Trump does not rule out removing Venezuela leader

: Crude oil, Natural gas
25/09/15

The US will not rule out trying to remove Venezuelan president Nicolas Maduro from power as the US Navy continues to search boats in international waters off Venezuela and the Pentagon plans additional military deployments to the region.

"We will see what happens — it's not an option or a non-option," US president Donald Trump said on Sunday when asked if the US ousting Maduro from power was a possibility.

Trump again suggested that the US naval deployment has led to thinner commercial vessel traffic in the southern Caribbean. "There's certainly not a lot of boats out there," Trump said. "We are going to see no boats out there, which is fine as far as I'm concerned."

In addition to tankers transporting crude and other commodities from Venezuela, that part of the Caribbean also serves as a shipping lane for Guyana and Trinidad and Tobago.

Trump also did not rule out strikes on mainland Venezuela.

"Look, Venezuela is sending us their gang members, their drug dealers and drugs," Trump said in response. "It's not acceptable."

Venezuelan defense minister Vladimir Padrino on Sunday also denounced a tripling of US surveillance flights around Venezuela from August to September.

"We have always had US intelligence operations in our area … only now they have switched from a daytime to a nighttime or early morning pattern," he said.

Padrino's complaints came after US Marines deploying out of the USS Jason Dunham stopped, boarded and searched a Venezuelan fishing vessel for eight hours on 13 September. They said the ship and crew were released, and a man claiming to be the captain appeared Sunday on state television, defending Maduro and denouncing the US.

Trump on Sunday defended the US naval operations, saying that "you saw the bags of white everything right through the bags", possibly a reference to videos of the US navy earlier this month destroying a boat, killing all 11 aboard, claiming that it was transporting drugs from Venezuela.

Former US treasury undersecretary Marshall Billingslea, who served in Trump's first administration, on Sunday posted images online of two alleged bunkers in Venezuela with multiple underground levels that he claimed could house officials for months. One appears similar to the presidential terminal at Simon Bolivar airport and another to part of Fuerte Tiuna, one of Venezuela's largest military garrisons, based on Argus' observations.

Maduro recently complained to Padrino last week that "there's interference on the radio" as he was ordering the deployment of troops in Caracas and other parts of Venezuela.

Buildup intensifies

The US has also said it will deploy 10 state-of-the-art F35 fighter jets to the region, in addition to naval vessels and soldiers already there.

Venezuela in turn has deployed its military and militia forces, including to the sprawling Paraguana refining center (CRP) that holds 971,000 b/d of its 1.3mn b/d of historical nameplate capacity. Processing rates run much lower, with fuel shortages frequent in Venezuela.

Exiled oil union boss Ivan Freites told Argus that CRP had seen an increase in already heavy police and military presence. CRP since 2012 has been under military control, after a fatal explosion there took some process units offline until now.

Other key oil areas in nearby Zulia state have also seen increased military presence and other incidents, with an explosion in Zulia on 11 September injuring 40, according to the governor's office. The government said it was a fireworks factory, but other observers said it seemed near energy infrastructure.

"It was a single, white-smoke explosion, no streaks, no streams, no secondary detonations," an observer there in energy who asked not to be named told Argus.

Maduro promised to try for "treason" anyone who reached out to US forces to encourage them to invade Venezuela. During that same broadcast interior minister Diosdado Cabello cradled what looked like an M4 US assault rifle together with Victor Clark, the governor of Falcon state, home to the CRP. Clark was also armed with what looked like an American-made assault rifle.

By Carlos Camacho and Haik Gugarats

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25/12/04

Golden Pass LNG approved to receive cool-down cargo

Houston, 4 December (Argus) — QatarEnergy and ExxonMobil's 18.1mn t/yr (2.4bn ft³/d) Golden Pass LNG export terminal in Texas received federal approval today to unload a cool-down cargo, a key step in commissioning the plant. The Federal Energy Regulatory Commission granted the project's request to introduce hazardous fluids into various systems and receive the cool-down cargo. The 174,000m³ Imsaikah has been holding offshore Texas' Port Arthur since 29 November after departing QatarEnergy's 77mn t/yr Ras Laffan export terminal with a cargo on 27 October. The vessel's LNG will be used to cool down Golden Pass' equipment for its start-up process. The three-train project also has federal approval to introduce fuel gas to train 1 and train 1's gas turbine. Feedgas flows to Golden Pass have yet to materially rise. Pipeline nominations on 4 December were just over 8mn ft³, in line with daily flows since mid-October. Flows to LNG plants can be revised later in the day. The project's developers anticipate the facility will start production by the end of the year or in early 2026, with each of its three trains coming on line in six-month intervals. By Tray Swanson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Qatar presents 2040 climate target to UN

