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US’ Delfin LNG plans FID ‘in the next month’

  • Spanish Market: Natural gas
  • 12/01/26

Delfin Midstream should make a final investment decision (FID) greenlighting construction of a 4.4mn t/yr floating LNG export unit (FLNG) offshore Louisiana "in the next month", the company said today.

Delfin also signed a purchase order with contractor Semiens Energy for gas turbines and extended a letter of award with Samsung Heavy Industries, the firm constructing the FLNG unit.

The company previously planned to reach an FID in November. A spokesperson did not immediately respond to a request for comment clarifying if Delfin would take FID in the next 30 days or in the month of February.

Delfin has plans for up to three FLNG units with a combined 13.2mn t/yr capacity. The firm said last year it could reach FID on the second unit in early 2026, but that timeline appears unlikely barring the announcement of new offtake agreements. The project so far has contracted about 3.3mn t/yr to customers in binding agreements, with another 2.5mn t/yr in preliminary deals.

Commercial operations on the first FLNG unit are expected to begin in the second half of 2030.

Two other US LNG projects also pushed their FID timelines into early 2026: Caturus' 9.5mn t/yr Commonwealth LNG in Louisiana and Glenfarne's 4mn t/yr Texas LNG in south Texas. Commonwealth cleared its primary construction contractor to purchase major equipment in late December.

US midstream Energy Transfer planned an FID on another LNG facility, the 16.5mn t/yr Lake Charles LNG, but suspended plans in mid-December to refocus on its network of natural gas pipelines. The move signaled a slowdown in the US LNG industry after a banner year in 2025, which saw developers proceed with plans for more than 65mn t/yr of new capacity.

By Tray Swanson

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13/01/26

Australia’s Woodside set for Scarborough gas in 2H 2026

Australia’s Woodside set for Scarborough gas in 2H 2026

Sydney, 13 January (Argus) — Australian independent Woodside's Scarborough gas field, located offshore Western Australia (WA) is on track for first gas in July-December 2026 as scheduled, following the arrival of its floating production unit (FPU) from China. The FPU is equipped with emissions-reduction systems and is capable of treating and compressing gas for export, Woodside said on 13 January. The Scarborough project, now 91pc complete, is expected to produce 5mn t/yr of LNG from the Pluto Train 2 and 3mn t/yr of LNG from the existing Pluto train 1, Woodside said. Pluto train 2 is set to be commissioned in the second half of 2026, while modifications to Pluto train 1 to accommodate Scarborough gas will be completed by early 2027. The project will also supply gas to Australian fertilizer producer Perdaman Chemicals and Fertilizers' 2.3mn t/yr urea project under a 20-year agreement. By Susannah Cornford Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US majors face dilemma as they mull Venezuela return

12/01/26
12/01/26

US majors face dilemma as they mull Venezuela return

New York, 12 January (Argus) — The largest US oil producers that President Donald Trump wants to see returning to Venezuela to revitalise its ailing energy sector face a tough choice. Few executives will want to get on the wrong side of Trump, but any serious effort to help rebuild the South American country's long-neglected oil infrastructure will require tens of billions of dollars — as well as government guarantees. Venezuela may sit atop the world's biggest proven oil reserves, but firms will need to be persuaded that it is worth their time and effort to try to exploit them. Oil producers will pledge at least $100bn to revive Venezuela's crippled oil sector, Trump said ahead of a meeting with top industry executives at the White House on 9 January. But capital discipline rules the boardroom these days when it comes to allocating resources, shareholders are in the driving seat, and the top oil companies have competing priorities in the coming years. "They've got other options," says Abhi Rajendran at Rice University's Center for Energy studies. "There's going to have to be a lot of risk mitigation that Washington can provide for there to be a meaningful incentive to dive head deep into Venezuela." With oil prices languishing near a five-year low because of a supply glut, there is hardly a market signal to rush back, especially to a country where companies including ExxonMobil and ConocoPhillips are owed billions of dollars in arbitration claims after having their assets seized in 2007. Immediate repairs to Venezuela's oil infrastructure could deliver a short-term production boost in the next year or so. The country's oil output has slumped to below 1mn b/d from over 3mn b/d in the early part of the 2000s. But anything beyond that would demand hefty investments and companies would need reassurances they were dealing with a stable regime in Venezuela, clarity around legal contracts as well as long-term support from Washington. "There are a lot of hurdles to clear before you can get super excited about investing in Venezuela, which would require a pretty large-scale investment," Rajendran says. Chevron would have a head start over rivals if a major effort to revive Venezuela's oil industry becomes a reality. The second-biggest US oil company has maintained a continuous presence in Venezuela even after other major producers departed. It operates in the country with state-owned PdV under a special waiver from US sanctions and imported about 120,000 b/d of crude from Venezuela to the US in December, according to ship-tracking data from Kpler. Big deal Wider US oil industry enthusiasm about heading back to Venezuela has been mixed so far, Treasury secretary Scott Bessent said. "The big oil companies who move slowly, who have corporate boards are not interested," Bessent said on 8 January. The view is different among independent oil producers and wildcatters, who are eager to take part, he added. But the prospect of tapping Venezuela's vast oil riches may yet prove tempting as companies seek out new opportunities to shore up their upstream portfolios for coming decades. "Venezuela's huge oil resource can play a part, even if the predominantly heavy crudes are at the other end of the spectrum from the advantaged barrels — low cost, low emissions and, in many cases, low risk — that are the primary focus of the industry going forward," argues energy consultancy Wood Mackenzie. Proximity to Gulf coast refineries may be an added bonus for US producers. But improved security will be a requirement before companies start deploying workers as well as a stable political and legislative framework. "Any new projects will also have to meet companies' strict economic screening criteria," Wood Mackenzie says. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Oil executives meet with Trump on Venezuela: Update

