Japanese power producer Jera said this week that it has signed multiple long-term LNG supply agreements with US partners over the past two months, to procure up to 5.5mn t/yr over 20 years. This includes 2mn t/yr from NextDecade and 1mn t/yr from Commonwealth LNG. It also signed non-binding interim agreements with Sempra Infrastructure for 1.5mn t/yr and with developer Cheniere for 1mn t/yr. The deals offer competitive pricing and flexible contract terms. All supply will be delivered on a fob basis priced against the US' Henry Hub, allowing Jera to optimise shipping routes and respond flexibly to domestic demand and market conditions, the company said.
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NY weighs new yardstick to set climate goals
NY weighs new yardstick to set climate goals
New York, 13 April (Argus) — New York governor Kathy Hochul (D) is asking state lawmakers for more time to reduce emissions. Potentially more important is how the state actually measures them. The state's leaders, at loggerheads over climate policy and other issues, have already blown past a deadline to agree to a new budget. Hochul frustrated progressives by pushing for changes to the state's 2019 climate law, which not only mandates deep emissions reductions but also includes a bespoke system for tracking climate impacts that discourages natural gas and some biofuels. New York requires a 40pc reduction in economy-wide greenhouse gas (GHG) emissions by 2030 from 1990 levels and an 85pc drop by 2050. But the state's unique emissions-accounting method effectively requires deeper cuts to emissions than targets suggest. Environmentalists say this system will speed New York's transition to renewables and leave the state less exposed to future oil supply shocks. But it also threatens higher near-term energy costs in a state that burns more oil for home heating than any other, where natural gas is the largest source of electricity and where driving predominates outside public transit-connected New York City. Hochul backed off prior efforts to change the GHG accounting rules. Now campaigning for re-election on a platform of making the high-cost state more affordable, she insists changes are necessary. Methane pain State law requires New York to track the warming of GHGs on a 20-year timeline, instead of the 100-year timeline used by nearly all other states. That difference means New York treats a tonne of methane, which packs a bigger punch than CO2 but dissipates in the atmosphere more quickly, as having around three times more climate impact than other states do. Under typical emissions accounting, New York's emissions in 2023 were 24pc below 1990 levels. But according to the state's unique system, they only fell by 14pc over that period. The difference reflects the state's reliance on natural gas for heat and power. New York's system then leaves fewer options to bridge that gap. While incentives in California have helped make renewable diesel more common there than its petroleum-based counterpart, New York treats many biofuels — even if made from waste — as akin to fossil fuels by factoring in tailpipe emissions but not some upstream benefits. Renewable diesel brought into New York would not just count as only slightly better than oil, but it would also count the same whether made from recycled cooking grease or from crops, according to detailed estimates in an energy plan released by state officials last year. New York would consider more production emissions in-state, effectively treating renewable diesel made locally as worse for the climate than imports. The reverse is true for renewable natural gas, which counts as producing negative emissions if made in-state — since turning rotting dairy manure into energy avoids methane emissions — but similar to fossil-fuel natural gas if made elsewhere. While the California system has its critics, the New York energy plan says explicitly that the GHG accounting required by law "creates an incomplete picture" of biofuels' climate impacts. But the system is by design reflecting the wishes of progressive lawmakers who helped pass these requirements into law before Hochul took office, as well as those of environmental justice groups that hold sway in the Democratic-controlled state. Advocates want to stop burning any fuels that worsen air quality and think states like California have overstated the climate benefits of natural gas and biofuels at the expense of efforts to electrify cars and homes. Hochul, backed by business groups, disagrees. A recent memo prepared for her by a state energy agency estimated that polluters will have to pay far more for their emissions than they do in other states — as much as $180/tonne by 2030 — because of "differing accounting standards" and "inflexible" targets, and that fuel prices would spike. Carbon market cop out That memo gets at the core of the debate: rising energy costs are taking precedence in Hochul's policy calculus, putting the future of a carbon market in question. A task force of policy advisors in 2022 recommended a carbon market as the best option to achieve state climate targets. The program, similar to systems in California and Washington, would require fuel suppliers, industrial facilities and others to buy a dwindling pool of carbon allowances from the state. But the Hochul administration missed a 2024 legal deadline to have that plan in place and has been vague on when it will release even draft rules. After environmental groups sued, a state court directed the Hochul administration to release carbon market regulations . Hochul has since been more direct about her concerns and called for punting the rollout of the market to 2030. Environmentalists resent Hochul's argument that New York's targets are infeasible when her administration is slow-walking the rollout of a plan to achieve them. But they recognize the power governors wield in New York's mostly closed-door budget process. One potential compromise that has been discussed among advocates is implementing a carbon market with more typical emissions-accounting rules, while preserving the 20-year warming timeline for other state programs. This could address cost concerns while containing the backlash from climate advocates. It could also leave the door open for linkage with other carbon markets, which would be exceedingly difficult without aligning rules across different programs. Without changes, biofuel supporters also fear that a state "clean transportation standard" that regulators are studying could cut out many of the fuels rewarded by California. Lawmakers likewise have expressed resistance to sweeping changes. Senator Environmental Conservation Committee chair Pete Harckham (D), an influential voice on climate, has signaled some openness, however, to "modest adjustments". "We're committed to working with the governor to find reasonable solutions here, but in my humble opinion, a complete rollback of the state's climate law is untenable," Harckham said last week. By Cole Martin and Ida Balakrishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US blockade could hit third of remaining Hormuz traffic