25/12/04

Qatar presents 2040 climate target to UN

Edinburgh, 4 December (Argus) — Qatar has pledged to reduce its emissions by 42mn t of CO2 equivalent (CO2e) by 2040 from a 2019 baseline, with the oil and gas sector "at the forefront of national mitigation efforts". Qatar does not provide its total greenhouse emissions for 2019, but said its climate plan encompasses CO2, methane and nitrous oxide gases. It covers the energy sector — oil and gas, power and water — construction and industry, transport, waste and agriculture, forestry and other land use. Parties to the Paris Agreement were required to submit climate plans, known as nationally determined contributions (NDCs), for 2035 to the UN climate body UNFCCC this year. Qatar had previously targeted emission reductions of 25pc, or 37mn CO2e, by 2030, compared with a business-as-usual (BAU) scenario. BAU scenarios typically assume emissions based on current policies, leaving room for potential increases. The country's emission cuts in its oil and gas sector will rely on "deploying cleaner fossil fuel technologies, developing engineered sinks to store emissions, diversifying the energy mix, and driving operational excellence across existing facilities and infrastructure", according to its climate plan. Qatar is the world's largest LNG producer, with a production capacity of 77mn t/yr, according to QatarEnergy, and its economy is heavily reliant on hydrocarbon revenues. The country's climate plan highlights the country's vulnerability to response measures to mitigate climate change, resulting from its economy's reliance on hydrocarbons. "Qatar is actively working to reduce the socio-economic effects of global climate action," the plan said, adding that it seeks to balance climate goals with national sustainable development. "Despite many efforts and considering its role as a leading producer and exporter of natural gas, Qatar remains significantly vulnerable to climate response measures," it said. Qatar is part of the Arab Group, a negotiating group in UNFCCC climate talks, which is seeking to focus on cutting emissions from fossil fuels, rather than hydrocarbon production and consumption, through increased adoption of carbon capture technologies. The country said it plays "a pivotal role" in supporting other countries' targets by "reliably supplying them with a cleaner alternative to coal and oil and providing a critical backup for intermittent renewables". Qatar's climate plan sees the secure and affordable supply of lower-carbon energy as well as the deployment of carbon capture and storage (CCS) and the management of emissions of energy production as the focus to pursue sustainable development and climate action. The country considers itself to be among the leaders in CCS with its Ras Laffan project, and aims to capture 11mn t/yr of CO2 by 2035. Engineering firm Samsung C&T was recently awarded a contract to build a 4.1mn t/yr CO2 facility to process and store emissions from Qatar's LNG liquefaction plants. Qatar, in its climate plan, highlighted the country's water supply vulnerability to temperature increases and heat. The power and water sector accounts for a large share of the country's emissions. Water scarcity is also responsible for increasing greenhouse gas emissions (GHG) in Bahrain through desalination, although its energy sector remains the main source of emissions, according to the country's new climate plan. The country is heavily reliant on fossil fuels for its energy and revenues, while "limited land availability and competing land-use demands constrain large-scale deployment" for the development of solar energy. Rising demand over the peak summer months this year meant that Bahrain had to import LNG for the first time since commissioning its 800mn ft³/d onshore LNG receiving and regasification terminal in 2020. But it is looking at renewables options and is in talks with Saudi Arabia for a link to a large-scale solar facility. Bahrain said that response measures to climate change "may lead to economic losses that, in turn, hinder Bahrain's ability to pursue effective climate action and achieve broader sustainable development objectives." By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

