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Trinidad pursues Venezuelan gas despite upheaval

  • Spanish Market: Natural gas
  • 22/03/23

Gas-short Trinidad and Tobago will pursue discussions with Venezuela for access to the Dragon natural gas field despite the resignation this week of Caracas' petroleum minister, the Caribbean country's energy minister Stuart Young said.

Venezuela's minister Tareck El Aissami, who was leading his country's negotiations with Trinidad, resigned amid a corruption probe involving state oil company PdV.

Venezuelan president Nicolas Maduro has named the head of PdV, Pedro Tellechea, as the country's new oil minister.

"None of these developments has affected or are expected to affect our ongoing discussions and negotiations with the government of Venezuela or with PdV," Young said.

Young has visited Caracas twice this year to restart negotiations on access to the Venezuelan offshore gas field after the US Treasury Department granted a waiver from extensive sanctions targeting the South American country.

The negotiations also involve Shell that will operate the Dragon project, and Trinidad state gas company NGC.

Young and PdV signed a non-disclosure agreement over the project on 14 March.

The agreement covers the exchange of information "as the talks progressed the technical and commercial aspects of the planned development," he said.

Dragon forms part of Venezuela's 14.7 Tcf Mariscal Sucre complex that also includes the Patao, Mejillones and Rio Caribe fields.

US sanctions on Venezuela had scuttled negotiations between Trinidad and Venezuela on the Dragon project in 2018.

The initial plan was for Trinidad to purchase 150mn cf/d of gas that would have been transported through a planned pipeline to a Shell platform in Trinidad.

Trinidad needs more gas as its output has been recovering since November 2017 following a long slide from a peak of 4.3 Bcf/d in 2010.

Gas flow in November 2022 reached 2.64 Bcf/d, 12pc higher than in November 2021.

The fall in output has suppressed production of LNG, petrochemicals and fertilizers.


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18/06/25

Banks increased fossil fuel financing in 2024: Report

Banks increased fossil fuel financing in 2024: Report

London, 18 June (Argus) — Banks "significantly increased" their fossil fuel financing in 2024, reversing a trend of steadily declining fossil fuel financing since 2021, a report from a group of non-profit organisations found this week. The 65 biggest banks globally committed $869bn in 2024 to "companies conducting business in fossil fuels", the report — Banking on Climate Chaos — found. Those banks committed $429bn last year to companies expanding fossil fuel production and infrastructure. The report assesses lending and underwriting in 2024 from the world's top 65 banks to more than 2,700 fossil fuel companies. Figures are not directly comparable year-on-year, as the previous report, which assessed 2023, covered financing from 60 banks. The 60 biggest banks globally committed $705bn in 2023 to companies with fossil fuel business, last year's report found. Those banks committed $347bn in 2023 to companies with fossil fuel expansion plans. Of the five banks providing the most fossil fuel finance in 2024, four were US banks — JP Morgan Chase, Bank of America, Citigroup and Wells Fargo. The 65 banks assessed in this year's report have committed $7.9 trillion in fossil fuel financing since 2016, when the Paris climate agreement took effect, the report found. Finance is at the core of climate negotiations like UN Cop summits. Developed countries are typically called upon at such events to provide more public climate finance to developing nations, but the focus is also shifting to private finance, as overseas development finance looks set to drop . But fossil fuel financing banks are increasingly facing the risk of targeted and more complex climate-related litigation, according to a recent report by the London School of Economics' centre for economic transition expertise (Cetex). Climate litigation is not currently adequately accounted for in financial risk assessment, with case filing and decisions negatively impacting carbon financiers, it said. "While early climate cases primarily targeted governments and big-emitting ‘carbon majors', cases against other firms have proliferated quickly," Cetex said. The report also showed that, based on a review of disclosures from 20 banks supervised by the European Central Bank, many banks across Europe recognise litigation risks as material in the context of climate and environmental factors but tend to not be specific about the risks incurred. By Georgia Gratton and Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Malaysia's Petronas to build third LNG import terminal


18/06/25
18/06/25

Malaysia's Petronas to build third LNG import terminal

Singapore, 18 June (Argus) — Malaysian state-owned Petronas plans to develop the country's third LNG regasification terminal, the firm's chief executive Tengku Muhammad Taufik said at the Energy Asia 2025 conference in Kuala Lumpur on 17 June. The need for the third regasification terminal in peninsular Malaysia comes on the back of expectations of rising demand, Taufik added. The plan follows a government directive to ensure energy supply security in peninsular Malaysia, according to state-controlled news agency Bernama. There are two import terminals presently operational in the peninsular — the 3.8mn t/yr Melaka and 3.5mn t/yr Pengerang import facilities. The third terminal will likely be built in Lumut, southwest Perak, and have a nameplate capacity similar to existing terminals, Bernama reported. Malaysia's LNG receipts have held stable in recent years, having steadily increased since the country began importing in May 2013. Imports totalled 1.04mn t over January-May, little changed from 1.06mn t a year earlier, Vortexa data show. And gas-fired power generation comprised 41pc of the power generation mix over the same period, averaging 5.7 GWh/d, up from 5.5 GWh/d a year earlier, data from electricity planning authority Single Buyer show. This indicates imported LNG makes up about 32pc of total gas used in power generation. Malaysia is mulling becoming a net LNG importer within the next 10-20 years because of declining natural gas reserves and growing energy demand. Gas is set to account for as much as 56pc of the country's energy mix by 2050. But Petronas continues to retain an "advantaged" position in east Malaysia to export LNG in fulfilling its contractual obligations, Taufik stated. Malaysia exports LNG through the 30mn t/yr Bintulu terminal in Sarawak alongside the 1.5mn t/yr PFLNG Satu and 1.3mn t/yr PFLNG Dua floating LNG (FLNG) units offshore Sabah. By Irfan Jaafar Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US Supreme Court asked to rule on tariffs


