Generic Hero BannerGeneric Hero Banner
Latest market news

Nigeria commits to 2060 net zero emissions target

  • : Crude oil, Electricity, Natural gas
  • 21/11/03

Nigeria has committed to reaching net zero emissions by 2060, but stressed that developing countries need technical and financial support to hit targets.

Gas will retain a key role in the country's energy transition, Nigeria's president Muhammadu Buhari said at the UN Cop-26 climate conference in Glasgow. "The data and evidence show that Nigeria can continue to use gas until 2040 without diverting from the goals of the Paris agreement," he said.

"Nigeria is actually more of a gas than an oil producing country. Consequently, I am requesting for financing of projects using transition fuels, such as gas," he said.

The president stressed throughout his speech at the world leaders summit at Cop 26 that developing countries will require financial and technical support to attain their climate change goals.

He said that Nigeria did not need to be persuaded about the importance of fighting climate change. "Desertification in the north, floods in the centre, pollution and erosion on the coast are enough evidence," he said.

Buhari said that Nigeria's commitment to a just transition is reflected in the country's "ambitious" energy plan, which includes bringing power to five million households by using decentralised solar energy solutions.

Nigeria is the largest producer of oil on the African continent and a major LNG exporter. The country exported 11.8mn t of LNG in January-August this year.

Nigeria joins major oil producers Saudi Arabia and Russia in targeting net zero emissions by 2060.


Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

25/05/22

US officials squabble on Chevron's Venezuela future

US officials squabble on Chevron's Venezuela future

Caracas, 22 May (Argus) — Chevron will be allowed to continue producing and exporting Venezuelan crude, or maybe it will not, depending on to which senior US official one listens. Secretary of state Marco Rubio took to social media late Wednesday night to insist that Chevron's waiver from US sanctions will end as planned on 27 May, contradicting US presidential envoy Ric Grenell's statement a day earlier. "The pro-Maduro Biden oil license in Venezuela will expire as scheduled next Tuesday May 27th," Rubio posted from his personal account on X. Rubio referred to an authorization, originally issued under former president Joe Biden in 2022, that allowed Chevron to import crude into the US produced in its joint venture with state-owned PdV. Grenell had said on Wednesday that he expected an extension of the license after he helped secure the release of US Air Force veteran Joseph St Clair from a Venezuelan prison. Chevron has until 27 May to wind down all business in Venezuela, and neither the company nor the US Treasury Department's sanctions enforcement arm, the Office of Foreign Assets Control, have disclosed if the license would be extended or modified. Venezuela's national assembly president Jorge Rodriguez earlier this week had suggested that the US under President Donald Trump would seek to extend the original license to prevent China from taking over Chevron's space in its joint ventures with PdV. Sources close to the issue in Venezuela had heard until late Wednesday that the extension was in the works. "It's going to happen, Friday is what we are hearing", the source said, indicating multiple currents in the Trump administration. But Venezuelan opposition leader Maria Corina Machado lobbied against extending the waiver, saying Chevron's presence helps support the Maduro regime, an opposition source in Caracas said. "The [US] wants their hostages, but they are not super eager to hand Maduro a win in return", the source, who has liaised with DC for the opposition said. "La señora complained." By Carlos Camacho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Iraq signs integrated energy deal with China’s Geo-Jade


25/05/22
25/05/22

Iraq signs integrated energy deal with China’s Geo-Jade

Dubai, 22 May (Argus) — Iraq's oil ministry has signed an agreement with China's Geo-Jade Petroleum and local firm Basra Crescent to expand the capacity of the 20,000 b/d Tuba oil field and develop a suite of downstream and power assets, in a move that mirrors recent integrated energy deals with international partners. A key component of the South Basrah Integrated Energy Project will be to raise Tuba's production capacity to 100,000 b/d, oil minister Hayan Abdulghani said at the signing ceremony in Baghdad on 21 May. The project will also include processing of up to 50mn ft³/d of associated gas. Downstream components include a 200,000 b/d refinery, a 620,000 t/yr petrochemical plant and a 520,000 t/yr fertilizer facility. A 650MW thermal power plant and a 400MW solar plant will also be part of the project, Abdulghani said. No financial details or project timelines were disclosed. The agreement marks a further step in Geo-Jade's expansion in Iraq, following its successful participation in the country's fifth and sixth licensing rounds. While the company now holds multiple upstream assets in Iraq, it has yet to bring any into production. The deal follows a similar multi-billion dollar agreement signed with TotalEnergies in 2023 , which bundled gas processing, water treatment and solar power with development of the Ratawi field. In February this year, BP signed a major upstream deal with Iraq that also includes power, water and potentially exploration. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

