. Brazil has 23 concession contracts for nine national forests in five Brazilian states. The goal is to award a total of 5mn in forest concessions over the next three years. The Brazilian forestry service (SFB) is developing concessions for 11 other national forests, the head of the SFB Garo Batmanian said on Monday. Limiting deforestation is one of President Luiz Inacio da Silva's goals for his administration and a flagship of the country's ambitions for the UN Cop 30 summit, which will be held in Belem, the capital of northern Para state, in November. Brazil has been targeting reforestation as part of its efforts to meet its emissions-reduction target. But wildfires in the country are still a major concern, as they rose by 79pc in 2024 from a year prior , according to environmental network MapBiomas' fire monitor researching program. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Petrobras considers India for crude: CEO


11/02/25
News
11/02/25

Petrobras considers India for crude: CEO

Sao Paulo, 11 February (Argus) — Brazilian state-controlled Petrobras is considering opportunities in deepwater and ultra-deepwater crude blocks in India, chief executive Magda Chambriard said today. The Indian government announced on Tuesday, during the India Energy Week conference held in New Delhi, that it will offer 25 deepwater and ultra-deepwater oil blocks, Chambriard said. "We will carefully evaluate these opportunities, always looking for new production frontiers, which will guarantee us security and financing for the energy transition," she added. Petrobras has been looking for alternatives to replenish its crude reserves, as those in its main source of oil — Brazil's pre-salt — are dwindling. But reserves are not in immediate danger, as the firm's proven oil and natural gas reserves rose by 4.6pc to 11.4bn bl of oil equivalent (boe) at the end of 2024. The company's 2025-29 strategic plan envisions investments in Argentina, Bolivia, Colombia and Africa, but this is the first time Petrobras mentioned India as a potential source of crude. Still, the company's main bets to replenish reserves are the southern Pelotas basin and the Foz do Amazonas basin in the northern equatorial margin. The latter could contain 10bn of recoverable bl of oil equivalent, according to energy research bureau EPE. Petrobras is awaiting permission to start exploratory drilling there , after it appealed environmental agency Ibama's May 2023 decision to deny the license on environmental grounds. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Feyzin bitumen output halted as part of wider stoppage


11/02/25
News
11/02/25

Feyzin bitumen output halted as part of wider stoppage

London, 11 February (Argus) — Bitumen production at TotalEnergies' 109,300 b/d Feyzin refinery near Lyon, central France, is halted from 10-20 February as part of a wider shutdown affecting the refinery's crude distillation unit (CDU) and reformer. Workers at the plant said last week there had been unexpectedly extended CDU works caused by a blockage by unspecified debris . TotalEnergies said at the time it would not comment on operations. Officials at the company confirmed today the CDU and reformer were among units shut at Feyzin, but said the halt was planned. They said the CDU had suffered no unexpected blockage or damage. Workers reiterated today that debris had been detected in the CDU and that this could result in a shutdown lasting weeks. Sources familiar with the refinery's operations said today that the bitumen halt would cause no supply disruptions in terms of the usual truck movements, with sufficient stocks held at the plant to meet current low-level requirements during the winter slow activity period in the road paving and other construction sectors. By Fenella Rhodes and Adam Porter Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Power outage shuts Norway's Sverdrup oil field: Update


11/02/25
News
11/02/25

Power outage shuts Norway's Sverdrup oil field: Update

Updates throughout London, 11 February (Argus) — Norwegian state-controlled Equinor has confirmed that a power outage has forced it to shut down production from Johan Sverdrup, the North Sea's largest oil field, as well as other oil and gas fields in the area. "We have experienced an incident involving smoke development in a control room connected to one of the converter stations at Haugsneset near Karsto," the company said. "This station supplies power to Johan Sverdrup and other fields on the Utsira High. The incident has resulted in a temporary shutdown of production." Equinor said it is working to restore power supply to the fields. According to its website, the affected power line also supplies the Gina Krog, Ivar Aasen, Edvard Grieg and Gudrun fields. Edvard Grieg and Ivar Aasen feed into the medium sour Grane crude blend. It is the second time in a week that Johan Sverdrup has been disrupted by a power outage. The field was shut down briefly on 4 February because of power supply issues onshore. Power was restored the same day, and the field had been ramping back up up to full operations on 5 February. At the time, Equinor did not expect any delays to loadings. Johan Sverdrup produces the largest stream of middle distillate-rich crude in Europe, with a plateau capacity of 755,000 b/d. The field averaged around 712,000 b/d in 2024. Its output was around plateau levels in March, April and July last year, but Equinor expects capacity to drop early this year. The grade was valued at a $1.65/bl premium to benchmark North Sea Dated on 10 February, a seven-month high, supported by a perceived global tightness in the supply of medium grades. The US tightened sanctions on the Russian fleet last month, which pushed refiners in Asia-Pacific to look for alternative, unsanctioned grades. Grane is the second-largest medium sour stream in the region, with around 180,000 b/d exported last year, according to loading programmes. Official production data show Ivar Aasen contributed around 18,000 b/d to the Grane stream last year and Edvard Grieg accounted for 38,000 b/d. Grane prices surged to a $2.50/bl premium to Dated in recent assessments, up from a $1/bl discount in early January. By Lina Bulyk Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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BP promises strategy reset after sharp drop in profit


11/02/25
News
11/02/25

BP promises strategy reset after sharp drop in profit

London, 11 February (Argus) — BP today promised to "fundamentally reset" its strategy later this month after reporting a drop in underlying profit last year. The company alluded to what the reset might entail, noting that last year it had "laid the foundations for growth" by committing capital to new oil and gas projects and "refocusing" its investments in low-carbon assets. Details of the strategy shift will be outlined at a capital markets day for investors on 26 February. Key actions in 2024 included taking a final investment decision on the 80,000 b/d Kaskida oil field in the US Gulf of Mexico and raising its exposure to biofuels in Brazil . The company also took steps via a joint venture with Japanese utility Jera that will see it commit less capital to its wind energy investments. BP reported an underlying replacement cost profit — excluding inventory effects and one-off items — of $1.2bn for the fourth quarter of 2024, compared with $3bn a year earlier. For the full year, underlying replacement cost profit fell by 36pc compared with 2023 to $8.9bn, while cash flow from operations dropped to $27.3bn from $32bn. The company benefited from higher oil and gas production last year — up by 2pc on 2023 at 2.36mn b/d of oil equivalent (boe/d). But lower prices, a drop in refining margins and lower contributions from both oil and gas trading weighed on profitability. BP said it expects upstream production to be lower this year and refining margins "broadly flat". It expects a similar level of refinery maintenance in 2025, with the work "heavily weighted towards the first half" and the second quarter in particular. For now, BP is sticking with its share repurchasing programme, announcing a further $1.75bn of share buybacks for the fourth quarter. It has maintained its quarterly dividend at 8¢/share. The company's capital expenditure remained steady at $16.2bn last year. It will provide guidance on this year's investment budget at the strategy day later this month. By Jon Mainwaring Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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