Australia’s Beach trims FY2026 oil, gas output guidance

Spanish Market: Crude oil, Natural gas
28/04/26

Australian independent Beach Energy's output dipped on the year in January-March due to bad weather, unplanned outages and lower demand for its gas, leading the firm to cut its guidance for the fiscal year to 30 June 2026.

Beach produced 4.8mn bl of oil equivalent (boe) in January-March, down from 4.9mn boe in the same period a year earlier due to severe rain in the onshore Cooper basin, lower demand for gas from Victoria state's Otway basin and unplanned Bass and Taranaki basin downtime, it said on 28 April.

The firm's 2025-26 guidance has been cut to 19.4mn-20.3mn boe from a previous 19.7mn-22mn boe due to cyclone-related shut-ins at the North West Shelf LNG terminal which processes Waitsia gas, and the Waitsia plant itself.

The Waitsia joint venture project, 50pc owned by Japan's Mitsui, continued to build towards its 250 TJ/d (6.7mn m³/d) nameplate capacity through the quarter but was impacted by compressor performance and the arrival of cyclone Narelle in late March.

Rates have now returned to more than 200 TJ/d, Beach said. The Waitsia project has executed gas swaps and purchase returns with domestic counterparties of about 30PJ (800mn m³) net to Beach for early LNG liftings, which will be returned in the coming years to 2030-31 (see table).

By Tom Major

Waitsia Gas swap return schedule
Financial Year	Swap Return (%)	Purchase Return (%)	Total Return (PJ)

FY24	100	0	0.8
FY25	100	0	0.9
FY26	100	0	1.4
FY27	69	31	4.6
FY28	43	57	6.1
FY29	34	66	7.6
FY30	37	63	7.2
FY31	36	64	2.4
Source: Beach Energy

Beach Energy's quarterly results					mn bl
	Jan-Mar '26	Oct-Dec '25	Jan-Mar '25	y-o-y % ±	q-o-q % ±

Production	4.8	4.5	4.9	-2	7
Sales	5.3	5.9	6.4	-17	-10
Sales revenue (A$ million)	419	445	552	32	-6
Realised gas price (A$/GJ)	11.2	11.9	11	2	-6
Source: Beach Energy

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27/04/26

Romanian gov’t faces collapse after coalition split

London, 27 April (Argus) — The Romanian government could collapse after one of the country's until recently ruling parties joined forces with an opposition grouping to try to topple the current coalition government. The centre-left Social Democratic Party (PSD), formerly part of the governing coalition, and the far-right Alliance for the Union of Romanians (AUR) announced on Monday that they are preparing a no-confidence motion to be put to parliament next week. The two parties may be able to muster a combined 219 votes, 14 short of the simple majority needed to pass the motion. But they could secure another 41 votes from the other opposition parties to bring down the government. The coalition was until last week led by Ilie Bolojan from the centre-right National Liberal Party (PNL). But the ruling alliance between the PNL, the PSD and the centre-right Save Romania Party fell apart on 20 April after the PSD suddenly withdrew from the arrangement. Monday's announcement provoked little response from the Romanian bond or currency markets. Shares in publicly listed state-owned energy companies moved in mixed directions at market close on 27 April. Electricity provider Electrica was down by 3.3pc on Monday, nuclear generator Nuclearelectrica fell by 1.75pc, while gas grid operator Transgaz was up by 0.77pc and gas producer Romgaz rose by 0.94pc. Romania generates around a quarter of its energy from natural gas, IEA estimates show. But high domestic Romanian gas production limits the country's reliance on imports, with domestic output able to account for approximately 93pc of gas demand in 2025, gas grid operator Transgaz data show. Bolojan today took interim leadership of the energy ministry for the 45-day period until the government has to form a new coalition. Bolojan had previously been involved in talks over the acquisition of domestic fertilizer producer Azomures by state-owned Romgaz from Switzerland-based trading firm Ameropa. By Aidan Hall and Alexandra Luca Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Divisions deepen over carbon pricing ahead of IMO talks

