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No plans to tighten Myanmar sanctions: Australia

  • Spanish Market: Crude oil, Natural gas
  • 07/02/22

The Australian government has no plans to follow the US and tighten sanctions against Myanmar (Burma) despite the withdrawal of Australian independent Woodside Petroleum last month from Myanmar over the worsening political situation in the country.

On the eve of the one-year anniversary of the military coup, Washington imposed sanctions on members of the country's military elite, as well as freezing their assets and imposing travel bans.

Australia is following the response of the Association of southeast nations (Asean), which Myanmar is a member, and this grouping of southeast Asian nations have pursued a strategy of dialogue.

"Australia strongly supports Asean's leadership and efforts of the special envoy of the Asean chair on Myanmar. We urge the military to honour its commitment to implement Asean's five-point consensus," Australian foreign minister Marise Payne said in a statement.

Australia's autonomous sanctions regime already includes a longstanding arms embargo against Myanmar, as well as targeted sanctions against five individuals with direct responsibility for atrocities in Rakhine state, where the Myanmar military embarked on a crackdown on the Muslim Rohingya minority. Australia continues to keep its sanctions regime under active consideration, and further sanctions have not been ruled out, Payne said.

Australia strongly supports Asean's leadership and efforts of the special envoy of the Asean chair on Myanmar, Erywan Yusof, the minister said. Australia urges the Myanmar military to honour its commitment to implement Asean's five-point consensus, which includes the cessation of violence in Myanmar and that constructive dialogue between all parties in Myanmar start to seek a peaceful solution.

"We have maintained our view on sanctions is that imposing sanctions at this time would not currently further our interests in terms of our advocacy on the Asean led solution for the critical situation in Myanmar," Payne said. "I do respect, obviously, the decisions of other partners who have determined that imposing further sanctions is the appropriate measure for them. From our perspective, it is not currently a step we are intending to take, but we keep this under review," the minister said.

Woodside in January said it will formally exit the upstream offshore blocks AD-1 and AD-8, the A-6 joint venture and the A-6 production-sharing contract held with state-owned Myanmar Oil and Gas Enterprise. Woodside holds a 40pc participating interest in A-6 as joint operator and participating interests in exploration permits AD-1 and AD-8.


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19/02/25

Trump asserts power over independent agencies

Trump asserts power over independent agencies

Washington, 19 February (Argus) — President Donald Trump has signed an executive order that claims to give him sweeping control over the budgets, policies and regulations of independent US agencies that oversee the energy sector, financial markets, trade and transportation. The order seeks to give the White House unprecedented control over the US Federal Energy Regulatory Commission (FERC), the US Commodity Futures Trading Commission (CFTC), the US Securities and Exchange Commission (SEC) and more than a dozen other independent agencies. Trump's order asserts that "so-called independent agencies" lack sufficient accountability and should be brought under his direct control. "For the federal government to be truly accountable to the American people, officials who wield vast executive power must be supervised and controlled by the people's elected president," according to the executive order, which was signed on Tuesday. FERC, the CFTC and the SEC did not respond to a request for comment. Trump's order would all but end years of attempts by the US Congress to shield agencies that oversee energy markets, trading, finance, maritime trade, railroads, and other businesses from excessive political influence. Congress made those agencies independent — often with a bipartisan board serving years-long terms — to ensure a degree of independence when agencies resolve business disputes, set market rules and issue new regulations. In Trump's first term, FERC's commissioners and Republican chairman rejected the administration's plan to push through market rules to bail out coal and nuclear power plants, based partly on the concerns that doing so would destabilize power markets and cost consumers billions of dollars. It remains unclear if the agency in the future could assert that degree of independence under the order. Trump's order would give the White House the ability to control independent agency budgets and require the appointment of a White House "liaison" in each agency. The order would require agency chairs to align their policies with the White House, subject all significant regulations to review by the administration, and would establish "performance standards" for agency leaders. The order provides an exception for the US Federal Reserve for monetary policy, but the agency's budget and its regulatory actions would come under White House control. Other agencies also covered by the executive order include the US Surface Transportation Board, the US Federal Trade Commission, the US Chemical Safety Board, the US Export-Import Bank, the US Federal Maritime Commission and the US National Transportation Safety Board. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Investor group urges BP to allow new climate vote


