Equatorial Guinea offers 13 blocks for negotiation

Spanish Market: Crude oil, Natural gas
12/05/26

Equatorial Guinea's oil ministry, MHMD, is offering 13 oil blocks for direct negotiations, cancelling previously announced plans for a licensing round.

MHMD said the blocks on offer include four frontier, two onshore and seven offshore exploration blocks. The ministry previously said it would launch a licensing round last month, but has now said three years of direct negotiations have yielded seven production sharing contracts, 11 reconnaissance licences and four heads of agreement. "The government has decided to maintain this approach until further notice", the ministry said.

Two of the heads of agreement were signed with US firm ConocoPhillips for offshore blocks B4 and EG-27 in September 2025. The estimated 50mn–70mn bl of condensate and 500bn–700bn ft³ of natural gas in the Esmeralda field of B4 and the estimated 3.8 trillion ft³ of natural gas in the Ebano field of EG-27 are the targets of development. The Equatorial Guinea government previously said it also plans to spend $4.5bn building a 2.5mn t/yr gas liquefaction plant that will process gas from the planned developments.

Equatorial Guinea's vice president Teodoro Nguema has now said the country and ConocoPhillips have submitted a financing proposal to oil trading firm Vitol, "so that, subsequently, we can discuss the financing conditions".

MHMD also said that two blocks are currently the subject of talks as a result of the direct negotiations policy, but did not provide further details. Direct negotiations have led to "the successful conclusion of 24 agreements", the ministry said.

By Adebiyi Olusolape

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10/11/26

Cop: Fossil fuel shift talks come back to finance

Antalya, 10 November (Argus) — Fossil fuel phase-out discussions on the sidelines of official UN Cop 31 climate talks saw a strong emphasis on countries' own approaches to the transition, but developing nations reiterated it cannot happen without increased funding. "Every country's transition is different," UK climate envoy Rachel Kyte said on Tuesday. And the strong acknowledgement at Cop 31 of different national circumstances and starting points was well received by some nations, after last year's disagreement at Cop 30 in Belem on the topic . A series of side events on transitioning away from fossil fuels complemented the official presentation of the Cop 30 presidency's international fossil fuel roadmap today. The pledge of a roadmap was a key outcome of Cop 30 last year, although it was not one agreed on by consensus and sat outside the summit's official text. The Brazilian Cop 30 presidency last week presented a blueprint intended to offer practical routes for countries to move away from fossil fuels. Nigeria's national council of climate change director general Omotenioye Majekodunmi welcomed the roadmap "particularly in its recognition that while our collective destination is shared, our national starting point and pathways will differ". Cop 30 president Andre Correa do Lago said the roadmap "struck a positive cord" because "there is nothing prescriptive" about it. Almost 200 countries were called on in 2023 at Cop 28 to transition away from fossil fuels in energy systems, and progress in Cop discussions on the topic has largely stalled since. But the developing countries taking part in the discussions today stressed the importance of finance when it comes to the energy transition. Developing nations need support to shift from fossil fuel-based energy and the highest-emitting countries must take action to phase out fossil fuels, a representative of the least developed countries (LDCs) said. The LDCs are a negotiating block at Cop summits. The transition must take place "within the parameters of energy security" and "reduced fiscal space", Kyte said, speaking at an event about phasing out coal, the most polluting fossil fuel. Irawan Asaad, director of resource mobilisation for climate change at the Indonesian environment ministry echoed Kyte's comments. "Indonesia needs to have an energy transition not only for growth but also for energy security and decarbonisation," he said. But "you cannot suddenly change the entire energy sector in Indonesia", he said. Infrastructure is the largest challenge for the country, he added, but the second one is finance to support the energy transition. Indonesia is the world's third largest coal producer, according to the IEA. "Homegrown coal is attractive from an energy security point of view", compared to buying expensive gas from overseas, Kyte added. "Powering past coal is still the right goal … but we have to be flexible in how we help countries manage", she said. Parties to the Paris agreement were also called on to accelerated efforts towards the phase-down of unabated coal power at Cop 28. Revenue dependencies And for some producers, heavy dependence on fossil fuel revenue means the transition needs to be carefully managed. "We depend heavily, up to 80pc or more on revenue from crude oil, and that's what funds our development objectives and plans," Nigeria foreign minister Sola Enikanolaiye said today. "It's not something we can immediately jettison in a transition plan," he said. The real test for Nigeria will be mobilising investment and converting transition pathways into investable opportunities, Majekodunmi said. UN secretary-general Antonio Guterres called for fossil fuel importing countries to "reduce their exposure", and producing countries to "diversify their economies and prepare for changing revenues, industries and jobs". "Taxing fossil fuel windfalls can help pay for all this", he said. "Fossil fuels are not only driving the climate crisis. Dependence on them carries a steep economic and security price — as the crisis in the Middle East has laid bare." Former US climate envoy John Kerry warned that a central Cop 31 goal, to raise electricity's share of final energy demand worldwide to 35pc by 2035 is "not going to solve our problem" if the electricity is fossil-fuelled. Cop 30 last year also spurred a "coalition of the willing" — countries that wanted to accelerate the move away from fossil fuels — which culminated in a conference in Colombia in April, co-hosted by the Netherlands. The Dutch government said today that the country would commit €6mn ($6.7mn) to a fund to assist countries with developing pathways to transition from fossil fuels. The German government has also committed to funding for transitioning away from fossil fuels, electrification, renewables, energy efficiency and grids and storage. By Georgia Gratton, Caroline Varin and Rhys Talbot Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Cop: Libya pledges GHG reductions in first NDC