27/04/26

Divisions deepen over carbon pricing ahead of IMO talks

Dubai, 27 April (Argus) — Shipping industry groups and governments enter a critical round of talks at the International Maritime Organisation (IMO) this week facing deepening divisions over how to cut emissions, with no clear consensus on the design or cost of decarbonisation. The 84th meeting of the IMO's Marine Environment Protection Committee (MEPC), being held in London, follows a previous meeting in October that ended without agreement on a global emissions framework. IMO secretary=general Arsenio Dominguez later described the outcome as a "small setback", while stressing that the sector's decarbonisation efforts remain on track. At the centre of the dispute is the proposed net-zero framework (NZF), which includes a carbon pricing mechanism intended to accelerate the shift to low-emission fuels. Supporters see the framework as a necessary investment signal, while critics warn it would impose costs the sector is not yet equipped to absorb. A coalition spanning shipowners, shipping companies and ship registries — including Liberia, Panama and the Marshall Islands, which together account for a large share of the global fleet — has called for alternative approaches to be considered. The group has warned that support for the NZF "in its current form" has eroded. It is pushing for a more flexible, technology-neutral framework that would allow continued use of transitional fuels such as LNG and biofuels, while avoiding penalty-based mechanisms that could raise costs for operators and consumers. In contrast, a separate coalition of ports, logistics firms and clean fuel developers has urged governments to adopt the NZF, arguing that further delays would undermine investment in alternative fuels and slow the energy transition. The divergence highlights a deeper split within the shipping ecosystem. Shipowners and flag states are prioritising cost, fuel availability and operational feasibility at a time of heightened disruption in energy markets caused by the Iran war, while fuel suppliers and infrastructure developers are seeking regulatory certainty to underpin long-term investments. EU countries are expected to continue backing a carbon levy. The US has opposed such measures, which contributed to the postponement of a decision at last year's IMO meeting. Dominguez has also pointed to the current geopolitical environment — including disruptions to energy markets and shipping routes — as reinforcing the need to balance energy security, affordability and sustainability, a dynamic increasingly shaping the sector's approach to decarbonisation. Industry sources aligned with developing countries within the IMO told Argus that proposals based on carbon pricing or penalty mechanisms risk distorting trade flows and placing a disproportionate burden on emerging economies. They instead favour a more "pragmatic" and technology-neutral approach that reflects differing levels of fuel availability, infrastructure and economic capacity. The sources added that support from major flag states is procedurally significant, noting that backing from countries representing a large share of the global fleet will be critical to reaching any agreement. The result is a negotiation that is as much about cost allocation and regulatory design as it is about climate ambition. With no final decision expected at this week's meeting, discussions are likely to extend through the year, leaving shipowners, fuel producers and investors facing continued uncertainty over the future regulatory framework. Shipping accounts for around 3pc of global emissions and carries roughly 80pc of world trade, underscoring the importance of the IMO process for global energy markets and supply chains. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Mideast war lends momentum to global shale push

27/04/26

Mideast war lends momentum to global shale push

New York, 27 April (Argus) — Shale exploration outside the US looks set to get a further boost from renewed concerns over energy security sparked by the war in the Middle East. While efforts to tap international shale plays largely faltered in the past decade, mostly because of the vast trove of untapped shale riches available in the Permian and other US basins, companies have started to look further afield. The industry has been emboldened by recent successes such as Argentina's Vaca Muerta basin, which has already attracted US independent Continental Resources , founded by shale billionaire Harold Hamm. "We finally have a good example of making a shale play work outside North America, so that gives hope to investors that would like to scale outside," energy consultancy Enverus head of global research Andy McConn says. The industry is also taking advantage of improved technology and better access to data, and is being more selective about where to go, given bans on hydraulic fracturing and regulatory hurdles in parts of Europe that held up exploration in the past. "Explorers know the countries to avoid," consultancy Wood Mackenzie vice-president of upstream research Robert Clarke says. "Companies also have a better understanding of supply chain risks, such as red tape that restricts the import of critical drilling and completion equipment." In addition to Argentina, Continental is looking to develop oil and gas resources in southeast and northwest Turkey in a partnership with Turkish state-owned upstream firm TPAO. The Vaca Muerta's potential is "great", Hamm told an investment conference in New York last month, adding that it is now a question of building up confidence one well at a time. "Right now, we've kind of lit the fuse," he said. US independent EOG was last year awarded an onshore concession in the UAE for unconventional oil, and it has partnered with state-owned Babco Energies in an onshore unconventional gas play in Bahrain. No place like away from home As US shale growth moderates and the latest phase of industry consolidation having largely run its course, operators may face pressure to venture abroad. But the international push will likely be gradual and spending limited until prospects are "de-risked" geologically and politically, Enverus' McConn says. The Middle East conflict has boosted commodity prices, which may support the development of other shale regions that are more costly to develop than US shale, which is in its mature phase and offers economies of scale. "In order to incentivise shale-specific equipment and personnel to move from North America to these other countries, or to be built up organically in these other countries, they're going to command a higher price," McConn says. Oil field services firms have also been eager to tap new opportunities offered by international shale exploration. Oil services giant Halliburton announced this month it had won a multi-billion dollar contract from Argentina's state-owned YPF to provide well completions services in Vaca Muerta. Not all shale firms are keen to try their luck overseas, including some of the larger operators that have their hands full after recent acquisitions. US independent Diamondback Energy talked up its "very good long-duration" inventory in the Permian earlier this year. "There may be good rock around the world, but there's a lot of other issues that come with that rock," chief executive Kaes Van't Hof said. But some US firms may be interested in applying technology honed in domestic plays to other markets, University of Houston economics professor Ed Hirs says. "I don't know that it's a foothold... It's very similar to how offshore development propagated from the companies that learned how to do it in the Gulf of Mexico." By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Iran foreign minister visits Russia as US talks stall

