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Denmark considers extending N Sea production licences

  • Market: Crude oil, Emissions, Natural gas
  • 23/02/26

The Danish government will "initiate a process" to look at possibly extending one or more production licences in the Danish North Sea until 2050, to contribute to European energy security and independence, it said.

The government has invited gas producers in the North Sea to explore an extension to their permits past 2042, which was the initial year in which most licences were set to expire before the country's 2045 climate neutrality goal. Any licence extension must fit within the framework of the North Sea Agreement — signed in 2020, committing the country to cancel all future oil and gas licensing rounds and set a phase-out date of 2050 for fossil fuel extraction — and within Denmark's long-term climate goals.

The government has asked the Danish underground consortium (DUC) — which operates the Tyra hub — to "explore an extension" beyond the current 2042 expiry. The DUC welcomes the government invitation and has expressed interest in extending its operating licence, DUC stakeholder BlueNord said on Sunday. Tyra hub output set consecutive six-year monthly production highs in November and December.

Europe is in dire need of energy independence, and while renewables expansion can help the bloc achieve that goal, natural gas will still play a significant part of the energy mix in the coming year, the Danish government said. "Europe must stand on its own two feet," Danish industry and trade minister Mortern Bodskov said. "This requires that we invest massively in our own energy capacity. First and foremost in green solutions. But also in the supply that keeps production running," he added.

Denmark has a legally binding target to reduce greenhouse gas (GHG) emissions by 70pc by 2030, from a 1990 baseline — more stringent than the EU-wide target. It committed at the UN Cop 30 climate summit in November to a 2035 goal of 82pc GHG cuts by 2030, from the same baseline, one of the most ambitious in the world. The bill to set this target in law is currently under consultation.

Denmark aims to reach net zero emissions by 2045 and negative emissions beyond that. Renewable sources made up more than half of Denmark's total energy supply in 2024, IEA data show.

The government has set aside 4bn kroner ($632mn) annually for 15 years from 2034 to reach its climate goals.

By Georgia Gratton and Alejandro Moreano

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23/02/26

UN eyes new voluntary credit cancellation platform

UN eyes new voluntary credit cancellation platform

Berlin, 23 February (Argus) — The UN's climate arm UNFCCC is looking at options for a voluntary cancellation platform for carbon credits under the new Paris Agreement Crediting Mechanism (Pacm) to replace the one under its predecessor the clean development mechanism (CDM). Pacm's regulator, the Article 6.4 supervisory body, aims to decide by July whether to "repurpose" the CDM voluntary cancellation platform or set up a new one, which would entail higher costs, it said at the closing of its meeting in Bonn, Germany, on 20 February. The CDM will terminate at the end of this year, putting an end to the voluntary cancellation platform for CER credits issued under the mechanism. Pacm is obliged to offer the option of voluntary cancellation of its so-called A6.4ER credits. The platform would be linked to the new mechanism registry, which is expected to remain in interim mode until early 2027, and which already lists CERs that have transitioned to Pacm. Unless countries under the Paris Agreement decide otherwise at the UN Cop 31 climate conference in Turkey in December, all non-transitioned CERs will be cancelled by June 2027 at the latest. This would leave only A6.4ERs and transitioned CERs on the voluntary cancellation platform from 2027, the UNFCCC said. Some supervisory body members commended such a platform, arguing that it would broaden the reach and diversify the use of A6.4ERs, showcase projects and "engage the public". But others cautioned on the differing ways in which jurisdictions will allow certain claims to be made on purchased units, and "public sensitivities" over issues such as greenwashing. In some jurisdictions, for instance, climate-neutral claims by companies may be challenged in court. Claims may be a separate issue, other members argued. Claims made by purchasers are "beyond our control", the UNFCCC said. Some members also pointed out that the aim of the CDM's voluntary platform had been to open up CER use for voluntary emissions reductions in the context of the CDM's chronic oversupply, while Pacm has hardly any supply yet and uncertain demand. The UNFCCC suggested carrying out a survey to gauge demand. The new platform may charge vendor fees, unlike the CDM voluntary cancellation platform, the UNFCCC said, citing expected higher costs to enhance security and for the necessary resources for listing projects and monitoring orders. The CDM voluntary cancellation platform is open to corporate buyers, event organisers and individuals wishing to reduce their carbon footprint. Nearly 16mn CERs had been cancelled on the platform by December 2025 since its launch in 2015, the UNFCCC said. And as of December 2025, CERs from 108 projects were available on the platform, up by 45pc compared with December 2023. By Chloe Jardine Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Ghana's Tema refinery says RFCC due online by May

