Namibia expects first oil in 2029-30: Official

: Crude oil
25/05/13

Namibia expects first oil and gas from its offshore oil blocks as early as 2029, according to the country's petroleum commissioner Maggy Shino.

Oil and gas production is on track to begin by that time, Shino said, with a first field development plan set to be received from TotalEnergies by July. The French major is a stakeholder in the Venus block, which it estimates to contain 750mn bl.

The timeline announcement comes as Namibia seeks to accelerate the path to first oil, Shino said. Windhoek is streamlining licensing processes and is encouraging industry to contribute to upstream policymaking, she told the Invest in African Energies forum today.

TotalEnergies, which discovered Venus in February 2022, plans to make a decision on whether to begin the development of the field next year. Its chief executive Patrick Pouyanne said he was negotiating with the Namibian government about the development but that discussions were still at an early stage.

"It's a project which faces, fundamentally, some challenges, but it's feasible," Pouyanne told analysts on the company's first-quarter earnings call in April.

Speaking at the conference, TotalEnergies' senior vice president for Africa, Mike Sangster, said the three wells the company has tested at Venus have demonstrated the need for a lot of gas reinjection, and he said it will be difficult to keep the cost of development down to Pouyanne's publicly-stated $20/bl.

Besides upstream investment, Namibia is encouraging investors to consider port and pipeline infrastructure with a particular emphasis on the coastal town of Lüderitz in the southwest.

Namibia's new president, Netumbo Nandi-Ndaitwah, placed the country's oil and gas industries under direct presidential control the day after her inauguration in March. Although details of the restructuring have yet to emerge, some stakeholders hope the move will speed up decision making.

By George Maher-Bonnett

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25/06/14

Israel strikes Iran gas plants in first energy attacks

Dubai, 14 June (Argus) — Israel launched drone strikes on two gas treatment facilities in southern Iran on 14 June, marking the first attacks on energy infrastructure since the latest round of hostilities began on 13 June. Israeli drones targeted a gas treatment plant in Assaluyeh that processes sour gas from phase 14 of the offshore South Pars gas field, Iranian state media reported. South Pars, which Iran shares with Qatar, is the world's largest gas field and has 24 development phases. Images and videos circulating on social media showed parts of the Assaluyeh facility on fire. The plant includes four gas sweetening trains, each with a capacity of 14mn m³/d, enabling total output of up to 56mn m³/d from phase 14. At full capacity, the phase can produce 77,000 b/d of gas condensate, 2,900 t/d of LPG, 2,750 t/d of ethane and 400 t/d of sulphur. One of the four trains was hit, temporarily halting 12mn m³/d of production from one offshore platform, according to state media. A separate fire broke out at the Fajr-e-Jam gas processing plant, which handles gas from both South Pars and the Kangan field, and produces around 200 t/d of LPG and 80 t/d of gas liquids. Iran's oil ministry said emergency teams were deployed to both sites immediately after the incidents, helping to contain the fires. South Pars has been in production since 2002 and accounts for 70–75pc of Iran's total gas output. The field also supplies a significant share of feedstock for Iran's petrochemical and gasoline production. The Qatari portion of the field is known as the North field. Saturday's attacks are the first time either side has targeted energy infrastructure. Israel focused on military and nuclear sites in Natanz, Isfahan and Fordow when it launched its initial attacks in the early hours of 13 June. Iran responded with ballistic missile and drone strikes on military targets in Israel, including the Kirya complex in Tel Aviv, which houses the defence ministry headquarters. Further Israeli strikes on Iranian energy infrastructure could threaten up to 3.4mn b/d of crude output and around 1.5mn b/d of exports. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Israel, Iran exchange strikes: Update