US blockade could hit third of remaining Hormuz traffic
London, 13 April (Argus) — As much as 36pc of all tanker traffic transiting the strait of Hormuz since the start of the US–Iran war either departed or were bound for Iranian ports, the sort of voyage Washington has indicated will be restricted from today as part of its naval blockade. Of the 148 tankers that have transited the strait since 28 February, Iranian-linked voyages accounted for 53. Among these were 20 very large crude carriers (VLCC), five Suezmax, two Aframax and ten Medium Range (MR). The US on Sunday said it will impose a naval blockade against vessels of all nationalities entering or departing Iranian ports, beginning at 10:00 ET (14:00 GMT) on 13 April. US president Donald Trump also warned ships complying with Iranian transit conditions, including the payment of tolls, could be stopped in international waters. The US plan is to allow navigation through the strait of Hormuz to and from non Iranian ports, much of which is being prevented by Iranian control of the strait. This move follows talks between the US and Iran in Islamabad over the weekend that ended without agreement and failed to reopen the strait. Since a ceasefire declared on 7 April, the waterway has largely remained under Iranian control, and the few ships that have passed through it appear to have either paid an unofficial toll to Tehran — believed to be the equivalent of $1/bl for crude tankers — or to have made other arrangements with the Iranian government. Iran said it would respond to a US naval blockade of Hormuz by encouraging Yemen's Houthis to resume attacks in the Bab al-Mandeb waterway connecting the Red Sea to the Indian Ocean. Tehran also threatened to target ports across the Mideast Gulf if its own facilities are attacked. The ceasefire agreement will be in place until 21 April, but it could be extended. By Erika Tsirikou Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran threatens Gulf ports as US blockade looms
Iran threatens Gulf ports as US blockade looms
Dubai, 13 April (Argus) — Iran has warned it could target ports across the Mideast Gulf if its own facilities are attacked, describing US plans to impose a naval blockade on Iranian ports as "piracy". "If the security of Iran's ports… is threatened, no port in the Persian Gulf and the Sea of Oman will be safe," Iran's armed forces said in a statement carried by state broadcaster IRIB. Tehran said US restrictions on vessel movements in international waters are "illegal". Iran also said it would "firmly implement a permanent mechanism to control the strait of Hormuz", under which vessels linked to its enemies would be denied passage. Other ships would be allowed to transit subject to conditions set by Iran's armed forces. The warning comes after Washington said it would begin a blockade of Iranian ports from 10:00 ET (14:00 GMT) today. The move was announced after talks between the US and Iran in Islamabad over the weekend ended without agreement and failed to reopen the strait. Oil prices have risen sharply following the US' blockade announcement. The front-month June Ice Brent contract was $102.41/bl at around 10:45 GMT today, up by about 8pc on the previous close. US Central Command said the blockade would target vessels entering or leaving Iranian ports, while allowing navigation to and from non-Iranian ports through Hormuz. US president Donald Trump also warned that ships complying with Iranian transit conditions, including the payment of tolls, could be stopped in international waters. The negotiations in Islamabad ended after more than 20 hours, with both sides blaming each other for the breakdown. A ceasefire announced earlier this month remains in place but is fragile. No major attacks have been reported on Mideast Gulf energy infrastructure or Iranian targets since the talks, although clashes continue in Lebanon between Israel and Iran-backed Hezbollah. Shipping through the strait of Hormuz remains constrained. French president Emmanuel Macron today called for a "swift, durable diplomatic settlement" and urged the restoration of "free and unimpeded navigation" through Hormuz. France and the UK plan to convene partners in the coming days to establish a multinational maritime mission to safeguard transit. The standoff underscores a widening gap, with Washington seeking to enforce freedom of navigation, while Tehran moves towards a system of conditional access of the strait under its control. Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
BP takes first operated position offshore Namibia
BP takes first operated position offshore Namibia
London, 13 April (Argus) — BP has agreed to acquire stakes in three offshore exploration blocks in Namibia, marking its first operated position in the country as it looks to expand its upstream oil and gas portfolio. Subject to regulatory approval, BP will become operator of licences PEL97, PEL99 and PEL100 in the Walvis Basin, after agreeing to acquire a 60pc interest in the blocks from London-listed Eco Atlantic Oil and Gas. Eco Atlantic will remain a partner alongside Namibia's state-owned oil company Namcor. Namibia has emerged as one of the oil and gas industry's most closely watched exploration hotspots in recent years, following a series of high-impact offshore discoveries that have drawn growing interest from international producers such as Shell and TotalEnergies. BP said the acreage offers exposure to frontier basins with long-term growth potential. The acquisition builds on BP's existing presence in Namibia through Azule Energy, its 50:50 joint venture with Italy's Eni, which made light oil and gas condensate discoveries at the Capricornus 1X and Volans 1X wells in the Orange Basin last year. By James Keates Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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