23/02/26
News
23/02/26

Ghana's Tema refinery says RFCC due online by May

London, 23 February (Argus) — Ghana's 45,000 b/d Tema Oil Refinery (TOR) is conducting a major turnaround at its 14,000 b/d residual fluid catalytic cracker unit (RFCC), it told Argus today. The works are due to conclude by end of April-early May, the company said. TOR's RFCC has been offline since the refinery restarted at the end of December , according to information from Ghana's downstream regulator NPA. The regulator publishes irregular downstream market bulletins, in which TOR's RFCC has been described consistently since December 2025 as "shut down". Ghana's gasoline imports have been broadly steady since TOR's return online. Year-to-date arrivals are 48,000 b/d, down from 50,000 b/d in the same period a year earlier. It is uncertain if the return of TOR's RFCC would immediately lead to a rise in gasoline production. The company has previously said it wants to replace a 6,500 b/d catalytic reformer with a 10,000 b/d continuous catalytic reformer. A source in the country said TOR is seeking investors for this. The company was asked if blending component-producing units are operational at the refinery. By George Maher-Bonnett Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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US, Iranian diplomats to meet on 26 February

23/02/26
News
23/02/26

US, Iranian diplomats to meet on 26 February

Washington, 23 February (Argus) — US and Iranian diplomats will hold another round of talks in Geneva, Switzerland, on 26 February, despite militant rhetoric from both sides. Oman's foreign minister Badr Albusaidi announced the date and venue of planned talks in a social media post on Sunday. The previous two rounds of talks did not resolve differences over Iran's nuclear program. President Donald Trump's administration has moved more US naval and air force resources to the region near Iran. Tehran threatened to retaliate against US bases and interests across the Middle East in the event of a US attack. Trump on 20 February said he is considering a possible, limited strike on Iran to pressure Tehran to make unspecified concessions. The US naval buildup in the region near Iran is the largest since 2003, when the US was preparing to invade Iraq, think tank Center for Strategic and International Studies experts Mark Cancian and Chris Park said in a report on 20 February. But the naval and air force assets deployed to the region do not indicate any deployment of ground forces, the experts said. The composition of the US military buildup is comparable to the 1998 operation that featured multiple days of air strikes against Iraq, Cancian and Park wrote. The military assets in place as of 20 February would allow launching 50-100 Tomahawks or other long-range missiles against targets in Iran, according to them. Trump is scheduled to give his annual State of the Union address to the US Congress on Tuesday evening, Washington time. Trump's administration has not briefed lawmakers on the rationale behind the threats to use military force against Iran, and the president has not asked for congressional authorization to target Iran. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Denmark considers extending N Sea production licences

23/02/26
News
23/02/26

Denmark considers extending N Sea production licences

London, 23 February (Argus) — The Danish government will "initiate a process" to look at possibly extending one or more production licences in the Danish North Sea, to contribute to European energy security and independence, it said. "Geopolitical realities underline the need for Europe to take more responsibility for its own energy supply… Europe must be able to stand on its own two feet when it comes to energy supply and security", the government said. The potential extension is framed in terms of energy security for Europe, rather than solely for Denmark. "The government will investigate whether it makes sense to extend one or more licenses — not for Denmark's sake, but for Europe's", climate and energy minister Lars Aagaard said. Although Europe is moving away from Russian energy, it is "still dependent on imported energy", including from the US, Danish minister of economic affairs Stephanie Lose said. Any licence extension must "take place within the framework of the North Sea Agreement and Denmark's long-term climate goals and international obligations", the government said. The North Sea Agreement, signed in 2020, committed Denmark to cancel all future oil and gas licensing rounds and set a phase-out date of 2050 for fossil fuel extraction. Denmark was the biggest oil and gas producer at the time to establish an end date for the fuels' extraction. "I would have preferred that Europe could make do with green energy. But the reality is different, and I fundamentally believe that it is better for Europe to get gas from Denmark than from countries outside our continent", Aagaard said. Denmark has a legally binding target to reduce GHG emissions by 70pc by 2030, from a 1990 baseline — more stringent than the EU-wide target. It committed at the UN Cop 30 climate summit in November to a 2035 goal of 82pc GHG cuts by 2030, from the same baseline, one of the most ambitious in the world. The bill to set this target in law is currently under consultation. Denmark aims to reach net zero emissions by 2045, and negative emissions beyond that. Renewable sources made up more than half of Denmark's total energy supply in 2024, IEA data show. The government has set aside 4bn Danish kroner ($632mn) annually for 15 years from 2034 to reach its climate goals. 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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US regulatory rollback raises wider oil sector concerns

