Aramco eyes stake in Australia's Louisiana LNG project

Market: Fertilizers, Natural gas
14/05/25

Australian independent Woodside and Saudi state-owned oil firm Aramco have entered into an agreement for Aramco to possibly buy a stake in Woodside's 16.5mn t/yr Louisiana LNG project and to explore other opportunities, including lower-carbon ammonia.

As part of the non-binding agreement, Aramco could buy an equity interest in and LNG offtake from its Louisiana LNG project, Woodside said without disclosing further details. This comes after Woodside reached a final investment decision on the project in late April.

Woodside and Aramco signed the agreement in Riyadh in Saudi Arabia at the Saudi-US investment forum, which was attended by Arabian crown prince Mohammed bin Salman and US president Donald Trump.

The collaboration shows Woodside's Louisiana project is generating interest among "high-quality potential investors," Woodside's CEO Meg O'Neill said, after selling 40pc of the project's infrastructure to US-based investment firm Stonepeak in early April.

The agreement will also help the firm build a more diverse portfolio, as it branches into chemical production, O'Neill said. The firm's wholly-owned Beaumont New Ammonia project in Texas is expected to produce first ammonia in the second half of this year, and lower-carbon ammonia by the second half of next year.

By Grace Dudley

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23/06/25

Iran raises Hormuz closure threat after US strikes

Dubai, 23 June (Argus) — A senior Iranian lawmaker says parliament has concluded that the strait of Hormuz "should be closed" in response to US airstrikes on three nuclear sites early Sunday — a move that would severely disrupt global oil flows. Esmaeil Kowsari — a member of the national security and foreign policy commission, and a former high-ranking commander in the Islamic Revolutionary Guard Corps (IRGC) — told state-owned Press TV that lawmakers had reached a consensus that closure would be the appropriate response. Argus understands that while members of parliament were all in agreement, the issue was not formally put to a vote. Kowsari said the final decision lies with the Supreme National Security Council, Iran's top security body. His comments have drawn global attention as markets await Iran's response to the strikes, which US president Donald Trump ordered against nuclear facilities at Fordow, Natanz and Isfahan. The Fordow site is heavily fortified and located underground. The Natanz facility had already been targeted by Israeli strikes, prompting a series of retaliatory missile and drone exchanges between Iran and Israel. Iranian officials, including supreme leader Ayatollah Ali Khamenei, had repeatedly warned Washington that any direct military action would trigger a response causing "irreparable" harm to the US. . Variety of options The strait of Hormuz is the world's most critical oil transit route, with around 17mn b/d of crude and refined products — roughly a quarter of global seaborne oil trade — passing through it. Iran has repeatedly threatened to close the strait in past confrontations but has never followed through. It has, however, previously targeted or seized vessels transiting the waterway, prompting some shipowners to consider alternative routes. Closure of the strait is one of several retaliatory options regularly floated by Iranian political and military leaders. Others include military strikes on US bases across the Mideast Gulf. The US maintains installations in Bahrain, Qatar, the UAE, Kuwait, Saudi Arabia and Iraq. Asked whether closing the strait was under consideration, Iranian foreign minister Abbas Araqchi declined to confirm, saying only that "there are a variety of options available to us". Araqchi travelled to Moscow late on Sunday and is expected to meet Russian president Vladimir Putin on Monday. Moscow has condemned the US strikes. Ali Akbar Velayati, a long-time adviser to Khamenei, also issued a veiled threat to Washington, saying: "West Asia is not Greenland, and the strait of Hormuz is fundamentally different from the Panama Canal." The comment referenced earlier threats by Trump to assert US control over Greenland and the Panama Canal during the early days of his second term. US secretary of state Marco Rubio warned that any attempt by Iran to close the strait would be "a terrible mistake." "It's economic suicide for them if they do it, and we retain options to deal with that," he said. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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US bombs nuclear sites in Iran: Update