09/01/26
09/01/26

Oil executives meet with Trump on Venezuela: Update

Adds details throughout. Washington, 9 January (Argus) — ExxonMobil's chief executive and other industry leaders told President Donald Trump on Friday there would need to be significant changes in Venezuela before committing to large investments in the country's oil sector. The oil industry executives convened at the White House said they see potential in Venezuela, which they say could see modest near-term production gains with the easing of US sanctions that have restricted investment for years. Venezuela claims the world's largest oil reserves at 303bn bl. But executives say there must be durable changes in the country before they could commit to new investments. Earlier on Friday, Trump claimed that the oil companies visiting the White House were going to invest at least $100bn into the South American country. "If we look at the legal and commercial constructs and frameworks in place today in Venezuela today, it's uninvestible," ExxonMobil chief executive Darren Woods said during a public section of the meeting with Trump that lasted more than an hour. Trump has pushed for a rapid return of US oil companies into Venezuela after he orchestrated the removal of its president, Nicolas Maduro, in a surprise raid on 3 January. Trump said his administration will probably decide today or "very shortly" which oil companies would be allowed to go into Venezuela, and warned executives at the White House that he would find other companies if they did not want to invest. "If you don't want to go in, just let me know, because I've got 25 people that aren't here today that are willing to take your place," Trump said. Some production increases possible Oil companies already operating in Venezuela said they could increase production in the near-term with investments into existing assets. Chevron can double its liftings from Venezuela immediately and increase its production by 50pc over 18-24 months, vice chairman Mark Nelson said. Chevron imported 120,000 b/d from Venezuela in December, and was able to produce over 200,000 b/d at its Petropiar joint venture with PdV as of 2024. Spain's Repsol is ready to triple its current output of 45,000 b/d within 2-3 years, chief executive Josu Jon Imaz said. Like Chevron, Repsol and its partner Italy's Eni already are operating in joint ventures with state-owned PdV. Repsol and Eni account for half of Venezuela's natural gas output, and they stand to benefit if the country's power grid improves, Imaz said. "We now have a few billion dollars worth of opportunities to invest in subject to [sanctions authorities] approval," Shell chief executive Wael Sawan said at the meeting. Shell has partnered with Trinidad and Tobago to develop Venezuela's offshore Dragon gas field, aiming to transport that gas as feedstock to Trinidad's 11.8mn t/yr (1.6bn cf/d) Atlantic LNG export terminal. Trump's administration last year revoked Shell's sanctions waiver allowing further work, only to regrant it with restrictive conditions in October. Executives from oil trading companies Trafigura and Vitol said they were ready to start selling Venezuelan crude, with Trafigura offering the first such cargo next week . 'Significant changes' needed But oil companies that left Venezuela nearly two decades ago when their assets were expropriated said they were cautious about a quick return. ExxonMobil has had its assets seized by the country twice, and returning a third time would require "some pretty significant changes", Woods said. ConocoPhillips chief executive Ryan Lance said there should be discussions of restructuring the "entire Venezuela energy system," including state-owend oil company PdV, and adding banks to future discussions, including the US Export Import Bank. Trump said he would provide "total safety, total security" for oil companies that go into Venezuela, which he said could be achieved by working with Venezuela's government. But he rejected the prospects of helping the industry recover past investments. "We're not going to look at what people lost in the past, because that was their fault," Trump said during a discussion with ConocoPhillips' Lance about its $12bn in expropriated assets. "You'll make it back, one way or another." ConocoPhillips is close to satisfying at least part of that claim following the court-approved sale of PdV-owned US refiner Citgo. A US federal court in Delaware ordered Citgo to be sold for $5.9bn to satisfy the more than $20bn in claims by ConocoPhillips and other companies. A federal appeals court on 6 January asked if the removal of Maduro could affect the decision. Some in Trump's cabinet have acknowledged the wariness by the oil industry in returning to Venezuela, given the uncertainty over its long-term political stability. Although "big oil companies, who have corporate boards, are not interested", there is interest from independents, US treasury secretary Scott Bessent said on Thursday. "They want to get to Venezuela yesterday," Bessent said. Oil companies have been cautious about making major new investments, even in lower-risk shale production, because of lower oil prices. Nymex WTI front-month crude futures on Friday settled near $59/bl. Trump has recently pushed for a vast increase in the imports of Venezuelan crude, starting with the 30mn-50mn bl of previously sanctioned crude into the US. Cabinet officials, including Bessent, have previously backed a targeted oil price of $50/bl as a way of easing inflation pressures. By Chris Knight and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Trump says oil firms will invest $100bn in Venezuela

