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Trump promises Hormuz deal 'soon'
Trump promises Hormuz deal 'soon'
Washington, 6 August (Argus) — President Donald Trump again said on Thursday that a deal to reopen the strait of Hormuz to navigation is imminent, even though Tehran appears to be insisting on major concessions from Washington. "I am involved in the negotiations," Trump told reporters at the White House, adding that "we're doing fine" and that a deal could be concluded "very soon". Trump may have been referring to the dialogue between Iran and Oman when he began on 2 August to reference ongoing talks with Iran that he said would result in reopening Hormuz within a day or two. Iran and Oman are close to issuing a joint statement specifying "geographical co-ordinates" of a safe transit route through Hormuz, Iran's foreign ministry said on Wednesday. But Tehran is demanding the lifting of the US blockade and other concessions from Washington. The deal with Oman "by itself would not make Hormuz safe for transit", Iran's foreign ministry said. The US naval blockade remains in place, and the strait of Hormuz is "sort of open right now", Trump said on Thursday. But he acknowledged that threats posed by Iran are deterring many shippers from using the Mideast Gulf waterway. "We control it, but they can always shoot something, or drop a mine, and if you have one mine sitting out there, you sort of mess things up because people don't want to take their billion-dollar boats and accidentally get hit by a mine," he said. Trump, who has been expressing unease about elevated energy prices, said on Thursday that "oil prices now are coming down very rapidly, it's down to $75/bl". September Nymex WTI rose by $2.07/bl to $77.29/bl on Thursday, bouncing higher after steep losses earlier in the week. Vessel traffic through the strait of Hormuz on Wednesday remained confined mostly to the Iranian-favored northern traffic lane, with maritime security firm Windward recording nine inbound transits and 11 outbound transits, with two transits in both directions taking place on the US-supported southern traffic lane along the coast of Oman. Iran continues to exert pressure on commercial shipping through the strait by attacking intermittently and by issuing warnings to vessels. A tanker transiting north toward the strait of Hormuz on Wednesday reported two loud explosions in its vicinity, leading it to alter its course and abort transit, according to the UK Trade Maritime Operations (UKTMO). Iran's forces on Thursday confronted "hostile enemy targets" near the Qeshm island in the strait of Hormuz, said Iranian news agency Tasnim, which is tied to the Islamic Revolutionary Guards Corps. The report did not detail whether any vessel came under attack. The Iranian claim has not been independently verified. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Cheniere’s next train nears LNG production
Cheniere’s next train nears LNG production
Houston, 6 August (Argus) — The final train of Cheniere's 14mn t/yr (1.9bn ft³/d) stage 3 project at Corpus Christi LNG in Texas is close to beginning production, the US LNG developer announced on Wednesday, as the expansion's earlier-than-expected startup helps the firm raise its 2026 output guidance. First LNG from the expansion's seventh train is "expected imminently", the producer said in its earnings release. Separately, Cheniere also sought permission to flow feedgas into parts of the cold end of train 7 on Wednesday, according to a filing with the Federal Energy Regulatory Commission (FERC), a request that has portended first LNG within the following week for the expansion's previous trains. Cheniere expects train 7 to be fully on line and begin commercial service this autumn. Contractor Bechtel has brought the seven-train expansion, which began producing LNG in late 2024, into service ahead of schedule, helping Cheniere tighten its production guidance for 2026 to 53mn-54mn t, up from 52mn-54mn t in the previous quarter and from 51mn-53mn t at the start of the year. The LNG producer told investors it has less than 1mn t of unsold spot capacity remaining. The company has undergone minor maintenance at Corpus Christi LNG and its 33mn t/yr Sabine Pass export terminal in Louisiana throughout 2026 and intends to wrap up its planned outages by the end of August. Cheniere reaffirmed its target to start construction on the first phase of an expansion at Sabine Pass in early 2027, pending FERC's approval by late 2026. The company signed a deal with Bechtel in May to oversee the engineering, procurement and construction of the 20mn t/yr expansion at Sabine Pass, the first phase of which would include a 6mn t/yr liquefaction train and 1mn t/yr of boil-off gas reliquefaction capacity. The first phase is already fully commercialized. Cheniere has sold 10mn t/yr under long-term contracts that it can apply to its expansion efforts, the company said earlier this year. By Tray Swanson Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Nigeria eyes $30bn offshore oil, gas investment by 2030
Nigeria eyes $30bn offshore oil, gas investment by 2030