22/06/25

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22/06/25

US bombs nuclear sites in Iran: Update

Updates with remarks from President Donald Trump Washington, 21 June (Argus) — The US conducted air strikes on three nuclear facilities in Iran, President Donald Trump said Saturday evening. US bombers targeted the heavily fortified, underground facility at Fordow and sites at Natanz and Isfahan, Trump said on his social media platform. "The strikes were a spectacular military success," Trump said in a televised address Saturday night. "Iran's key nuclear enrichment facilities have been completely and totally obliterated. Iran, the bully of the Middle East, must now make peace. If they do not, future attacks will be far greater and a lot easier." Trump waited until after the US planes had left Iranian airspace before making the announcement. Israel's air and missile strikes, underway since 13 June, had already targeted those three facilities, in addition to some domestic energy infrastructure and urban areas across Iran. UN nuclear watchdog the IAEA on Friday warned of potential nuclear safety hazards from the ongoing Israeli attacks on Iran's nuclear facilities and cautioned Israel against targeting Iran's Busherh nuclear power plant and a nuclear research laboratory in Tehran. Washington-based military experts assessed that only the US Air Force had the right type of munitions to destroy Fordow. Involving the US in the Israel-Iran war is a watershed moment for Trump's presidency. Trump in the past decade has often lambasted his predecessors for involving the US in costly and fruitless military adventures in the Middle East. But he has changed his tune since the beginning of Israel's offensive on Iran, claiming that eliminating Iran's nuclear program was worth the US involvement. Trump, in his televised address, referenced the US' killing of senior Iranian military commander Qassem Soleimani in January 2020 — the last time US and Iranian forces directly exchanged fire. Tehran's response at that time involved missile attacks on US bases in Iraq that wounded more than 100 US military personnel, but drew no heavy US retaliation. The markets will closely watch Tehran's reaction to the US air strikes. Even before the US bombing raids, Trump's public musings about a possible US role in Israel's campaign against Iran in the past week spurred the oil industry and shipping sectors to increase the risk premiums embedded in their calculations. Most immediately at stake are Iran's 2.5mn b/d of crude, condensate and products exports, which mostly head to China. Oil markets are also concerned about the risk of contagion if Israel and the US draw retaliatory attacks elsewhere in the Mideast Gulf or jeopardize shipping through the strait of Hormuz — the global oil market's single most vulnerable chokepoint, through which pass about 17mn b/d of crude and products, or about a quarter of seaborne oil trade. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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US bombs nuclear sites in Iran

22/06/25

News

22/06/25

US bombs nuclear sites in Iran

Washington, 21 June (Argus) — The US conducted air strikes on three nuclear facilities in Iran, President Donald Trump said Saturday evening. The US bombers targeted the heavily fortified, underground facility at Fordow and sites at Natanz and Isfahan, Trump said on his social media platform. He said he would make a televised address at 10pm ET Saturday "regarding our very successful military operation in Iran". "A full payload of BOMBS was dropped on the primary site, Fordow," Trump said. Trump waited until after the US planes had left Iranian airspace before making the announcement. Israel's air and missile strikes, underway since 13 June, already targeted those three facilities, in addition to some domestic energy infrastructure and urban areas across Iran. UN nuclear watchdog the IAEA on Friday warned of potential nuclear safety hazards from the ongoing Israeli attacks on Iran's nuclear facilities and cautioned Israel against targeting Iran's Busherh nuclear power plant and a nuclear research laboratory in Tehran. Washington-based military experts assessed that only the US Air Force had the right type of munitions to destroy Fordow. Involving the US in the Israel-Iran war is a watershed moment for Trump's presidency. Trump in the past decade often lambasted his predecessors for involving the US in costly and fruitless military adventures in the Middle East. But he has changed his tune since the beginning of Israel's offensive on Iran, claiming that eliminating Iran's nuclear program was worth the US involvement. Trump's public musings about a possible US role in Israel's campaign against Iran in the past week spurred the oil industry and shipping sectors to increase the risk premiums embedded in their calculations. Trump since 13 June alternatively held out the prospect of diplomacy and discussed killing senior Iranian leaders. Even today, after the US air strikes, Trump posted that "NOW IS THE TIME FOR PEACE!". The markets will closely watch Tehran's reaction to the US air strikes. Most immediately at stake are Iran's 2.5mn b/d of crude, condensate and products exports, which mostly head to China. Oil markets are also concerned about the risk of contagion if Israel and the US draw retaliatory attacks elsewhere in the Mideast Gulf or jeopardize shipping through the strait of Hormuz — the global oil market's single most vulnerable chokepoint, through which pass about 17mn b/d of crude and products, or about a quarter of seaborne oil trade. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Algeria unveils encouraging bid round results