27/04/26

Iran foreign minister visits Russia as US talks stall

Dubai, 27 April (Argus) — Iran's foreign minister Abbas Araghchi travelled to Russia on Monday for consultations on the war with the US and Israel, saying "excessive" US demands had stalled Pakistani-mediated peace talks. Speaking on arrival in St Petersburg, Araghchi said he would meet Russian officials to discuss the latest developments in the war and the ceasefire brokered earlier this month. Iran and the US held a first round of talks in Islamabad on 17 April. A second round was expected to take place there over the weekend but did not proceed after Iran said it had never agreed to the meeting. "There have been developments in the negotiations, but the US' wrong approach and excessive demands prevented the previous round of negotiations from achieving their goals, despite the progress that was made," Araghchi said. "It was therefore necessary to consult and review the situation with our friends." Araghchi arrived in Russia following visits to Islamabad and Muscat in Oman over the weekend. He said his trip to Pakistan focused on reviewing progress so far and "the path and conditions under which the talks can continue", describing the discussions as successful. His visit to Oman focused on maritime security and navigation through the strait of Hormuz , which has been severely disrupted since the war began in late February. Shipping in and out of the Mideast Gulf has also been hit by a US-imposed blockade on Iranian ports earlier this month. "As the only Hormuz littoral states, our focus included ways to ensure safe transit that will benefit all [our] dear neighbors and the world," Araghchi said on Sunday. Oman's foreign minister Badr al-Busaidi said "much diplomacy" and "practical solutions" were needed to ensure lasting freedom of navigation. Araghchi's shuttle diplomacy comes amid little sign of progress towards a wider settlement to end the almost two-month conflict. Russian state news agency Tass said he is also due to meet President Vladimir Putin during his visit. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Japan’s Jera secures LNG supplies through July

27/04/26

Japan’s Jera secures LNG supplies through July

Osaka, 27 April (Argus) — Japan's largest power producer Jera has secured sufficient LNG supplies to meet domestic demand through to July, despite the ongoing conflict in the Middle East and disruptions to shipments of the fuel via the strait of Hormuz. Jera has adequate LNG stocks through July, Masato Otaki, head of the financial strategy and planning division, said at a financial results call on 27 April. Jera aims to make full use of the trading capabilities of its trading arm Jera Global Markets to ensure stable fuel procurement, he added. The company declined to comment on how it had secured alternative cargoes, whether through the spot market or by increasing intake under term contracts to offset supply suspension from the Middle East. Jera currently holds a term contract with state-owned Qatargas to buy 700,000 t/yr of LNG through 2028, before entering a separate 27-year offtake deal with state-owned QatarEnergy for a 3mn t/yr starting in 2028. Concerns are also growing over LNG exports from the 9.3mn t/yr Ichthys LNG project in northern Australia because of a potential strike , which could add to disruptions from the Middle East. Jera will consider and implement response measures on a case-by-case basis, because strikes can in some cases be resolved within a limited period, among various other outcomes, Otaki said. Jera is Japan's largest LNG importer, using 22.35mn t for power generation in the April 2025-March 2026 fiscal year, the company said. This accounted for 34pc of the country's total LNG imports of 65.3mn t over the same period, according to the preliminary customs data. Jera's LNG consumption edged down 0.4pc from a year earlier in 2025-26, possibly reflecting higher thermal efficiency, while gas-fired generation rose by 0.7pc to 170.9TWh during the same period. Jera also burned 20.94mn t of coal to produce 57.8TWh of electricity in 2025-26, which was up by 2pc and 2.5pc respectively from a year earlier. 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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Australia’s Beach trims FY2026 oil, gas output guidance

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