US oil and gas sector mergers and acquisitions (M&A) are likely to slow for the rest of the year following a record $51bn in deals in the first quarter, consultancy Enverus says. Following an unprecedented $192bn of upstream deals last year, the Permian shale basin continued to dominate first-quarter M&A as firms competed for the remaining high-quality inventory on offer. Acquisitions were led by Diamondback Energy's $26bn takeover of Endeavor Energy Resources. Other private operators, such as Mewbourne Oil and Fasken Oil & Ranch, would be highly sought after if they decided to put themselves up for sale, Enverus says.
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Japan to release second batch of oil reserves from May
Japan to release second batch of oil reserves from May
Tokyo, 24 April (Argus) — Japan plans to start the second round of its national oil reserves release from 1 May, with the total amount at around 5.8mn kilolitres, or 36mn bl, Japan's trade and industry ministry Meti said today. Meti already announced its plan to start the additional drawdowns from the national crude oil reserves earlier in April, but it had not fixed the exact amount and starting date. The ministry will start the additional release on 1 May, from the Shibushi National Petroleum Stockpiling Base in southern Japan. The release of oil reserves from nine other bases will follow. Domestic refiners Eneos, Idemitsu, Cosmo Oil and Taiyo Oil will receive the released crude oil. Total sales prices will amount to around ¥540bn ($3.4bn), set in reference to the February official selling prices for each grade as well as the rate of change in the monthly average Brent crude price between February and March. Japan has 214 days' worth of oil reserves as of 21 April, according to preliminary data from Meti. This includes 131 days of national reserves, 81 days of private-sector reserves and 3 days of joint stockpiles with oil-producing countries. The total amount is lower by 29 days compared with the stockpiled amount at the end of February. Tokyo started drawing down oil reserves on 16 March first by lowering the stockpile mandate for the private sector by 15 days' worth to allow refiners to use their reserves, and it began releasing national reserves on 26 March . Japanese refiners have been working to secure crude oil from alternative sources and via routes other than the strait of Hormuz, and are looking to the US. A tanker with around 910,000 bl of WTI crude will arrive at Keiyo Sea Berth offshore Chiba prefecture in eastern Japan on 26 April. Cosmo Oil will receive it at its 214,000 b/d Chiba refinery, according to the company. This is Japan's first receipt of US crude procured and loaded after the beginning of the US-Iran war, Meti said. Japanese prime minister Sanae Takaichi has declared that Japan has sufficient oil supplies that can last beyond the end of this year, taking into account its oil reserves and alternative procurement including from the US. By Kohei Yamamoto Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Shipping needs pragmatic decarbonisation approach: IMO
Shipping needs pragmatic decarbonisation approach: IMO
Singapore, 24 April (Argus) — The maritime sector's push towards net-zero emissions suffered a "small setback" at the International Maritime Organisation (IMO) Marine Environment Protection Committee (MEPC) meeting last October, but the industry needs a "pragmatic" approach given the current geopolitical climate, IMO secretary general Arsenio Dominguez said at the Singapore Maritime Week (SMW) conference this week. The focus on decarbonisation "is not diminished", said Dominguez, adding that research and investment into decarbonising the sector is still ongoing. Freedom of navigation and the safety of crew remains top of mind for the maritime industry, and the IMO has proposed an evacuation framework for affected vessels in the Mideast Gulf. The sector is keeping close watch on the 84th Marine Environment Protection Committee (MEPC) that will be held in London next week, and key shipping groups have expressed support for the IMO's greenhouse gas (GHG) reduction ambitions ahead of the session. The US-Iran war foregrounds the energy trilemma between energy security, affordability, and sustainability, said SMW panellists, noting the maritime sector needs to balance all three components for a resilient transition to greener fuels, particularly as the shipping sector is "pulled in many directions" given short-term supply shocks and regional regulations. Recent supply shocks have shown countries need to diversify their economy and source for alternative fuel options, said Dominguez. But panellists emphasised that cost barriers have slowed the shift to greener fuels, since affordability requires scale and investment. One of the things that would drive the scale-up and investment in greener fuels is the certainty of regulations, said Stefan Nysjo, head of power supply at Finnish engine manufacturer Wartsila Marine Power. Supportive policies are "important when you're entering a market where there is no market", said ExxonMobil Asia Pacific chairman and managing director Geraldine Chin. A carbon accounting system underpinned by transparency is the way forward, said Chin, stressing that carbon intensity systems must be implemented on a total life cycle basis, and gradually such that it doesn't shock the market. Decarbonisation solutions "must be economic" and the market must depend on new technologies that would support the uptake of alternative fuels like ammonia, hydrogen, and methanol, she said. But several panellists noted that businesses are not waiting for regulations to be fixed before deciding what to do in terms of decarbonisation. We have to look at "what are the options today… and not in 20 years", said Mediterranean Shipping Company (MSC) head of maritime policy and government affairs Marie-Caroline Laurent. MSC had chosen the LNG pathway with the hope of progressing to bio-methane and e-methane in the future, although they are not closed to other fuel options. "The choice was a very practical one," said Laurent. Maersk has committed to low-carbon fuel options, with methanol being one of them, said its management and technology Leonardo Sonzio. The Danish container liner has net-zero greenhouse gas emissions target by 2040, with intermediate targets by 2030. Smaller shipping firms may not have the luxury of choosing several fuel pathways, said shipping firm CMB.Tech's chief executive Alexander Saverys. Decarbonisation can only pick up when the cost of alternative fuels becomes "cheap compared to diesel", said Saverys, adding that CMB.Tech had chosen the ammonia pathway given its usage in other industrial sectors. Economist Martin Stopford said a lot of the "low hanging fruits" have been picked in the past 50 years, driven by demand for energy from crude, and the "move to a new era" of cleaner fuels would require higher costs, deeper knowledge and further efforts in development. By Cassia Teo Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Lebanon ceasefire extended by 3 weeks: Trump