17/06/25
17/06/25

US Supreme Court asked to rule on tariffs

Washington, 17 June (Argus) — Plaintiffs in one of the legal cases challenging President Donald Trump's authority to impose tariffs are asking the Supreme Court to hear their arguments even before US federal appeals courts rule on their petition. The legal case brought by the plaintiffs — toy companies Learning Resources and hand2hand — resulted in a ruling by the US District Court for the District of Columbia in late May that Trump did not have the authority to impose tariffs by citing a 1978 law called the International Emergency Economic Powers Act (IEEPA). That case is currently on appeal at the US Court of Appeals for the DC Circuit. The plaintiffs today urged the Supreme Court to take the case and schedule oral arguments at the start of its fall term in October, or possibly in a special September sitting. The plaintiffs argued the Supreme Court will eventually have to rule on the case given the unprecedented use of IEEPA by the Trump White House to impose tariffs, so special consideration should be given to the case even before appeals courts rule on it. The Supreme Court is under no obligation to fast-track the case. The schedule for legal challenges to Trump's authority is clashing with his claims to be negotiating multiple deals with foreign trade partners. Trump cited the IEEPA to impose, then rescind, tariffs of 10-25pc on energy and other imports from Canada and Mexico in February-March. He used the same law to impose 20pc tariffs on China in February-March, and to impose 10pc tariffs on nearly every US trading partner in April. The US Court of Appeals for the DC Circuit has stayed the toy companies' case until the resolution of a separate, broader legal challenge to Trump's tariff authority. In that case, the US Court of International Trade ruled in late May that Trump's use of IEEPA was illegal and ordered the administration to remove all tariffs it imposed under that rubric and to refund all import duties it collected. The trade court's ruling is under review at the US Court of Appeals for the Federal Circuit, which scheduled an oral argument on 31 July to hear from plaintiffs — a group of US companies and several US states — and from the Trump administration. The trade court's ruling in late May was unexpected, as it "actually ruled on the merits of the case, as opposed to just granting or denying an injunction," according to Alec Phillips, chief political economist with investment bank Goldman Sachs' research arm. "The question now is, will the Federal Circuit uphold the ruling, and will ultimately the Supreme Court uphold the ruling?" The Trump administration argued that the legal challenges to its tariff authority could undermine its ability to negotiate with foreign trade partners. The administration has so far produced two limited trade agreements, with the UK and China, despite promising in early April to unveil "90 deals in 90 days". Trump on Monday described ongoing trade negotiations as an easy process. "We're dealing with really, if you think about it, probably 175 countries, and most of them can just be sent a letter saying, 'It'll be an honor to trade with you, and here's what you're going to have to pay to do'", Trump said. But on the same day he pushed back on calls from Canada and the EU to negotiate trade deals, arguing that their approach is too complex. "You get too complex on the deals and they never get done," Trump said. The legal challenges to Trump's authority under IEEPA will not affect the tariffs he imposed on foreign steel, aluminum, cars and auto parts. US trade statistics point to a significant tariff burden in place in April, the latest month for which data are available.The effective US tariff rate on all imports — the amount of duties collected divided by the total value of imports — rose to 7.1pc in April from 2.4pc in January. Trump has dismissed concerns about the impact of tariffs on consumer prices, noting on Monday that "we're making a lot of money. You know, we took in $88bn in tariffs." Treasury Department revenue data show that the US has collected $98bn in customs revenue for the year through 13 June, up from $63bn in the same period last year. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Keyera acquiring Plains' Canada NGL assets for $3.75bn