10/11/26

Cop: Libya pledges GHG reductions in first NDC

Berlin, 10 November (Argus) — Libya's internationally recognised Tripoli-based Government of National Unity (GNU) has pledged to cut greenhouse gas (GHG) emissions by 15pc in 2035 compared with 2023, conditional on international finance. The country submitted its first climate plan under the Paris climate agreement — or nationally determined contribution (NDC) — to UN climate arm the UNFCCC. It covers the 2026-35 period. Without international finance, Libya expects its GHG emissions to rise by 20pc over the period, still an improvement on the almost 35pc increase expected under a business-as-usual scenario, the GNU said. Libya expects most of the GHG reductions to stem from gas flaring recovery, which will capture and use natural gas currently wasted during oil production, reducing emissions while increasing energy supply, the GNU said. Gas flaring recovery projects are expected to avoid around 90mn t CO2e and save 40mn tonnes of oil equivalent (toe) of natural gas for domestic use or export in 2026–35. Emissions cuts in power generation are also expected to contribute significantly. Political instability since Libya's 2011 civil war explains the late submission of its first NDC, and also leads to challenging financing conditions, the GNU said. Libya emitted 97.3mn t of CO2 equivalent (CO2e) in 2023, with the energy sector — including not just oil, gas and power production but also transport — the biggest emitter by far, accounting for 88pc. The country pointed to its substantial crude reserves, saying that the exploitation of oil and gas is an opportunity for investment and development. But it is also working to diversify its economy to protect itself from oil prices fluctuations and contribute to the energy transition and cut its exposure to environmental vulnerabilities, the GNU said. Implementing Libya's emissions reduction measures will require an estimated $29.6bn over 2026–35, of which domestic finance accounts for 31pc, according to the NDC. The energy sector will require the lion's share, at $28bn. But while the largest overall contribution to the cuts will come from gas flaring recovery, at 36pc, this is estimated to need just $1.9 bn, or 6.3pc, of the total finance. This compares with the power sector, which will contribute 26pc to emissions cuts but is expected to need $14.6bn, around half the total finance. The transport sector will need $8.8 bn, or almost 30pc of the total. Funds will support fleet modernisation, fuel efficiency, alternative fuels, electrification and public transport. The GNU also pointed to state-owned National Oil Corporation's (NOC's) engagement in international initiatives such as the Oil and Gas Methane Partnership (OGMP 2.0), and related tools including the Methane Alert and Response System (MARS). The GNU has been assessing the viability of replacing diesel with gas for power generation. The switch to natural gas in the country's power sector could save 40mn toe in 2026-35. Libya also needs to develop international partnerships to position itself at the "forefront of major research into hydrogen, particularly green hydrogen", the GNU said. And the GNU wishes to make "full use" of the cooperative mechanisms provided for in Article 6 of the Paris agreement, which includes two international carbon market mechanisms. Libya is also looking at introducing a "gradual" carbon tax or carbon market, the GNU said, as a "tool to improve energy efficiency and to secure financing to reduce fugitive emissions or in the electricity, industrial, waste, agriculture and forestry sectors". The GNU anticipates further GDP growth until 2035, along with a "significant" reduction in the country's carbon intensity even under the business-as-usual scenario. This is as the country starts from a "very high emission" level owing to the "total" absence of emissions reduction policies, it said. By Chloe Jardine Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

