Yemen LNG remains in operation

Spanish Market: Natural gas
07/08/13

London, 7 August (Argus) — Yemen LNG today confirmed that its 6.7mn t/yr Balhaf liquefaction facility continues to be operational despite the ongoing security crisis in the country.

“Necessary measures have been put in place in order to ensure the safety and security of our people and facilities,” Yemen LNG said.

The UK Foreign and Commonwealth Office (FCO) said that oil and gas infrastructure in the country represent likely targets for attacks in Yemen.

South Korean state-owned LNG importer and gas firm Kogas, a major offtaker and shareholder in the plant, also confirmed that it had received no notification of any suspension of operations or shutdowns.

The last cargo to load at the facility was the 138,200m³ SK Supreme on 29 July, according to shipping data.

The next is likely to be either the 151,800m³ K Mugungwha — which was approaching the terminal over the weekend but is now drifting offshore Yemen — or the 152,000m³ Seri Balqis, also in the region.

The UK and US have pulled diplomatic staff out of embassies in Yemen since the weekend of 3 August, and told their citizens to leave Yemen over the heightened terrorist threat. Yemen LNG suffered six attacks on pipeline infrastructure that links the LNG terminal to its block 18 gas field last year.

Total is the largest shareholder in Yemen LNG with 39.62pc. US independent Hunt Oil owns 17.22pc, state-owned Yemen Gas holds 16.73pc and South Korea's SK Innovation, Kogas and Hyundai own 9.55pc, 6pc and 5.88pc, respectively. The Yemeni government's pensions fund owns the remaining 5pc.

France's GDF Suez has an agreement with the facility to export 2.5mn t/yr, while Total and Kogas each have an agreement to export 2mn t/yr.

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17/12/25

Australia coal, Fe prices to fall; LNG up: Treasury

Sydney, 17 December (Argus) — Australian iron ore, coking coal, and thermal coal prices are expected to decline by the end of December 2026, while LNG prices may rise from current levels, according to Treasury forecasts released on 17 December. Australian commodity prices are expected to return to long-run fundamental levels, Treasury said in its Mid-Year Fiscal and Economic Outlook for the 2025-26 financial year ending 30 June. Thermal Coal Australia's thermal coal prices have been supported by ex-China demand since Treasury released its July 2025-June 2026 budget on 25 March, Treasury said. But it does not expect this trend to continue. Treasury forecasts Australian thermal coal spot prices will fall to $70/t on a fob basis by the end of December 2026, down from current levels. Argus ' Australian NAR 6,000 kcal/kg fob Newcastle price was last assessed at $108.46/t on 16 December, up from $95.62/t on 25 March. Australian thermal coal exports to China fell 11pc on the year in January-October ( see table ), while shipments to Japan, South Korea, Vietnam, and Malaysia rose, data from the Australian Bureau of Statistics show. Steelmaking Inputs Chinese economic policy support has lifted iron ore and metallurgical coal prices since March, Treasury said. But it expects Australian iron ore and coking coal spot prices to fall to $60/t and $140/t fob, respectively, by the end of 2026. Argus ' metallurgical coal premium hard low-volatile fob Australia price was last assessed at $215.10/t on 16 December, while its iron ore fines 61pc Fe (ICX) fob Australia netback price was last assessed at $90.55/t. Treasury also expects mining investment to remain unchanged over the next two years, largely because of the iron ore and coking coal sectors. Iron ore producers may invest in projects to maintain production, but coking coal producers are expected to run down their capital stock, Treasury said. Producers are looking to sell or finance around six Queensland coking coal mines, a market participant told Argus on 2 December. Petroleum LNG prices have declined since March because of China's shift toward non-Australian gas, Treasury said. Australian LNG spot prices are expected to reach $10/mm Btu by the end of December 2026, according to Treasury forecasts. Argus ' Gladstone fob price — an LNG netback indicator — was last assessed at $9.01/mm Btu on 16 December, down from $12.90/mm Btu on 25 March. China plans to prioritise pipeline and domestic gas over LNG imports in the coming years, PetroChina International's global head of LNG Yaoyu Zhang said on 4 December. Treasury also expects global oil prices to hover around $66/bl over the next four years, down from its March estimate of $81/bl. Australia's government will raise less revenue from its petroleum resource rent tax than previously expected because of the downgrade, the agency added. The tax is forecast to generate A$1.5bn in 2025-26, down from the earlier estimate of A$1.95bn. By Avinash Govind Treasury Commodity Forecasts (Mid-Year Economic and Fiscal Outlook) $ Commodity Argus Price (most recent)* Forecasted Price* Change (%) Coking Coal 215.1/t 140/t -35.0 Thermal Coal 95.62/t 70/t -26.8 Iron Ore 90.55/t 60/t -33.7 LNG 9.01/mm Btu 10/mm Btu 11.0 * Argus' Australian NAR 6,000 kcal/kg fob Newcastle; metallurgical coal premium hard low-volatile fob Australia; Argus' Gladstone fob; Iron ore fines 61pc Fe (ICX) fob Australia netback * fob Australia basis, at end of December 2026 Argus, Commonwealth of Australia Australian thermal coal exports mn t Market Jan - Oct '25 Jan - Oct '24 YTD Change (%) China 53 60 -11 India 2.9 3.4 -16 Japan 59 59 0.5 South Korea 11 9.7 12 Vietnam 13 9.6 37 Malaysia 5.9 5.4 11 Australian Bureau of Statistics Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US House clears hurdle to pass permitting bill