25/06/13

Israel, Iran exchange strikes: Update

Updates with details throughout Washington, 13 June (Argus) — Israel continued to attack nuclear facilities in Iran and Tehran retaliated with missile strikes against Tel Aviv and elsewhere in Israel on a day that saw sharp escalation across the world's largest oil producing region. Israel's Air Force said today it completed another round of attacks against Iran while prime minister Benjamin Netanyahu said his country will continue attacking Iran "as long as necessary". The latest Israeli attack, following broader strikes in the early hours Friday, targeted a nuclear facility near Isfahan in Iran's northwest, according to Israel's Air Force post on social media platform X at 8:40pm local time (5:40pm GMT). A barrage of Iranian ballistic missiles landed in Tel Aviv in late evening hours Friday local time, as Iran's Islamic Revolutionary Guards Corps (IRGC) said it will deliver a "crushing and precise response" to Israeli strikes that decapitated Iran's military leadership, knocked out the country's air defense and caused some damage to the country's nuclear programme facilities. The exchange of air and missile strikes has so far spared oil infrastructure in Iran and elsewhere in the region. Israel has halted production at two of its major natural gas fields and cut pipeline exports to Egypt following the attack on Iran. Crude market participants said they were concerned that Israeli attacks on Iran could extend beyond the existing military targets and nuclear infrastructure, and target the country's oil fields and facilities. The July Nymex WTI contract was trading near $73/bl at 3pm ET, about 8pc above yesterday's settlement price. Israel's military said earlier in the day that it intercepted a barrage of drones launched from Iran and Yemen. The ballistic missiles Iran used later in the evening are faster moving and harder to intercept, said former US assistant secretary of state Barbara Leaf. Iran last used them to attack Israel in October 2024. "We must give a strong response," Iran's supreme leader, Ayatollah Ali Khamenei said before the Iranian missile strikes on Israel. "They shouldn't imagine that they've attacked us and that everything is over now." What next? The immediate aftermath of the attack on Iran, launched in the early hours Friday local time, points to a serious toll in leadership ranks, including the Islamic Revolutionary Guards Corps commander-in-chief Hossein Salami and Iran's army chief, Mohammad Bagheri. US president Donald Trump convened a national security council meeting at 11am ET today, with no readout yet on any potential measures it could take in response to a hike in oil prices. US forces across the Middle East are on alert and the US administration pledged to help defend Israel from further attacks. The conflict has the potential to spread to neighboring countries and Trump's sidelining or forced retirement of professional diplomats at the State Department and the White House national security council leaves his administration with fewer resources to dial down tensions or to prevent Israel from taking drastic steps, Leaf said during a discussion hosted by think tank the Middle East Institute. "Iraq is in the bull's eye," said Leaf, who left the State Department in January. "The Gulf states are obviously very vulnerable. Egypt and Israel have been acutely threatened by the conflict in Gaza, and this kind of adds a new pile on, but I worry about Iraq." The apparent initial success of Israel's military operation could prompt Netanyahu to press his advantage against Iran and "one of my concerns would be that... the drive to go forward toward regime change will be just too tempting," Leaf said. "This is a country of 83 million people. It's not a non-state actor like Hezbollah" in Lebanon, she said. "As immense an achievement it was for the Israel Defense Forces to take Hezbollah apart, it is not the same thing as really decapitating a country and then seeing how it all works out." By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Opec+ output rises by 360,000 b/d in May

25/06/13

Opec+ output rises by 360,000 b/d in May

London, 13 June (Argus) — Crude production by Opec+ members with output targets rose by 360,000 b/d last month, driven by Saudi Arabia and South Sudan, Argus estimates. Output rose to 34.33mn b/d in May, the highest in 15 months and 760,000 b/d above six months ago. But it was still 70,000 b/d below the group's collective target for the month. Further increases are on the way. Eight Opec+ members — Saudi Arabia, Iraq, Kuwait, Russia, the UAE, Algeria, Oman and Kazakhstan — began unwinding 2.2mn b/d of "voluntary" additional cuts in April with an initial increase of 137,000 b/d. They followed this by tripling the scheduled monthly increases to 411,000 b/d for May, June and July . If they continue at this rate, the group could fully unwind its cuts by October, 11 months earlier than planned. The decisions to return more oil to an increasingly uncertain market took observers by surprise, particularly given subdued oil prices and the bleak economic outlook driven by US president Donald Trump's tariff policies. The group says the output rises are based on "healthy market fundamentals" and "low oil inventories". But the eight members have also stressed the actual output increases will be partially offset by members that have pledged to compensate for past overproduction. This is now being borne out. The eight members boosted their combined output by 190,000 b/d in May — less than the 411,000 b/d increase to their collective target for the month. Russia and Iraq are key reasons for the lower output, with both having pledged to compensate for significant past overproduction. Iraq kept its output flat at 3.94mn b/d — 110,000 b/d below its May target. While this was still 30,000 b/d above the country's target under the latest publicly available compensation plan , it marks a big improvement on previous months. Russia's output also remained unchanged at 8.98mn b/d, 100,000 b/d below its target and 20,000 b/d below its compensation-related target. The UAE also made considerable compensation effort. The country's output fell by 10,000 b/d to 2.93mn b/d — 70,000 b/d below its compensation-related target. And while Saudi Arabia increased its output by a hefty 140,000 b/d, this was 50,000 b/d below its target for the month. The country is expected to be the main driver of the alliance's output increases in the coming months, particularly given that it does not have any compensation-related cuts to make. The outlier Kazakhstan continues to stick out like a sore thumb, with its output still at near-record levels. The country's production rose by 10,000 b/d to 1.83mn b/d in May — 340,000 b/d above its target for the month and a whopping 460,000 b/d above its compensation-related target. Kazakhstan is not expected to make any meaningful production cuts in the coming months. A large part of the alliance's wider output increase was driven by South Sudan, which resumed exports of Dar Blend in late April. Production of the grade was shut in for more than a year owing to problems affecting the pipeline that carries the crude to war-torn Sudan's Bashayer terminal on the Red Sea. The resumption of flows boosted output to 150,000 b/d in May, the highest since March 2024. Another notable boost came from Iran which, like Venezuela and Libya, is exempt from output targets. Iran's production rose by 30,000 b/d to 3.42mn b/d — the highest since August 2018, when the country's output began to fall owing to the reimposition of sanctions by Trump during his first term. Venezuela's output fell by 30,000 b/d to 930,000 b/d. Further output falls are around the corner , with the US tightening sanctions on the South American country. By Aydin Calik Opec+ crude production mn b/d May Apr* May target† ± target Opec 9 21.51 21.26 21.64 -0.13 Non-Opec 9 12.82 12.71 12.76 +0.06 Total Opec+ 18 34.33 33.97 34.40 -0.07 *revised †includes additional cuts but excludes compensation cuts Opec wellhead production mn b/d May Apr* May target† ± target Saudi Arabia 9.15 9.01 9.20 -0.05 Iraq 3.94 3.94 4.05 -0.11 Kuwait 2.43 2.40 2.44 -0.01 UAE 2.94 2.95 3.02 -0.08 Algeria 0.92 0.91 0.92 0.00 Nigeria 1.58 1.55 1.50 +0.08 Congo (Brazzaville) 0.27 0.25 0.28 -0.01 Gabon 0.22 0.20 0.17 +0.05 Equatorial Guinea 0.06 0.05 0.07 -0.01 Opec 9 21.51 21.26 21.64 -0.13 Iran 3.42 3.39 na na Libya 1.38 1.34 na na Venezuela 0.93 0.96 na na Total Opec 12^ 27.24 26.95 na na *revised †includes additional cuts but excludes compensation cuts ^Iran, Libya and Venezuela are exempt from production targets Non-Opec crude production mn b/d May Apr* May target† ± target Russia 8.98 8.98 9.08 -0.10 Oman 0.76 0.76 0.77 -0.01 Azerbaijan 0.45 0.45 0.55 -0.10 Kazakhstan 1.83 1.82 1.49 +0.34 Malaysia 0.36 0.35 0.40 -0.04 Bahrain 0.18 0.18 0.20 -0.02 Brunei 0.09 0.09 0.08 0.01 Sudan 0.02 0.02 0.06 -0.04 South Sudan 0.15 0.06 0.12 +0.03 Total non-Opec 12.82 12.71 12.76 0.06 *revised †includes additional cuts but excludes compensation cuts Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