Lebanon ceasefire extended by 3 weeks: Trump
Washington, 23 April (Argus) — Israel will suspend military operations in Lebanon for another three weeks beyond the existing ceasefire deadline of 26 April, President Donald Trump said on Thursday following talks between Israeli and Lebanese envoys at the White House. The ceasefire negotiated a week ago was due to expire at 8pm ET (20:00 GMT) on 26 April, so a three-week extension will push it until 17 May. Lebanon-based, Iran-backed Hezbollah militants launched drone and missile attacks against Israel last month, opening a new front in the US-Israel war against Iran and drawing a heavy-handed response from Israel against civilian areas and infrastructure in Lebanon. Israel and Hezbollah exchanged small scale attacks in recent days, despite the ceasefire. The ceasefire agreement allows Israel to "take all necessary measures in self-defense, at any time, against planned, imminent, or ongoing attacks". But Trump said on 17 April that he "prohibited" Israel from carrying out attacks in Lebanon. The Lebanon ceasefire agreement on 16 April came in response to Tehran's demand for Israel to cease hostilities, as part of a broader US-Iran push for a negotiated end to the war. "It'll be a wonderful thing to get (a Lebanon-Israel peace agreement) worked out simultaneously with what we're doing in Iran", Trump said on Thursday. But prospects for a US-Iran agreement look more remote now than they did a week ago. The strait of Hormuz remains largely closed to navigation, and the US naval blockade of Iranian trade continues despite a ceasefire that Trump said on 21 April will continue indefinitely. There is no date set for the next round of US-Iran talks. Trump in recent days said that Iran's leadership is fractured over a possible deal with the US. He also downplayed Iran's ability to control the strait of Hormuz and declared that it was, in fact, the US that retained control over that waterway since "no ship can enter or leave without the approval of the United States Navy". Trump also said in a social media post on Thursday that he was not "'anxious' to end the War (if you would even call it that!) with Iran, please be advised that I am possibly the least pressured person ever to be in this position." Iran's president Massoud Pezeshkian, parliamentary speaker Mohammad Bagher Ghalibaf and other officials appeared to respond to Trump's claims of fractures in Tehran with similarly worded social media posts insisting that Iran's leadership is in fact united. The US naval blockade in the Gulf of Oman and across the Indian Ocean — in effect since 13 April — has resulted in the capture of three Iranian vessels and has forced 31 Iranian ships to return to ports in Iran, the Pentagon said on Thursday. Iran has responded to the US actions by seizing two containerships owned by Swiss firm MSC that were transiting the strait of Hormuz. Iran's response does not amount to a ceasefire violation, the White House said on Wednesday. Trump reiterated on Thursday that the US public should be prepared for a conflict with Iran of long duration, similar to the Vietnam war or the Second World War — which he said was justified by the need to eliminate Iran's alleged nuclear weapons program. US oil executives are beginning to voice concerns over the inconsistent messaging from the White House about the possible duration and impacts from the confrontation with Iran, which they said is deterring an appropriate supply response from US oil producers. "If the administration feels that we need to prolong the conflict, it needs to better articulate the long-term strategic goal," an oil executive said in an anonymous survey compiled by the Federal Reserve Bank of Dallas and released on Thursday. "There is no way to predict the outcome of the war with Iran," another upstream executive said. "The effect it will have on domestic oil production depends on how long the strait remains closed, and that is how long Iran can control the movement through the strait." By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
P66 moves US oil on foreign ship after Jones Act waiver
P66 moves US oil on foreign ship after Jones Act waiver
Houston, 23 April (Argus) — Independent refiner Phillips 66 has shipped oil from the US Gulf coast to the US east coast on a foreign-flagged ship, taking advantage of a waiver of the Jones Act. A Malta-flagged Panamex vessel loaded about 300,000 bl of Bakken crude on 3-5 April at Phillips 66's Nederland terminal in Texas and delivered it to Monroe Energy's 190,000 b/d Trainer refinery in Pennsylvania on 17-18 April, according to ship-tracking data from Kpler. Monroe Energy is owned by Delta Air Lines. The tanker is currently empty and scheduled for another US-to-US shipment starting 28 April, according to Kpler. A Phillips 66 spokesman declined to comment on the shipment saying that the company does not discuss commercial activities. The shipment took advantage of a 60-day Jones Act waiver issued on 17 March. President Donald Trump approved the waiver of domestic shipping requirements under in an attempt to ease a spike in commodity prices caused by the war in Iran. The temporary waiver allows shippers to transport crude, natural gas, natural gas liquids, fertilizer, coal and other energy-related products from one US port to another without using US-built, US-crewed and US-flagged ships, as the 1920 Jones Act requires. By Eunice Bridges and Amanda Hilow Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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