US producer Talos Energy has finalised the unitisation agreement for its shallow-water Zama discovery in Mexico following an operatorship dispute with state-owned Pemex. In 2017, Talos announced the Zama find of up to 950mn bl of recoverable oil equivalent in block 7, which neighbours Pemex acreage. But after more than two years of talks, the parties failed to agree and the energy ministry designated Pemex as operator in July last year. That decision was criticised for deterring investors, for the strain it will put on Pemex's stretched finances, and because of Pemex's lack of experience drilling a reservoir at Zama's depth. The block could produce up to 160,000 b/d of oil equivalent, Talos says, making it the largest exploration and production contract awarded since 2014's energy reforms.
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Puro launches environmental attributes registry
Puro launches environmental attributes registry
London, 21 September (Argus) — Helsinki-based carbon registry provider Puro.earth has launched a new standard and registry for environmental attributes, initially tracking agricultural carbon intensity. The initial focus will be on clean-fuel feedstocks. The registry will track carbon intensity scores of agricultural processes at defined stages across the supply chain from field-level origination. Each step will be timestamped and auditable. Carbon intensity attributes will remain attached to the commodity under set chain-of-custody and mass-balance rules, rather than trade as decoupled certificates under a book-and-claim model. Each attribute will be issued against a specific quantity and geospatially defined field for a given year. Attributes will be kept distinct from carbon credits, removals and others issued through other registries or programmes, but they can support other forms of environmental claims, for example feeding into biomethane sustainability verification. Market participants and auditors will be able to view origin, ownership, transfer history, retirement status and claim eligibility for relevant attributes. Puro will certify that existing third-party methodologies for specific crops and use cases, including those within compliance frameworks, are implemented correctly by suppliers. The new registry will also support companies as new obligations arise from changes to the Science Based Targets initiative (SBTi) forest, land and agriculture guidance and the Greenhouse Gas Protocol's land sector and removal standards, Puro said. Puro's standard is among the most widely used for CO2 removal credits in the voluntary carbon market, with around 800 buyer organisations conducting transactions through its existing registry. By Gian Remnant Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Territorial risks cloud Mexico’s Centauro expansion
Territorial risks cloud Mexico’s Centauro expansion
Mexico City, 18 September (Argus) — Territorial risks threaten to delay the second phase of Mexico's Centauro del Norte natural gas pipeline, designed to bring cheaper US Permian basin gas to northwestern power plants, while disparate metrics obscure its rate of progress. Grupo Carso is building the $1.43bn, approximately 442km (275-mile) pipeline across Baja California and Sonora states. The project will supply two of state-owned utility CFE's newest combined-cycle power plants and add generation capacity in a region facing grid constraints. The 72km first phase runs from an interconnection with Sempra's Rosarito pipeline near Mexicali to San Luis Rio Colorado, connecting the new plants to existing infrastructure. Mexicali's 641MW Gonzalez Ortega plant began commercial operations in May. CFE is also developing the 648MW San Luis Rio Colorado plant. Construction of the 365km second phase is not scheduled to begin until early 2027, with completion targeted for December 2028, but market sources doubt that schedule can be met. The expansion would receive Permian gas primarily through the Samalayuca-Sasabe pipeline system and northern cross-border hubs connected to west Texas supplies. The second phase presents territorial risks that engineering alone cannot resolve, Carlos Alberto Torres, a former official at state-owned Pemex, told Argus . These include its proximity to the El Pinacate y Gran Desierto de Altar biosphere reserve, consultations with Tohono O'odham communities along the Sonoyta-Caborca corridor, rights of way across agricultural land near Caborca and Altar, and security conditions affecting workers and contractors. None has been confirmed as currently blocking the project, Torres said, but each could delay construction. Uncertainty has been compounded by the different scopes used to report progress. The energy ministry's 15-year hydrocarbons development plan, released on 7 September, put overall project progress at 7.12pc. Carso filings, meanwhile, showed progress rising from 47pc at the end of the first quarter to 77pc as of 30 June, likely referring only to the first phase. Those figures measure execution of a $47.85mn contract held by Carso subsidiary CICSA rather than the entire project. Carso's filings also vary in describing Centauro as either a two- or three-phase project. Carso has not responded to Argus requests for clarification, while the energy ministry's plan provides little detail beyond funding. "The question is not whether there is money, it is whether we are budgeting for territorial and regulatory risk with the same rigor as capex," Torres said. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Europe braces for no Saudi crude in October: Update