OGDC's oil, gas firms maintain focus on emissions cuts

10/11/26

OGDC's oil, gas firms maintain focus on emissions cuts

Edinburgh, 10 November (Argus) — Oil and gas firms in industry initiative the Oil and Gas Decarbonisation Charter (OGDC) have maintained focus on commitments and co-operation "against a backdrop of geopolitical unpredictability, disrupted energy markets and competing operational pressures", Abu Dhabi's state-owned Adnoc chief executive Sultan al-Jaber, Saudi Arabia's state-controlled Aramco chief executive Amin Nasser and TotalEnergies chief executive Patrick Pouyanne said today. But gaps in data and data quality remain a challenge for the initiative. The three chief executives representing the initiative launched at Cop 28 in 2023 said that the OGDC signatories recognise reducing avoidable emissions in the sector "is an immediate contribution the industry must make while continuing to provide the energy the world demands, improve efficiency, and strengthen resilience". "Despite regional disruption in the Middle East, OGDC continues to serve as a multilateral platform that unites signatories from the US, Europe, the [Middle East] Gulf region, India, Africa, South America and Asia, to address the energy trilemma [energy security, affordability and sustainability] head on," they said. But even though the initiative said that transparency among the signatories has improved, it added that important gaps remain and some "continue to provide incomplete or only partially verified data". In 2025, the total scope 1 and 2 emissions, including upstream and downstream operations, reported by 47 signatories out of 56 then was around 840mn t CO2 equivalent (CO2e). The 47 firms in 2025 represented 88pc of OGDC production. Scope 1 and 2 emissions from operations and indirect energy supply to operations typically account for a smaller share of oil and gas producers' emissions, while scope 3, or end-use, emissions represent an estimated 80-95pc of oil and gas producers' emissions. The OGDC report showed that around 74pc of a total of above 490mn t CO2e in upstream scope 1 and 2 emissions could be attributed to national oil companies in 2025. The OGDC's signatories' upstream carbon intensity has been estimated at around 22kg CO2e/bl of oil equivalent (boe) for the same period, according to the report. This is expected to change as data maturity improves, and it is "premature to deduce any trends", it said. On methane, the report said that the industry has made significant progress in methane leak detection and mitigation technologies, as well as improvements in operational practices, but there are fewer companies reporting on their methane emissions than on scope 1 and 2. "The aggregate OGDC upstream methane emissions estimate for 2025 is around 3mn t, of which 46pc is derived from third-party data," the OGDC report said. The report showed that OGDC signatories' upstream flaring volumes were around 29bn m³ or around 17pc of global flaring volumes. Around 80pc came from non-OGCI members, it noted. OGCI is another industry initiative and comprises Saudi Aramco, BP, Chevron, China's CNPC, Italy's Eni, Norway's Equinor, ExxonMobil, US firm Occidental, Brazil's Petrobras, Spain's Repsol, Shell and TotalEnergies. A total of 35 signatories, accounting for 84pc of OGDC operated production, have allocated capital to support their interim goals, and half said their budgets cover their entire plans, the report said. And 46 signatories, covering 96pc of operated production, have set voluntary interim 2030 Scope 1 and 2 ambitions, while more than 80pc of production is covered by action plans on emissions, methane and routine flaring, it said. The charter now has 57 signatories as of November, representing around one-third of global oil production. The Eni-Petronas joint-venture Searah joined the initiative earlier this month. Of the signatory companies, around two-thirds are state-owned, while OGDC signatories produced around 58mn b/d of oil equivalent (boe/d) in 2025, according to the report. By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US Senate starts debate on permitting bill: Update