19/02/25
19/02/25

Investor group urges BP to allow new climate vote

London, 19 February (Argus) — A group of 46 BP institutional investors has voiced concerns that the company may ditch a target to reduce its oil and gas production to 2mn b/d of oil equivalent (boe/d) by the end of the decade, urging a new shareholder vote be allowed on its net-zero strategy. The letter's signatories include several UK and European pension fund managers and other investors, including Aegon, Investec and Robeco. It comes ahead of BP's capital markets day on 26 February, when the company has said it will "fundamentally reset" its strategy. The group calls on BP to give another opportunity to vote on its net-zero plans at its 2025 annual general meeting, pointing out that shareholders in 2022 endorsed a BP plan to cut hydrocarbon production by 40pc, to 1.5mn boe/d, by 2030. That achieved 88.5pc support from shareholders, but the group of investors behind the letter note that nine months later BP revised upwards its target for 2030 to 2mn boe/d. BP's output averaged 2.36mn boe/d in 2024. The investors are now concerned that increased spending by BP on oil and gas output, due to subsequent strategy tweaks, will raise "potential exposure to stranded assets as the energy transition progresses." The letter notes there is opportunity for BP to explain how emissions budgets in Paris Agreement-aligned scenarios are considered in the sanctioning of new projects. "Showing where projects will sit on the global merit curve of producing assets would also allow investors to assess the relative competitiveness and resilience of BP's portfolio and capital expenditure," it states. In a statement to Argus a signatory to the letter, Royal London Asset Management, said it recognised BP's past efforts toward the energy transition but it is "concerned about the company's continued investment in fossil fuel expansion. "If BP has decided to scrap its production target, we seek clarity on how capital allocation will shift to ensure resilience through the energy transition," it said. "Will BP scale up investments in renewable energy, carbon capture, and emerging technologies to future-proof the business against regulatory, market, and climate risks?" Royal London urged BP "to strengthen governance and transparency around transition planning, ensuring that future capex decisions align with a net-zero pathway rather than locking in further emissions growth." It added: "Robust oversight and clear long-term strategies are essential to delivering value while managing the risks of an accelerating energy transition." A BP spokesman said the company had received the letter and "will respond in due course." Environmental pressure group Greenpeace said BP can expect this kind of pushback and challenge from its shareholders "at every turn if it doubles down on fossil fuels". "Government policies will also need to prioritise renewable power, and as extreme weather puts pressure on insurance models policymakers will be looking to fossil fuel profits as a way to fund extreme weather recovery," Greenpeace said. "BP might want to seriously put the brakes on this U-turn." Earlier this month BP's shares jumped on media reports that activist hedge fund Elliott Investment Management was building a stake in the UK major. Investment bank analysts that follow BP expect Elliott to attempt to bring about a boardroom shake-up as it has at other resources companies, including at Canadian oil sands business Suncor Energy in 2022. By Jon Mainwaring Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

India’s AMNS seek five-year term LNG deal from 2026


19/02/25
19/02/25

India’s AMNS seek five-year term LNG deal from 2026

Mumbai, 19 February (Argus) — Indian steel manufacturer ArcelorMittal Nippon Steel (AMNS) is seeking a five-year term LNG deal for six cargoes a year starting in 2026 for its direct reduced iron (DRI) plant in the western Gujarat state of Hazira, sources close to the matter have told Argus . AMNS seeks to sign the deal with prices linked to the US Henry Hub or Brent on a delivered basis to India's west coast either at Petronet's 17.5mn t/yr Dahej terminal or Shell's 5mn t/yr Hazira terminal, the source said. The tender's final stage is expected to close by 27 February. The deal may equate to 1.8mn t of LNG supply over the period to 2030, assuming a 60,000t LNG cargo size. The Hazira plant has crude steel production capacity of 8.8mn t/yr, according to ArcelorMittal's September 2024 report. As much as 65pc of the capacity is based on DRI. The firm is on track to expand its low-cost steel-making capacity to 15mn t by 2026, the report says. This supply pact also underscores a trend in the global steel industry to use cleaner energy sources to produce green steel. The firm imports up to 75pc of its 1.72mn t in natural gas requirements on an annualised basis, a company official told Argus last year. The steelmaker had last signed a 10-year deal to buy LNG from Shell , with deliveries to start from 2027, at a 11.5 percentage of Brent crude prices that still remains one of the lowest-heard slopes for an Indian term LNG supply contract. And AMNS has a deal with TotalEnergies for 500,000 t/yr that is scheduled to expire in 2026 . The firm may consider extending it next year, another source said. India's demand for LNG term contracts continues to grow as several gas majors signed LNG contracts during the India Energy Week event. India's state-run Bharat Petroleum has signed a five-year LNG agreement with UAE's state-owned Adnoc at 115pc of Henry Hub price plus a constant of $5.66, similar to the Gail five-year term LNG deal signed in December, sources told Argus . State-owned refiner IOC signed a 14-year sales and purchase agreement for up to 1.2mn t/yr of LNG, valued at $7bn-9bn with Adnoc Gas, during the event. The deliveries are set to begin in 2026, and the cargoes will be sourced from the UAE's 6mn t/yr Das Island liquefaction facility. The deal was signed at 12.5pc of Brent crude prices, sources told Argus . And state-owned Gujarat State Petroleum (GSPC) during the event signed a 400,000 t/yr of LNG deal with TotalEnergies for 10 years to begin from 2026. Under this deal, TotalEnergies will deliver up to six cargoes a year to GSPC. The deal was signed at 119pc of Henry Hub price plus a constant of $4.4, sources told Argus . By Rituparna Ghosh Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