16/12/25

US House clears hurdle to pass permitting bill

Washington, 16 December (Argus) — Republicans in the US House of Representatives have overcome an initial obstacle to passing a marquee permitting overhaul bill after committing to vote on key amendments that would strip out potential benefits for offshore wind. Republicans in the House voted 215-209 in a vote on Tuesday to approve a rule that will dictate the terms of debate for votes later this week on the SPEED Act, which has become the focus of bipartisan efforts to fast-track the permitting process for pipelines, electric transmission lines, railroads and other infrastructure. A group of far-right conservatives initially voted against the rule, but most reversed course during the vote in exchange for revisions that have yet to be made public. The Tuesday vote was one of the last remaining hurdles to House passage of the SPEED Act, which is expected to pick up some Democratic votes when it comes up for a final vote later this week. The House majority typically is responsible for putting up all the votes for a rule, meaning it would only take a few Republicans to block bill debate. Republicans were uncertain they would have enough votes for the rule, as far-right conservatives such as US representative Andy Harris (R-Maryland) and others were lobbying for changes. On Monday, US representative August Pfluger (R-Texas) urged attendees of a conference to put as "much effort as you possibly can" into persuading wavering Republicans to support the permitting bill. Pfluger is the chair of the Republican Study Commission, a caucus that represents a majority of House Republicans. "Go talk to them and let them know how important this is," Pfluger said during an event organized by the think tank the Conservative Coalition for Climate Solutions. Ahead of the vote, an industry coalition on Tuesday released a joint letter offering "strong support" for the bill. Among the signatories were the American Petroleum Institute, the US Chamber of Commerce, the Association of American Railroads and the US LNG Association. President Donald Trump has yet to take an explicit position on the SPEED Act, but administration officials are optimistic permitting legislation could be enacted. "I think we are at a time where the chance of a real permitting reform bill is higher maybe than it's ever been," US energy secretary Chris Wright said at the event on Monday. The SPEED Act would focus on the implementation of the National Environmental Policy Act (NEPA), a decades-old law that requires federal agencies to prepare environmental reviews of infrastructure projects. Pipeline companies and renewable energy developers alike blame the law for costly delays, both because of the time it takes for agencies to issue reviews and then the risks that permits will be thrown out because of lawsuits. The bill would narrow the scope of environmental reviews, aligning with a unanimous US Supreme Court ruling this summer. But the bill's most significant changes would make permits more durable. Even if a court found a NEPA review was flawed, the bill would keep permits intact during further analysis. And in a last-minute change, the bill would offer more permit "certainty" by limiting the government's ability to rescind prior approvals. That could protect pipeline permits such as the now-canceled Keystone XL pipeline, while also stopping Trump from halting more offshore wind projects. But the permit certainty language drew concern from far-right conservatives who oppose offshore wind. House Republicans in response agreed to vote on an amendment sponsored by Harris and others that would remove the "permit certainty" changes. Two other amendment votes also backed by Harris would stop expedited permitting treatment in the SPEED Act for offshore wind or any project that Trump has sought to block. Passage of those amendments could cost some Democratic support for the bill. Even if the bill passes, it is expected to be subject to major changes in the US Senate to attract enough support from Democrats to prevent a filibuster. Senate Democrats are hoping to insert language that would prevent what they describe as a "solar ban" being enforced by the Trump administration. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Workers at Australia’s Pluto LNG set to strike

16/12/25

Workers at Australia’s Pluto LNG set to strike

Adelaide, 16 December (Argus) — Staff working for project contractor Bechtel building the 5mn t/yr second train at Australia's 4.9mn t/yr Pluto LNG terminal are set to strike from next month. The Offshore Alliance (OA) workers' union have provided notice to Bechtel and action starts at 6am local time on 5 January 2026, a union spokesman said on 16 December. Bechtel continues to engage constructively with its employees on the Pluto train 2 enterprise bargaining agreement (EBA), a spokeswoman said, adding that work onsite continues safely, and Bechtel remain focused on the successful completion of the project Hundreds of union members represented by the OA voted to authorise protected industrial action via ballots published by the Fair Work Commission on 4 December allowing an unlimited number of stoppages at the site from 30 minutes to 24 hours in length. But a new vote on the EBA is planned to take place on 20 December, which could see the industrial action cancelled. The present EBA covering Bechtel's workers expires on 19 December, Argus understands. Australian independent Woodside Energy is the operator of the Pluto project, which is planning to produce 8mn t/yr of LNG from its Scarborough gas field offshore Western Australia later next year. A Woodside spokesman told Argus the industrial dispute is a matter for Bechtel, its workforce and its unions. Train 2 is due to come on line in the second half of 2026, Woodside has said, while train 1 modifications will be completed by early 2027 ahead of that facility processing an eventual 3mn t/yr of Scarborough's drier gas . By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trinidad to host US aircraft, Venezuela ends gas deal

