EPA to issue methane rule this year
The US Environmental Protection Agency (EPA) plans to issue a rule regulating methane emissions later this year, administrator Andrew Wheeler said today.
The administration planned a rule that better recognizes methane as a product as well as a pollutant.
"What we are trying to do is work cooperatively with the industry to help them capture their product more and to have fewer releases," Wheeler said on the sidelines of the IHS-CERAWeek conference in Houston.
President Donald Trump's administration has planned a two-step approach to rolling back methane emission restrictions that apply to new oil and gas facilities. The EPA already proposed but has not yet finalized a plan to cut in half the frequency of leak detection tests at most new facilities. EPA has also indicated it is planning a separate proposal to revise the way it regulates methane.
Oil and gas groups have pushed EPA to stop directly regulating methane as a greenhouse gas and instead reduce it through other rules because of concerns it will lead to costly new requirements at hundreds of thousands of existing facilities.
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US Democrats defend Venezuela sanctions policy
US Democrats defend Venezuela sanctions policy
Washington, 20 September (Argus) — President Joe Biden's administration is justified in holding fire on new sanctions against Venezuela, a decision that will allow Chevron to maintain its foothold in the country, Democratic lawmakers said today. The Biden administration has indicated it does not plan to respond to the Venezuelan government's crackdown on the political opposition by imposing tougher sanctions against Caracas' oil sector. The decision helps prevent a sudden economic crisis in Venezuela that would result in increased immigration, House Foreign Affairs Committee member Joaquin Castro (D-Texas) said today. House Foreign Affairs Committee's western hemisphere panel chair Maria Salazar (R-Florida) today accused Chevron and other foreign oil companies operating in Venezuela of underwriting the Maduro government's campaign of repression. "American and European oil companies led by Chevron, Repsol, Eni and Maurel & Prom have increased their oil pumping, and their profits are directly fueling the tyrannical machinery of oppression," Salazar said. "I am very much pro energy sector, making a lot of money, but there are lines you do not cross when profiting from other people's miseries." Salazar showed charts purporting to show that Chevron has made $5bn in revenues since the Biden administration allowed it to resume Venezuela operations in December 2022. "I would like to use your Chevron charts in my Natural Resources Committee — I am putting that on the record," representative Sydney Kamlager-Dove (D-California) told Salazar. The Democrats on the House Natural Resources Committee earlier this week held a discussion on "Holding Big Oil Accountable for Extortion, Collusion, and Pollution." Salazar contended that the Biden administration had a political reason to protect Venezuela's oil sector. "We know very well that we are in an election cycle and that the White House needs cheap gas at the pump." US crude imports from Venezuela averaged 190,000 b/d in January-June, less than 3pc of total imports, according to Energy Information Administration data. Chevron was not immediately available to comment. Chevron, Repsol and Eni have exemptions from US sanctions allowing them to load Venezuelan crude, but those exports are typically made under crude-for-debt arrangements, rather than for cash. Much of the Venezuelan oil sector is already subject to US sanctions, forcing PdV to rely on shadow fleet tankers and intermediaries to channel exports to buyers in China's Shandong region. Maduro proclaimed himself the winner of the 28 July election and has forced his election rival Edmundo Gonzalez to flee the country after issuing an arrest warrant against him earlier this month. The Venezuelan opposition has produced electoral records to show that Gonzalez likely won the 28 July presidential election, a claim backed by Washington. But the Biden administration has not recognized Gonzalez as president-elect. US officials appear to believe they still have time to figure out the best combination of diplomacy and sanctions to enable a power transition in Venezuela before Maduro's current term expires in January. "There's a lot that can happen between an election and the inauguration, and that's certainly the way we're looking at the situation now," deputy assistant secretary of state Kevin Sullivan told the House Foreign Affairs Committee panel today. Not recognizing Gonzalez as president-elect prevents Maduro from casting his rival as an American proxy, Castro said. "I would argue that we tried that with [Juan] Guaido, and it all fell apart." The US administration under former president Donald Trump in January 2019 recognized Venezuelan opposition leader Juan Guaido as the country's legitimate leader and imposed severe sanctions to force Maduro from power. Guaido fled to the US in 2022. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Citgo auction result delayed by last-minute motions