09/11/26

US Senate starts debate on permitting bill: Update

Adds details on US Senate vote Washington, 9 November (Argus) — A bipartisan permitting bill that would overhaul government approvals of energy projects has cleared a major procedural hurdle in the US Senate, despite a last-minute threat from President Donald Trump to continue blocking wind projects if the bill passes. The Senate on Monday voted 73-25 to start debate on the Bipartisan American Affordability and Jobs Act (BAAJA), easily surpassing a 60-vote threshold needed to avoid a filibuster. Senate Republicans and Democrats who spent the last year in negotiations said the bill will eventually bring down energy prices for consumers by making it easier to build pipelines, install electric transmission lines and develop clean energy projects alike. But Trump injected last-minute uncertainty into the procedural vote by saying he plans to keep blocking wind projects, even if the bill becomes law. Democrats had spent the last month in negotiations with the White House seeking assurances that if they approved BAAJA, the administration would restart regular permitting of wind and solar projects that had been blocked. "The bill hasn't been fully negotiated," Trump told reporters. "I will not approve wind turbines because wind turbines are a major loser." Asked for comment, the White House said Trump remained fully in support of BAAJA and reiterated his support for the bill in the press briefing. BAAJA would fast-track environmental reviews of infrastructure and make it harder for permits of fully authorized projects to be revoked, either in response to a lawsuit or because of a change in administrations. The bill also includes language to deter the White House from banning full categories of projects, such as wind farms or LNG export terminals, while making it easier to approve electric transmission lines. But some Democrats say they cannot support the bill as written because they worry Trump will use it to accelerate fossil fuel development, while continuing to slow-walk approvals of wind and solar projects. And many environmental groups, including the Sierra Club and the Natural Resources Defense Council, say BAAJA goes too far by shielding permits from meaningful review, even when there are flagrant errors. Former US vice president Al Gore, who is influential on climate policy, on Monday said Democrats should take up permitting legislation next year when they control Congress. "Now is not the time to give the Trump administration freer rein to double down on fossil fuels," Gore wrote on social media. Even so, the bill has been picking up major endorsements that make it more likely to pass, including in the Republican-led US House of Representatives where passage could be most difficult. On Monday, electric utility trade group the Edison Electric Institute — which in 2024 helped block a smaller permitting bill — gave its formal endorsement. Far-right conservatives in the House Freedom Caucus the same day said they wanted to pass "robust permitting bill" by the end of the year, although they did not specifically endorse BAAJA. The White House has started advancing clean energy projects as part of negotiations on the bill. The US Department of Defense on Monday advanced another 10 onshore wind projects that were previously under review, the White House said, including four projects in Texas and two projects in Illinois. "The Trump administration has walked the walk. Now it's time for the Senate to stop talking and deliver!" a White House official said. "After weeks of good-faith negotiations and actions from the White House, the passage of BAAJA now falls entirely on the Senate." Now that the Senate has voted to begin debate on BAAJA, Senate Environment and Public Works Committee ranking member Sheldon Whitehouse (D-Rhode Island) said he expects the US Interior Department will have "something to say" related to permitting of energy projects. As many as 250 projects that are backed up at the Department of Defense will "begin to move" as part of the deal to return to normal permitting, Whitehouse said. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

UK heat-pump subsidy has minimal impact on gas use

09/11/26

UK heat-pump subsidy has minimal impact on gas use

London, 9 November (Argus) — The UK government's Boiler Upgrade Scheme (BUS) has had a negligible impact on the country's gas demand so far, Argus calculates, but a surge in voucher applications suggests heat pump installations could rise in the coming months. The BUS could remove gas consumption equivalent to 433GWh in a single year, as of September ( see table ). The estimate uses voucher redemption data for installations replacing gas across regions and median gas consumption by household in May 2024-May 2025, in line with the latest data from the Department of Energy Security and Net Zero (Desnz). Gas consumption from domestic meters was 281TWh on May 2024-May 2025. But a large share of gas boiler replacements is likely to take place in older buildings, which tend to consume more gas because of inefficient heating systems and poor insulation. This could therefore have increased the reduction in UK gas demand resulting from gas boiler replacements. The latest voucher application data suggest heat-pump adoption could accelerate in the near term. The total number of applications soared to 9,738 in September, the highest for any month since the scheme started, from 7,486 in August and 4,089 in September last year. The number of vouchers issued and redeemed has also started to increase ( see graph ). Annual gas demand could fall by a further 191 GWh/yr, if all vouchers issued in the past four months translate into installations and 59pc of these replace gas — in line with the latest financial-year average. This assumes median consumption from May 2024-May 2025. The scheme incentivises the replacement of gas boilers with heat pumps by giving grants of up to £7,500. But not all voucher applications will lead to a voucher being issued, as some will be rejected if they do not pass energy regulator Ofgem's eligibility checks. Likewise, not all issued vouchers will subsequently be redeemed. Reasons may include the property owner changing their mind about the installation or the voucher expiring before the work is complete. The scheme is in its fifth year, with a budget of £400mn for the financial year 2026-27, and funding confirmed up to 2029-30 through the Warm Homes Plan. Over £560mn has been paid out through grants across the first four years of the scheme. The implementation of the Warm Homes Plan could accelerate with the establishment of the Warm Homes Agency, as announced by the government last week as part of its Energy Independence Bill . The new agency aims to improve consumer awareness and advice to accelerate the uptake of schemes. By Isabel Valverde Estimated gas demand reduction from BUS Region Vouchers redeemed for gas-displacing technologies Median demand per meter (kWh) Estimated demand reduction (GWh/yr) North East 1,527 10,325 15.8 North West 4,212 9,777 41.2 Yorkshire and The Humber 4,679 10,192 47.7 East Midlands 4,644 10,124 47.0 West Midlands 3,158 10,157 32.1 East 5,447 9,982 54.4 London 3,804 9,990 38.0 South East 9,604 10,007 96.1 South West 5,581 8,487 47.4 Wales 1,439 9,327 13.4 Total 433.0 Desnz BUS vouchers received, issued and redeemed Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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