VLCC rates up 25pc after Israeli strike on Iran: Update

25/06/13

VLCC rates up 25pc after Israeli strike on Iran: Update

Adds daily rate change in second paragraph London, 13 June (Argus) — The cost of freight for Mideast Gulf-origin very large crude carrier (VLCC) voyages rose by 25pc today after Israeli air and missile strikes hit Iran in the early hours. The key Mideast Gulf to China route rose to $12.85/t from $10.28/t. The VLCC market is exposed to volatility as around 65pc of all shipments in that class are from the Mideast Gulf. In October 2024, when Iran launched more than 200 missiles against Israel, the Argus- assessed rate for the Mideast Gulf to China route increased by more than 13pc, to $14.10/t, in three days. So far it appears there is no disruption to oil flows through the Mideast Gulf and the strait of Hormuz, and remains unclear as Iran's oil infrastructure was unscathed by the Israeli air and missile strikes according to Iran's state news agency Irna and Argus sources. But some shipowners have become increasingly cautious of the region, with some market participants suggesting more risk-averse owners might avoid the area until the conflict de-escalates. This could encourage some owners to increase their offers as the risk of transiting the area mounts, and discourage some from visiting the region at all. Charterers made multiple cargoes available to the Mideast Gulf market today, but most remained unfixed. But the rise in crude prices today — front month Ice Brent is trading around 5.5pc higher having rise as much as 13pc earlier — could discourage China, the largest importer of Mideast Gulf grades, from purchasing more crude. This could curtail any jump in freight rates and perhaps create a ceiling to cap the increase. By Rhys van Dinther Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

VLCC rates exposed to disruption after Israeli strike

25/06/13

VLCC rates exposed to disruption after Israeli strike

London, 13 June (Argus) — The cost of freight for Mideast Gulf-origin very large crude carrier (VLCC) voyages could increase after Israeli air and missile strikes hit Iran in the early hours of today, 13 June. The VLCC market is exposed to volatility as around 65pc of all shipments in that class are from the Mideast Gulf. In October 2024, when Iran launched more than 200 missiles against Israel, the Argus- assessed rate for the Mideast Gulf to China route increased by more than 13pc, to $14.10/t, in three days. So far is appears there is no disruption to oil flows through the Mideast Gulf and the strait of Hormuz, and remains unclear as Iran's oil infrastructure was unscathed by the Israeli air and missile strikes according to Iran's state news agency Irna and Argus sources. But some shipowners have become increasingly cautious of the region, with some market participants suggesting more risk-averse owners might avoid the area until the conflict de-escalates. This could encourage some owners to increase their offers as the risk of transiting the area mounts, and discourage some from visiting the region at all. Charterers made multiple cargoes available to the Mideast Gulf market today, but most remained unfixed. But the rise in crude prices today — front month Ice Brent is trading around 5.5pc higher having rise as much as 13pc earlier — could discourage China, the largest importer of Mideast Gulf grades, from purchasing more crude. This could curtail any jump in freight rates and perhaps create a ceiling to cap the increase. By Rhys van Dinther Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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