EU draft plan seeks to cut energy costs


19/02/25
19/02/25

EU draft plan seeks to cut energy costs

Brussels, 19 February (Argus) — The European Commission has set out plans to tackle the cost of energy in the EU, warning in a draft document that Europe risks de-industrialisation because of a growing energy price gap compared to global competitors. High energy prices are undermining "the EU's global standing and international competitiveness", the commission said, in a draft action plan for affordable energy, seen by Argus . The plan is expected to be released next week, alongside a clean industrial deal and other strategy documents. Much of the strategy relies on non-binding recommendations rather than legislation, particularly in energy taxation. Officials cite EU reliance on imported fossil fuels as a main driver of price volatility. And they also highlight network costs and taxation as key factors. For taxation, the commission pledges — non-binding — recommendations that will advise EU states on how to "effectively" lower electricity taxation levels all the way down to "zero" for energy-intensive industries and households. Electricity should be "less taxed" than other energy sources on the bloc's road to decarbonisation, the commission said. It wants to strip non-energy cost components from energy bills. Officials also eye revival of the long-stalled effort to revise the EU's 2003 energy taxation directive. That requires unanimous approval from member states. The commission pledges, for this year, an energy union task force that pushes for a "genuine" energy union with a fully integrated EU energy market. Additional initiatives include an electrification action plan, a roadmap for digitalisation, and a heating and cooling strategy. A white paper will look at deeper electricity market integration in early next year. EU officials promise "guidance" to national governments on removing barriers to consumers switching suppliers and changing contracts, on energy efficiency, and on consumers and communities producing and selling renewable energy. More legislative action will come to decouple retail electricity bills from gas prices and ease restrictions on long-term energy contracts for heavy industries. By 2026, the commission promises guidance on combining power purchase agreements (PPAs) with contracts for difference (CfDs). And officials will push for new rules on forward markets and hedging. There are also plans for a tariff methodology for network charges that could become legally binding. Familiar proposals include fast-tracking energy infrastructure permits, boosting system flexibility via storage and demand response. Legislative overhaul of the EU's energy security framework in 2026 aims to better prepare Europe for supply disruptions, cutting price volatility and levels. Specific figures on expected savings from cutting fossil fuel imports are not given in the draft seen by Argus . But the strategy outlines the expected savings from replacing fossil fuel demand in electricity generation with "clean energy" at 50pc. Improving electrification and energy efficiency will save 30pc and enhancing energy system flexibility will save 20pc, according to the draft. The commission is also exploring long-term supply deals and investments in LNG export terminals to curb prices. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

UK Gulfsands Petroleum eyes return to Syria's upstream


19/02/25
19/02/25

UK Gulfsands Petroleum eyes return to Syria's upstream

Dubai, 19 February (Argus) — London-listed Gulfsands Petroleum plans to return to Syria's upstream as soon as sanctions on the country are lifted and "circumstances allow," the company's managing director John Bell said. "Sanctions discussions are occurring not only in the EU, but also in the UK and US," Bell told Argus . "In summary, we view these developments as generally positive. Gulfsands has always intended to return to its operation in Syria when the circumstances allow." Gulfsands holds a 50pc operating stake in two oil fields in Syria's block 26, in the country's northeast near the border with Iraq, an area long controlled by the Kurdish-led Syrian Democratic Forces (SDF). Chinese state-owned Sinochem holds the remaining 50pc. Force majeure was declared in December 2011 with respect to the contract after the introduction of EU sanctions against Syria. The fields were producing 24,000 b/d at the time. Since then, control of the fields has been unclear at times. By 2017 Gulfsands said production was averaging around 15,000-20,000 b/d, although it added that was without its participation. Bell said the company can only return "if the current relevant energy sanctions in the EU, UK and US as revised and hence international companies are permitted to return to their operations, bringing with them vital investment, people, equipment and know-how." In January, the EU's high representative for foreign affairs Kaja Kallas said the bloc would begin easing sanctions against Syria within weeks , starting with economic and energy restrictions. More recently she said the EU would meet on 24 February to discuss the lifting of sanctions on Syria, and told Argus the prospect of this "is looking promising" albeit internal European politics could slow the process. Road to recovery Once a 600,000 b/d-plus producer, Syria's crude output has been on the decline over the past three decades. Just before the start of the civil war in 2011, production had was below 400,000 b/d, and by May 2012 it had fallen to 200,000 b/d, the Syrian government said. Today it is less than 100,000 b/d, with only around 16,000 b/d or so coming from fields in areas under the former Assad government's control. "At the moment, oil production in Syria is largely opaque, illicit, unsafe, destined for the black market and causing enormous environmental damage… [and] production volumes have decreased recently due to these unsustainable practices," Gulfsands' Bell said. Whether Syria can reverse this downward production trend "will depend on the approach taken by the new Syrian government," he said. If they properly leverage existing centralised government institutions and work with returning international energy companies, Bell said he could see crude output returning to not only pre-2011 levels, but even as high as 500,000 b/d "within several years." By Nader Itayim and Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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