09/01/26
09/01/26

Trump says oil firms will invest $100bn in Venezuela

Dubai, 9 January (Argus) — US president Donald Trump said today that oil companies will invest at least $100bn to rebuild Venezuela's oil and gas infrastructure. His comments on social media platform Truth Social come ahead of a meeting with industry executives at the White House on Friday. "At least 100 Billion Dollars will be invested by BIG OIL, all of whom I will be meeting with today at The White House," Trump said. Trump added that the US and Venezuela are "working well together, especially as it pertains to rebuilding, in a much bigger, better, and more modern form, oil and gas infrastructure". He also praised Venezuela's release of large numbers of political prisoners as a sign of "Seeking Peace", calling it a "very important and smart gesture." That co-operation has led to the cancellation of a previously anticipated second wave of military action, he said. The $100bn figure aligns with past estimates from Venezuelan opposition plans, which put minimum capital needs at that level to restore output to pre-sanctions levels of around 1.2mn b/d, and significantly more to approach historic peaks near 3mn b/d. Industry enthusiasm is mixed, according to Treasury secretary Scott Bessent. "The big oil companies who move slowly, who have corporate boards are not interested," Bessent said on Thursday. But "independent oil companies and individuals wildcatters... want to get to Venezuela yesterday," he said. Reviving Venezuelan production will require costly repairs to pipelines, power supplies and other basic infrastructure, as well as security guarantees and a stable business environment. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Japan’s Shimane reactor to shut for Feb-Aug turnaround

09/01/26
09/01/26

Japan’s Shimane reactor to shut for Feb-Aug turnaround

Osaka, 9 January (Argus) — Japanese utility Chugoku Electric Power plans to shut its 820MW Shimane No.2 nuclear reactor from February-August to carry out maintenance works. Chugoku will close the No.2 reactor at Shimane in western Japan on 9 February, the company said on 8 January. Test generation is expected to resume on 6 August in the final phase of the turnaround, according to a power plant operational status notice by the Japan Electric Power Exchange. Full maintenance completion is targeted for 4 September. This will be the first maintenance check for the Shimane reactor since it returned to service in December 2024 after nearly 13 years off line for enhanced nuclear safety inspections following the 2011 Fukushima disaster. The Shimane No.2 reactor is Chugoku's sole nuclear unit in operation. The shutdown would require the utility to boost replacement thermal generation units to meet peak demand in the remainder of winter and in early summer. Chugoku consumed 2.72mn t of coal in April-September 2025, up by 16pc from the same period a year earlier, while its oil use rose by 25pc to 1,719 b/d. But LNG consumption fell by 11pc to 500,000t during the period. By Motoko Hasegawa Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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