16/12/25

Trinidad to host US aircraft, Venezuela ends gas deal

Houston, 15 December (Argus) — Trinidad and Tobago said it is allowing the US military to use its airports during the current pressure campaign on Venezuela, prompting Venezuela to cancel plans for future natural gas supply. The Caribbean country's airports will be used by the US for "logistical" activities, including "the facilitating of supply replenishment and routine personnel rotations," according to the foreign ministry. Prime minister Kamla Persad-Bissessar said Trinidad and Tobago will not be used to launch attacks on Venezuela. The US has stationed a large naval force in the waters near Venezuela since September as part of an effort ostensibly aimed at stopping waterborne drug shipments, but it has also called for President Nicolas Maduro to step down. The US has destroyed around 20 small boats in the area it said were carrying drugs, killing more than 80 people, and last week seized a tanker carrying Venezuelan crude. Trump said in November he would order land strikes against Venezuela soon. Gas-short Trinidad and Venezuela previously agreed to develop a gas field in Venezuelan waters close to their maritime border. In October Venezuela indicted it was likely to end work on the agreement because of Trinidad's support for the US operations. Persad-Bissessar was being "hostile" to Venezuela, "and has turned her country into a US aircraft carrier to attack Venezuela, in an unequivocal act of vassalage," Venezuelan vice president Delcy Rodriguez said. Trinidad and Tobago has two international airports. The southwestern tip of the country is 11 miles from Venezuela's north coast. By Canute James Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Viewpoint: UK offshore faces deeper consolidation

15/12/25

Viewpoint: UK offshore faces deeper consolidation

London, 15 December (Argus) — UK offshore oil and gas operators are bracing for more consolidation next year after the government confirmed the Energy Profits Levy (EPL) will remain in place until March 2030. The EPL, introduced in 2022, raised the headline tax rate on upstream profits to 78pc from 40pc, reshaping project economics and company strategies. Executives argue the current price environment is "far from windfall" and describe the fiscal regime as punitive. Faced with higher taxes and tighter margins, operators are seeking scale and cost savings through mergers and joint ventures. Shell and Norway's state-controlled Equinor formally launched their new UK offshore joint venture, Adura, earlier this month after agreeing the deal in 2024. Also this month, TotalEnergies agreed to form a UK-focused joint venture with Neo Next , an independent owned by Spain's Repsol and Norwegian private equity firm HitecVision. The new business, Neo Next+, will hold more than 50pc of the Elgin-Franklin gas complex, where TotalEnergies is already operator, and interests in several other fields. The deal will leave BP as the only European major still directly operating a UK portfolio itself. Other examples of operators restructuring to manage UK exposure include Italian firm Eni exchanging its UK upstream assets for a stake in North Sea producer Ithaca Energy , and UK independent Harbour Energy merging with Germany's Wintershall Dea in an $11.2bn transaction that added assets offshore Norway and in other regions. Both those deals closed in 2024. Although Harbour has since cut hundreds of North Sea offshore jobs, it is not giving up on the UK. It agreed a deal this month to increase its interest in the UK's Catcher field to 90pc, from 50pc, via a takeover of junior independent Waldorf Production. The deal, which will also give Harbour a stake in the Kraken field, will add 20,000 b/d of oil equivalent (boe/d) to the firm's UK production. Harbour is the UK's largest independent producer for now, with output of 156,000 b/d of oil equivalent (boe/d) from the UK continental shelf in January-September this year. But analysts who track the sector estimate Adura will eventually produce more than 200,000 boe/d. And TotalEnergies expects Neo Next+ to reach 250,000 boe/d in 2026. While operators consolidate to help manage fiscal pressure, the outlook for fresh projects is limited by government policy. Greenfield oil and gas developments in the UK will be scarce in the 2026 and beyond. The government's ban on new licences remains in force. Its North Sea Future Plan, released on budget day, allows limited additional production near existing producing fields. Operators are expected to direct capital spending to near-field tiebacks and other work to lift output from existing developments. Two greenfield projects that could see first oil or gas towards late 2026 are Rosebank and Jackdaw. Equinor and Ithaca continue to work on Rosebank. Shell continues to work on Jackdaw. But the government must still decide whether the resubmitted environmental plans meet the required standard. As for Ithaca Energy's Cambo development, west of Shetlands, which has yet to reach a final investment decision , analysts are increasingly sceptical that it will proceed at all. After the budget, investment bank Stifel issued a "sell" note on Ithaca's shares. Its valuation now assumes Ithaca's 100pc-owned Cambo project will not go ahead. By Jon Mainwaring Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Yemen LNG remains in operation

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