17/06/25
17/06/25

Keyera acquiring Plains' Canada NGL assets for $3.75bn

Houston, 17 June (Argus) — Midstream operator Keyera will acquire Plains All American's Canadian natural gas liquids (NGLs) business for C$5.15bn ($3.75bn). The transaction, which is expected to close by the first quarter of 2026, includes 193,000 b/d of fractionation capacity in western Canada, more than 1,500 miles of pipelines gathering 575,000 b/d of NGLs, 23mn bl in NGL storage capacity, and the 5.7 Bcf/d Empress straddle gas processing plant. The acquisition is expected to deliver C$100mn of annual synergies between the assets in the first year, according to Keyera. Plains said the divestiture will allow the US-based midstream operator to focus on its crude handling assets in both the US and Canada. Plains will keep nearly all of its NGL assets in the US. The acquisition of Plains' assets gives Keyera NGL fractionators and gas processing plants in Fort Saskatchewan, and at the Empress facility in western Canada as well as storage at Sarnia, Ontario. It also links Keyera's existing assets to takeaway agreements for LPG exports out of British Columbia. Keyera chief executive Dean Setoguchi said the acquisition "... brings key infrastructure under Canadian ownership, keeping value and decision-making closer to home." Plain's Canadian business is underpinned by fee-based contracts with an average remaining life of 10 years, Keyera said. Associated NGL production in Canada is expected to grow by 500,000 b/d by 2040, according to Keyera, as natural gas production in western Canada climbs by 6 Bcf/d during the same timeframe. By Amy Strahan Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trump wants Iran's ‘unconditional surrender’: Update


17/06/25
17/06/25

Trump wants Iran's ‘unconditional surrender’: Update

Updates with details throughout Washington, 17 June (Argus) — US president Donald Trump is taking an increasingly bellicose tone toward Iran following Israel's devastating military strikes, while the White House national security council is discussing Washington's next steps in a conflict that could engulf the world's largest oil producing region. Trump, in a social media post today, called for Iran's "UNCONDITIONAL SURRENDER" — without specifying what that would entail. He claimed that "we now have complete and total control of the skies over Iran", seemingly linking the US to the Israeli attack. And he said that Iran's supreme leader, Ayatollah Ali Khamenei, "is an easy target", but added: "We are not going to take him out (kill!), at least not for now." The White House, meanwhile, began to spread a narrative that suggested that the US could join in Israeli strikes on Iran's nuclear facilities, even if Tehran does not directly attack US interests or personnel in the region. Trump "has shown remarkable restraint in keeping our military's focus on protecting our troops and protecting our citizens," vice president JD Vance posted on social platform X, adding that Trump "may decide he needs to take further action to end Iranian enrichment". Trump cut short his visit to the G7 leaders summit in Canada to return to Washington Monday night. The US administration has come under intense lobbying from the isolationist wing of politicians loyal to Trump, who have called publicly for him not to commit US military personnel and resources to attack Iran. Senate Democrats, in turn, began to circulate legislation demanding that Trump ask for authorization from Congress before using military force against Iran. Trump blasted former Fox News anchorman Tucker Carlson as "kooky" for arguing vociferously against US participation in any attack in Iran. Trump, at the same time, criticized French president Emmanuel Macron for suggesting that Trump's early exit from the G7 summit was meant to work toward a ceasefire in the Middle East. "People are right to be worried about foreign entanglement after the last 25 years of idiotic foreign policy," Vance said. "But I believe the president has earned some trust on this issue." Trump, in stump speeches during the presidential campaign and since reclaiming the White House, has frequently denounced his predecessors for entangling the US in wars in the Middle East. In a speech in Riyadh last month, Trump offered "peaceful engagement" to Tehran and criticized his predecessors as "the interventionists (who) were intervening in complex societies they did not understand". Since Israel first launched its attack on Iran on 13 June, the US has warned Tehran not to target US forces in retaliation. Iran has taken no such step and has called on Trump to restrain Israel from further attacks to allow US-Iran nuclear diplomacy to resume. Iran in recent years has relied on its proxy networks in Iraq, Syria and Yemen to launch attacks on US forces. The degree of Tehran's remaining control over those proxy groups is uncertain. Iran also has not tried to block vessel traffic through the strait of Hormuz, a critical waterway that in 2023 accounted for 27pc of global maritime oil trade. Targeting vessel traffic in Hormuz would mark an irreversible escalation in the conflict, with damaging consequences for Iran as well as the global oil trade. Iran's Mideast Gulf neighbors, which have invested in better relations with Tehran in recent years, are watching the prospect with concern. "The UAE stands for dialogue, de-escalation and diplomacy," Abu Dhabi's state-owned Adnoc chief executive Sultan al-Jaber said at an energy forum in Washington today. "We call on parties to show restraint, and we reaffirm our belief in peace over provocation." US energy secretary Chris Wright was scheduled to speak at the same forum, hosted by think tank the Atlantic Council, but he abruptly cancelled his appearance to participate in the White House discussions on Iran. The US is rushing military, naval and air assets to the Middle East, saying the buildup is aimed at enabling Israel to protect itself from Iranian missile strikes. While Israel has targeted the majority of Iranian nuclear sites, it likely will be unable to destroy Iran's Fordow nuclear enrichment facility on its own. Fordow suffered only minor damage in recent days, and Israel appears to believe that leaving the plant operational would mean a failure of a key military goal, said retired general Frank McKenzie, who served as the commander of Middle East-based US forces in 2019-2022. "I'm certain they're going to get around to Fordow as it may be, trying to get us into the conflict," McKenzie said on Monday. "But I don't see how we get in unless we're attacked, and the Iranians have been very careful about not doing that up until now." By Haik Gugarats and Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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