Lagos, 6 August (Argus) — Nigeria's upstream oil and gas regulator NUPRC said 22 offshore projects are expected to attract at least $30bn of investment between 2026-30, supporting a government drive to raise crude oil output to 2.5mn b/d by the end of the decade. NUPRC chief executive Oritsemeyiwa Eyesan, speaking on the final day of the Society of Petroleum Engineers annual Nigeria conference in Lagos that ended on 5 August, said the 22 "major" projects form the offshore portion of the $57bn in field development plans (FDPs) approved by the regulator since January 2024. NUPRC previously said 41 FDPs approved in 2024 would attract $17.5bn of investment and produce 573,000 b/d of oil from reserves of 1.4bn bl. It later said 28 FDPs approved in the first nine months of 2025 represented $18.2bn of capital expenditure and targeted production of 591,000 b/d, also from reserves of 1.4bn bl . Some of those FDPs have since reached final investment decisions (FIDs), Eyesan said. Nigeria's presidency said in June that the country's share of African upstream FIDs rose "from about 4pc in the years to 2023 to roughly 40pc across 2024 and 2025, with about $10bn committed and a visible pipeline of some $50bn ahead". President Bola Tinubu has set crude production targets of 1.7mn b/d by 2027 and 2.5mn b/d by 2030. Output was 1.65mn b/d in June, up from 1.59mn b/d in May, according to Argus estimates. Nigeria is also pursuing infrastructure projects to support upstream growth and field development. Eyesan said the country is expanding central processing facilities, pipelines and export infrastructure. NUPRC is also "promoting shared facilities, open access, third-party access and field tiebacks to reduce costs, speed up project delivery and maximise the use of existing infrastructure", she said. Stronger collaboration among government, security agencies, operators, host communities and private partners is improving oil installation security and making Nigeria's upstream sector "more resilient", she added. Nigeria is also seeking to attract upstream investment through annual licensing rounds, with the aim of increasing national liquids reserves to 40bn bl from 37.01bn bl, NUPRC said earlier this year. The recently concluded 2025 licensing round saw 31 companies win 37 oil and gas blocks. "Preparations [are] already underway for the 2026 licensing round," Eyesan said. By Adebiyi Olusolape Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia's Beach to raise oil, gas output in FY27
Australia's Beach to raise oil, gas output in FY27
Sydney, 6 August (Argus) — Rebuilding reserves will be a priority for Australian independent Beach Energy in its July 2026-June 2027 fiscal year, the firm said in its full-year results published today. It has also set a higher production guidance for the 2026-27 fiscal year, forecasting 19.5mn-23mn bl of oil equivalent (boe) for the fiscal year, up from 19.4mn boe in the 2025-26 fiscal year . This is due to increased volumes from Beach's Waitsia gas plant in Western Australia given that the 250 TJ/d joint venture operated by Japan's Mitsui reached capacity in April after being hampered by performance issues during start-up. Ongoing discussions are underway with the Western Australian government and the 14.3mn t/yr North West Shelf LNG terminal on extending Waitsia's permit to export LNG beyond the end of 2028 . Waitsia can export about 1.5mn t/yr under the existing deal. Beach's underlying net profit was down by 21pc on the year to A$355mn ($250mn) due to lower sales revenue, impacts of a flood in the Cooper basin in South Australia and a decline in offshore Otway basin assets, with field decline of close to 10pc. Its capital management strategy aims to grow organic and inorganic reserves and to look at acquisitions, Beach said, with A$983mn in available liquidity on its balance sheet to fund potential acquisitions. It is targeting final investment decisions (FIDs) for a two-well exploration campaign in the nearshore Otway basin in the first half of its 2026-27 fiscal year and expects to take an FID for the Waitsia inlet compression project in January-June 2027. Beach holds a 25pc stake in the ATP 2081 exploration permit in Queensland's onshore Taroom trough where a two-well exploration campaign is planned in October-December, with operator Omega Oil and Gas considering a seismic survey in the 2027-28 fiscal year. The federal government's planned domestic supply obligation (DSO) to oversupply the market with gas from LNG producers' projects has been strongly opposed by Beach. Negotiations continue on the final design of the scheme, but chief executive Brett Woods said he was continuing to advocate for a fair system for domestic suppliers, noting that the competition regulator the Australian Competition and Consumer Commission (ACCC) has said A$12-13/GJ gas prices were needed to continue to support the market. Beach reported a realised gas price of A$11.50/GJ last fiscal year. Some contracting of gas supply has occurred in recent months, Woods said, despite uncertainty about the DSO's impact, at "strong pricing in and around ACCC-identified levels". A final outcome on the DSO design is expected by the end of 2026 ahead of commencement in July next year. The Argus -assessed AWX for spot gas deliveries in August to Wallumbilla rose by about A$0.08/GJ from a week earlier to A$10.65/GJ on 31 July, while Argus ' AVX for August deliveries into Victoria fell by A$0.08/GJ from a week earlier to A$10.35/GJ. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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