Citgo auction result delayed by last-minute motions
Houston, 20 September (Argus) — The US court-appointed special master who has been tasked with overseeing the auction of Venezuelan state-owned PdV's US refining subsidiary, Citgo, Robert Pincus, plans to object to a last-minute motion by the Venezuelan government to delay the sale process by four months. Caracas and PdV filed a motion on 17 September looking to pause the sale of Citgo, which is being auctioned off to settle debts owed by PdV. Pincus is also dealing with last-minute legal challenges outside of the Delaware courts overseeing the sale by "alter-ego" claimants looking to "circumvent" the sales process and "jump the line" for enforcing claims against PdV, he said. Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Libya blockade pushes European buyers to other crudes
Libya blockade pushes European buyers to other crudes
London, 20 September (Argus) — Libya is still exporting crude nearly a month after its eastern-based administration imposed a blockade on oil fields and terminals, but a significant reduction in loadings has prompted key European customers to turn to alternative grades. Libya exported around 389,000 b/d of crude in the 1-19 September period, according to Argus tracking data, a sharp drop from 932,000 b/d during the same period in August when Libya's pre-blockade crude output was close to 1mn b/d. Assuming Libya is keeping some crude for domestic refining and power generation, current production may now be closer to 500,000 b/d — up from previous Argus estimates of around 300,000 b/d . The September exports are largely occurring under state-owned NOC's crude-for-products programme. This potentially bypasses the central bank, which has been at the centre of the political impasse that sparked the blockade . Nearly half of Libyan loadings so far this month, or 189,000 b/d, have headed to Italy, according to Argus tracking. But Italy's Libyan intake averaged 329,000 b/d over January-August, so the country has sought alternatives to replace the shortfall this month. Two cargoes of Algeria's light sweet Saharan Blend amounting to 67,000 b/d arrived in Italy in the 1-19 September period, after no cargoes in August and just one in July. Exports of Caspian light sour CPC Blend to Italy have jumped to 561,000 b/d so far this month, up from 410,000 b/d over 1-19 August and 520,000 b/d over 1-19 July, according to port reports. Availability of CPC Blend was constrained in August by maintenance at Kazakhstan's 600,000 b/d Tengiz field. Around 92,000 b/d of Libyan crude headed for Spain in the first eight months of this year, but none has loaded for the country so far in September. Exports of CPC Blend to Spain rose to 96,000 b/d over 1-19 September, up on the 37,000 b/d shipped during the same periods in each of August and July. By Melissa Gurusinghe Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Climate finance from MDBs at record $125bn in 2023
Climate finance from MDBs at record $125bn in 2023
London, 20 September (Argus) — Ten multilateral development banks (MDBs) provided a record $125bn in climate finance in 2023, up from just under $100bn in 2022, according to a report led by the European Investment Bank (EIB). The report combines data from the EIB, the African Development Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Council of Europe Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank, the Islamic Development Bank, the New Development Bank and the World Bank Group. The MDBs provided $74.7bn in climate finance for low- and middle-income economies in 2023, up by 23pc on the year. Half of this was from the World Bank. Of the total, a third was for climate adaptation — adjusting to the effects of climate change where possible — with the remainder for mitigation, or cutting emissions. The amount of private finance mobilised for this group was $28.5bn in 2023. MDBs allocated $50.3bn to high-income economies last year, up by nearly a third from $38.8bn in 2022. The EIB provided most of the total, at $42.1bn. The vast majority — 94pc — went to mitigation, with the remainder for adaptation. Private finance mobilised for high-income countries was significantly higher, at $72.7bn, reflecting the challenges faced by developing economies to pull in finance from the private sector. Climate finance will take centre stage at the UN Cop 29 summit in Baku, Azerbaijan, in November. Countries must decide on the next stage of a climate finance goal , after developed countries agreed to deliver $100bn/yr in climate finance to developing nations over 2020-25. MDBs are often called on by governments and campaign groups to do more to tackle climate change. The same 10 MDBs said earlier this year they will implement "new innovative climate finance approaches", including guarantees, sustainability-linked bonds, disaster clauses and mechanisms to access emergency finance. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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