India's Petronet LNG delays Dahej terminal expansion


25/05/22
25/05/22

India's Petronet LNG delays Dahej terminal expansion

Mumbai, 22 May (Argus) — India's state-run LNG terminal operator Petronet LNG has delayed commissioning the 5mn t/yr capacity addition at its Dahej terminal to September, from the previous March deadline, chief executive officer Akshay Kumar Singh said in a press conference this week. The expansion will take the entire capacity of the terminal to 22.5mn t/yr. The firm has cited several challenges, including logistics and recent security concerns owing to cross-border tensions between India and Pakistan, for causing the delay. Petronet commissioned two storage tanks , each with a capacity of 180,000m³, at Dahej in September last year, taking the total to eight storage tanks. The company is also in the process of building a 2.5km jetty that can accommodate Q-Max LNG tankers as well as receive propane and ethane, besides LNG at its upcoming petrochemical plant. Petronet has also announced plans to build a new 5mn t/yr import facility at Gopalpur on the country's east coast, with commissioning expected by 2027. But the project also faces delays for land acquisition, because it shifted plans to a land-based terminal from the previous floating, storage and regasification unit. Petronet would also have to get the project registered and approved by India's Petroleum and Natural Gas Regulatory Board under the new LNG terminal registration law, which will further add to costs and delays. It will take 3-4 years from receipt of all approvals to complete the project, Petronet officials said in an analysts' call back in October 2024. By Rituparna Ghosh Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

New Zealand to invest $119mn in gas fields


25/05/22
25/05/22

New Zealand to invest $119mn in gas fields

Sydney, 22 May (Argus) — The New Zealand coalition government will co-invest NZ$200mn ($119mn) over four years in new gas fields to support the country's low natural gas supply, it announced today in its 2025 budget release. This is part of efforts to address the gas shortage risk and will take the government's commercial stake to up to 10-15pc in new gas field developments by the private sector that feed the domestic market. Further details were not disclosed. Natural gas will be critical in New Zealand's energy generation for at least another 20 years, resources minister Shane Jones said on 22 May. The government must stand by the petroleum sector as a co-investor with private companies to get through winter periods and counter the country's reliance on imported thermal coal, according to Jones. The coalition government plans to ensure reliable generation from coal, oil, gas or geothermal resources , Jones said in 2024. New Zealand has been facing a gas shortage for months, and domestic utility Meridian Energy called for an ease in regulations to allow LNG import facilities in early 2025. The country's national gas production fell to its lowest level since 1983 in October-December 2024. By Susannah Cornford Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Mexican GDP outlook dims on tariffs: IMEF


25/05/21
25/05/21

Mexican GDP outlook dims on tariffs: IMEF

Mexico City, 21 May (Argus) — Mexico's association of finance executives IMEF lowered its 2025 growth forecast for a fourth consecutive month, citing the growing impact of US tariffs on the economy. GDP is now expected to grow just 0.1pc in 2025, according to IMEF's May survey, down from 0.2pc estimates in April, 0.6pc in March and 1pc in February. The number of respondents forecasting a contraction in GDP rose to 16, or 37pc of the sample, from nine in April. While the US has granted some exemptions and discounts for Mexican goods meeting regional content rules, IMEF said the effective tariff rate on Mexican exports remains higher than that for Canada, Brazil, India, Vietnam and others. "We're already seeing the [tariffs'] impacts," said IMEF economic studies director Victor Herrera, adding that May trade data will likely show a sharp drop in Mexican exports to the US. Trade is also being hit by a screwworm outbreak in cattle that led to port closures last week and curtailed beef exports, which account for $1.3bn in annual exports. More automakers could relocate or scale back production in Mexico, Herrera said, after Stellantis confirmed plans to shift some operations to the US and recent reports Nissan may close one or both of its Mexican plants. In response, Mexico this week sent deputy economy minister Luis Rosendo Gutierrez to Tokyo to meet with Mazda, Nissan, Toyota and Honda executives. IMEF cut its 2025 job creation forecast to 200,000 in May from 220,000 in April. Mexico's social security administration IMSS reported only 43,500 new jobs over the past 12 months as of 5 May. Beyond trade, IMEF flagged uncertainty from recent constitutional reforms and the potential for a US tax on remittances as additional risks to growth. The group held its 2025 inflation forecast steady at 3.8pc, despite Mexico's consumer price index rising to 3.93pc in April from 3.80pc in March . IMEF noted concerns about a potential rebound in inflation later this year after the central bank cut its benchmark interest rate by 50 basis points to 9pc on 8 May — the third such cut in 2025. The group now sees the end-2025 rate at 7.75pc, down from 8pc previously. IMEF expects the peso to end the year at Ps20.80/$1, slightly lower than the Ps20.90/$1 forecast in April. The peso recently strengthened to Ps19.34/$1, though Herrera said this reflected dollar weakness more than peso strength. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more