Europe braces for no Saudi crude in October: Update
Adds detail on possible October allocation to a European refiner in paragraph 3 London, 18 September (Argus) — State-controlled Saudi Aramco will not supply October-loading term crude to some European refiners, market sources said, following disruptions to September-loading supplies. Aramco has told at least three European refiners that they will not receive October-loading Saudi term crude, they said. One European refiner said it is due to receive some October-loading Saudi term crude, although it is unclear whether these are supplies that were originally due to load in September and have been delayed to October. They were allocated less than they requested for October, the customer added. Two sources said European refiners did not receive October crude term lifting dates, after allocations surfaced today, 18 September. This was not directly confirmed, and Aramco declined to comment. Aramco had already cancelled and deferred term supplies loading at the end of September for some European refiners, which had prompted term customers to also brace for disruptions to October term supply. Typically around 680,000 b/d of Saudi term crude loads for the region. The delays point to a prolonged outage on Saudi Arabia's 7mn b/d East-West crude pipeline, which has been shut since an attack on 10 September. European refiners are already turning to the spot market for alternative supplies. Values for Norwegian Johan Sverdrup — Europe's biggest local medium sour stream and a good direct substitute for Saudi Arab Light — rose by $18.60/bl in the week to 17 September to a $24.05/bl premium to North Sea Dated on a fob basis, a record high. By Ellanee Kruck and Melissa Gurusinghe Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Germany, Spain, Portugal urge EU windfall tax options
Germany, Spain, Portugal urge EU windfall tax options
Brussels, 18 September (Argus) — The European Commission should present clear options for an excess profits tax on oil companies, German finance minister Lars Klingbeil said today, gaining support from some EU counterparts. France, however, cautioned against a one-size-fits-all approach. Klingbeil and his peers from Austria, Spain, Portugal, Poland and Italy called on the commission to outline possible windfall tax models ahead of a 9 October meeting of EU finance ministers in Luxembourg. "My clear expectation from the commission is to present models for an excess profit tax now," Klingbeil said at an informal ministerial meeting in Dublin. "There are also instruments we can use to steer the market. That includes a fuel price cap, but also the excess profit tax." French finance minister Roland Lescure said he was not opposed to a windfall tax but said national circumstances differ. "I'm willing to see what the commission is going to come up with," he said. "We also want to make sure that we don't put one-size-fits-all measures in place when national situations are different." European economy commissioner Valdis Dombrovskis said the commission is not preparing an EU-wide proposal, and member states remain free to pursue national windfall tax measures. "There is a possibility, certainly for member states to proceed with this windfall profit taxation," Dombrovskis said, adding any measures should be temporary and targeted and should not increase fossil fuel demand. "When we are facing a supply shock, driving up demand will not help," he said. Klingbeil said Berlin is discussing reductions in fuel-related taxes, as flagged by German chancellor Friedrich Merz. "I want a clear, rapid signal at the gas pumps," Klingbeil said. "We are doing this as the federal government, but Europe must also contribute now to getting fuel prices down." Spanish economy minister Carlos Cuerpo also urged the commission to analyse energy-sector profits. "And if there are windfall profits, then we should go and tax them," Cuerpo said, arguing for a European approach so the costs are shared fairly. Portuguese economy minister Joaquim Jose Miranda said the commission has generally favoured national responses over a European solution. He said Portugal's automatic fuel tax reduction, introduced after the outbreak of war between Iran and the US, will remain in place for a "certain period". Austrian finance minister Markus Marterbauer called on the commission to examine energy-sector profit margins and earnings, and said he would be open to reintroducing a domestic cap on fuel margins. "Neither the state nor companies should profit from the high prices," he said. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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