20/06/25

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20/06/25

Algeria unveils encouraging bid round results

Algiers aims to build further on its successful return to upstream licensing, writes Aydin Calik London, 20 June (Argus) — Algeria revealed the results of its first upstream licensing round in over a decade this week. The outcome is encouraging with five out of six blocks on offer awarded. Key winners include Italy's Eni, France's TotalEnergies and China's Sinopec, all of which are already present in the country. But Qatar's state-owned QatarEnergy (QE) marks a notable new entry (see table). The licensing round marks a huge milestone in the country's efforts to cultivate investment in its oil and gas sector, and is the first under an oil law that came into force in 2021. Mourad Beldjehem, president of upstream regulator Alnaft, tells Argus that the awards will lead to around $1bn of mainly exploration investments. Development spending would bring in much more. Algeria needs it. State-owned Sonatrach wants to capitalise on Europe's energy security challenges and replace some of the lost gas flows from Russia following the latter's invasion of Ukraine in 2022. But this is a work in progress. Algeria's gas exports have been squeezed in recent years by natural decline at producing fields and strong domestic consumption. Gas output and exports fell by 7pc to 98.3bn m³ and 48.5bn m³, respectively, in 2024. Of the six onshore blocks on offer, the only one that was left unawarded was Grand M'Zaid , which contains a producing oil field. A source told Argus there was a bid for this block but it was not awarded because of a procedural issue. The other five contain undeveloped gas discoveries and lie close to existing facilities, potentially allowing tie-ins that could cut development costs and time. For example, Eni and Thai firm PTTEP's new Reggane II block is located close to the Touat gas field in the Ahnet basin. TotalEnergies and QE's Ahara block is within reach of the French major's TFT gas production facilities that lie in the Illizi basin. Beldjehem says the awards could unlock 20bn m³/yr of new gas production in the medium term — equal to about 40pc of current exports — with first output potentially on line within three years. And there could be more, with exploration drilling expected to start next year. The results are far better than the previous licensing round in 2014, which saw only four of 31 blocks awarded. But there is room for improvement. Ultimately, only seven bids came in for five blocks, despite 37 companies officially expressing interest. "I know where the problem was and we will fix that for the next one. We had a lot of lessons learned from this one," Beldjehem says. Another onshore bidding round is planned for the fourth quarter, and will offer 4-6 blocks. This will also be gas focused. "That is the demand today," Beldjehem adds. After this, three more rounds are planned each year up to 2028. Competitive advantage The time is ripe for an investment boom. European firms are refocusing on their traditional oil and gas businesses as climate-change-related shareholder concerns take a back seat. Algeria faces some tough regional competition, however, particularly from Libya, Egypt and the wider eastern Mediterranean. But its existing gas export potential into Europe, strong resource base and political stability should give it a significant competitive advantage over its neighbours. The licensing rounds are only one part of the country's plan to boost investment. Algeria has signed more than $8bn worth of bilateral upstream contracts with companies such as Eni, TotalEnergies and Occidental since 2021. But it must do more. Sonatrach is holding talks with several companies. The most important of those are with US firms ExxonMobil and Chevron over their potential entry into the country to explore its shale potential. If these contracts go through, they could lead to a substantial upgrade to Algeria's production outlook. Algeria licensing round results Block Bids Winners Block type Toual II 1 Zangas-Filada Gas Ahara 1 TotalEnergies-QatarEnergy Wet Gas Zerafa II 3 ZPEC Gas Guern El Guessa II 1 Sinopec Gas Reggane II 1 Eni-PTTEP Gas Grand M'Zaid 0 Not awarded Oil SOURCE: ALNAFT. Algeria gas infrastructure Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Cop 28 outcome must be implemented in full: Cop 30 head

20/06/25

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20/06/25

Cop 28 outcome must be implemented in full: Cop 30 head

London, 20 June (Argus) — The incoming UN Cop 30 summit president Andre Correa do Lago has set out his objectives for the conference in November, placing as a key priority the Cop 28 outcome of trebling renewables capacity and transitioning away from fossil fuels. Correa do Lago today said his plan is to drive "collective action" to tackle climate change, placing a strong emphasis on the global stocktake, the first of which was concluded at Cop 28 in 2023 . That outcome saw almost 200 countries commit to "transition away" from fossil fuels, as well as treble renewables capacity by 2030. The global stocktake, a five-yearly process, sets out progress made towards Paris climate agreement goals. Today's "Action Agenda must drive momentum towards the full implementation of the GST [global stocktake]", Correa do Lago said. The incoming Cop president is focusing on implementing agreements made at previous Cops, and ensuring that countries and all other stakeholders — such as sub-nationals and the private sector — work together to put the decisions into action. Correa do Lago's letter today repeated language from the Cop 28 outcome, and noted his other main themes for Cop 30, which will take place in Belem, in Brazil's Para state, on 10-21 November. As well as shifting energy, industry and transport from fossil fuel-powered to lower- or zero-carbon alternatives, he listed forests, oceans and biodiversity and agriculture and food as key topics. Further topics involved building resilience for cities, infrastructure and water and human and social development. A final priority was enablers and accelerators across the board, including for finance and technology. Correa do Lago said in May that Cop 30 should be a "pivot point" to action on climate change, and "a new era of putting into practice" what has been agreed at previous Cop summits. He has noted a difficult geopolitical situation , which could make talks more challenging. Brazil's Cop 30 presidency is also focused on climate finance at UN climate talks, currently underway in Bonn, Germany. These 'halfway point' discussions serve to cover substantial technical groundwork ahead of political talks at Cop summits each November. Brazil yesterday at Bonn presented a draft of a roadmap to scale up climate finance — from all sources — to $1.3 trillion/year by 2035. The roadmap will not be officially negotiated, although it was a key outcome from Cop 29 in 2024 and is likely to be finalised just ahead of Cop 30 this year. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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