23/02/26
News
23/02/26

US regulatory rollback raises wider oil sector concerns

Washington, 23 February (Argus) — President Donald Trump has repealed more than 15 years of regulations limiting greenhouse gas emissions from vehicles, an action that raises doubts over the future of other climate regulations. The US Environmental Protection Agency (EPA) earlier this month revoked tailpipe standards that limited CO2 emissions, in addition to repealing its 2009 endangerment finding that gave it the ability to regulate greenhouse gas emissions from vehicles. Trump says the tailpipe rules were part of a "giant scam" to address climate change, forcing consumers to buy vehicles they did not want. The now-gutted tailpipe rules were among the last remaining federal measures to constrain CO2 emissions from cars and trucks. The Republican-led Congress last year voted to block California from enforcing its own tailpipe rules, after which lawmakers eliminated all penalties for carmakers that fail to meet federal fuel-economy standards. US car manufacturer General Motors said last month it expects $500mn-750mn in savings this year from no longer having to purchase fuel-economy compliance credits. The tailpipe repeal will likely increase fuel demand and thereby raise gasoline prices by 75¢/USG by 2050 in constant dollar terms, or 29pc above a reference-case scenario, according to the EPA. That would be a positive development for US oil producers and refiners. Ahead of the rollback, the US Energy Information Administration's reference case in its Annual Energy Outlook showed fuel demand from light-duty vehicles falling to 4.9mn b/d by 2050 from 8.3mn b/d this year. But the additional spending on fuel could start to bite for consumers. Under one scenario the EPA modelled, consumers would face net losses of $180bn over 2027-55, as greater spending on fuel and maintenance overwhelms any upfront savings from cheaper vehicles. The EPA relied on an alternative scenario, where oil prices plunge to $47/bl by 2050 compared with a reference-case scenario of $91/bl, to demonstrate the rollback would produce net savings of $250bn by 2055. None of the EPA's analyses accounted for the billions of dollars in health costs from additional air pollution or damage from climate change. Under a recent policy change, the EPA assigned a value of $0 for negative air pollution externalities, despite outcry from environmentalists that say this has distorted its analyses. Methane uncertainty The sweeping arguments the EPA used to repeal its tailpipe rule could complicate the oil sector's push for long-term stability in federal methane regulations. To support the revoking of the tailpipe standards and the underlying endangerment finding, the EPA says it now believes the US' Clean Air Act is only able to regulate "local and regional" air pollution, rather than global greenhouse gas emissions. The EPA also says it was futile to issue costly rules in the US because it believes the climate benefits will be immaterial. If the courts agree with that argument, that could spell trouble for a separate methane regulation. "It seems logically impossible to set standards for methane if the EPA's argument in its recent rule rescinding the endangerment finding succeeds," Harvard Law School's Environmental and Energy Law Programme director, Jody Freeman, says. Oil groups have sought to retain federal methane regulations, with some change to reduce costs. Doing so would avoid creating uncertainty over millions of dollars of investments the industry has already made in emission controls, while also preventing backlash from foreign buyers that have to consider carbon intensity when buying LNG and oil. The EPA has yet to say if it wants to repeal its methane authority. EPA administrator Lee Zeldin last year said he plans to reconsider the methane rule, but the agency is months late in releasing a proposal. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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