LNG to fill the gap as Seoul pledges faster coal exit

25/12/03

LNG to fill the gap as Seoul pledges faster coal exit

South Korea is scrambling for alternatives to coal-fired power to maintain sufficient base-load capacity, writes Evelyn Lee London, 3 December (Argus) — South Korea's pledge to phase out coal-fired power generation by 2040 has thrown its energy strategy into sharp focus, exposing a looming 40GW capacity gap. With nuclear expansion stalling and renewables facing infrastructure hurdles, LNG has become the most likely bridge to fill the potential shortfall. South Korea has formally confirmed its plan to retire 40 out of its 61 existing coal-fired units by 2040, following its declaration during the UN Cop 30 climate summit in Brazil last month to join the Powering Past Coal Alliance (PPCA) — a coalition of countries committed to ending coal use for power generation. The phase out timeline for the country's remaining 21 units — some of which were built relatively recently — will be determined through public consultation taking into account economic and environmental feasibility, and a detailed phase-out strategy is expected to be finalised next year, the PPCA says. This aligns with Seoul's intention to establish its 2026-40 long-term power plan by the end of next year. The firm phase-out pledge leaves South Korea scrambling for alternatives to maintain sufficient base-load power capacity. Its current long-term power plan covering 2024-39 was established in February under the previous administration of then-president Yoon Suk-Yeol. It earmarked 28 aging coal-fired units with a combined 14.1GW of capacity for conversion to LNG, and 12 units with 6.8GW of capacity to transition to carbon-free generation, such as pumped storage, hydrogen or ammonia co-firing, all by 2038. The current administration under President Lee Jae-Myung has indicated it does not intend to allow plants to switch to ammonia co-firing , signalling a decisive break from earlier strategies that sought to keep coal in the mix under a low-carbon guise. In line with this, Lee's administration in October cancelled the second round of a clean hydrogen power generation bidding market, which would have subsidised hydrogen and ammonia co-firing under 15-year contracts. Seoul searching An accelerated coal phase-out alongside a ban on approving new nuclear reactors has led to growing expectations that South Korea will lean more heavily on gas-fired plants to maintain its power system at least until renewables capacity catches up. The current electricity plan stipulates building two new 1.4GW reactors and continued use of expiring reactors, resulting in nuclear capacity rising to 35.2GW in 2038 from 26.1GW in 2025. But the Lee administration has ruled out building new reactors, although construction of reactors already under development can proceed as planned. The government has approved the restart of the 650MW Kori reactor 2, in line with the president's stance that expiring reactors may continue operating if safety standards are met. But even with these measures, Seoul must identify more than 40GW of replacement capacity by 2040, based on information currently available. This is roughly equivalent to the country's entire coal-fired fleet, which has accounted for around 28pc of total power output this year. The government aims to expand South Korea's renewable energy capacity to 100GW by 2030 from a previous target of 80.9GW and current capacity of 37.9GW, but its renewables rollout continues to be constrained by insufficient transmission capacity upgrades, mainly driven by local opposition. A law to accelerate grid projects came into force on 26 September, but progress is now being held up by local governments, which are reluctant to approve project permits in a bid to maintain positive public opinion ahead of municipal elections in June next year. Persistent grid bottlenecks have increased the country's reliance on gas-fired generation in recent years, as these plants are located close to the main demand centre around Seoul. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Total bids for west African crude on Argus AOM: Update

25/12/03

Total bids for west African crude on Argus AOM: Update

Updates bid price London, 3 December (Argus) — TotalEnergies has bid for Nigerian crude Forcados on Argus Open Markets (AOM), the first activity for west African crude on the public price-discovery platform. The French firm began its bid for a 1mn bl cargo of medium sweet Forcados loading over 23-27 January at price reporting agency Platts' Dated Brent +1.80 on a fob basis. The firm bid up to Dated +2.65 for Forcados, amending the loading dates to 1-17 January. The bid was then withdrawn, and no deals were heard struck. The AOM platform is already used for a number of commodity markets covered by Argus and was enabled for west African crude grades in early November. Between 11:00 and 17:30 London time on UK working days, market participants registered on the platform are able to post and respond to bids and offers on the platform for any of the 24 west African grades assessed in the Argus Crude report. By Sanjana Shivdas Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

UK gas output continues to defy forecast decline

25/12/03

UK gas output continues to defy forecast decline

London, 3 December (Argus) — Production from the UK continental shelf (UKCS) inched up on the year in September, in contrast to the North Sea Transition authority's (NSTA) projected fall in output this year from last production. Gas output on the UKCS was 71.24mn m³/d in September, NSTA data show, up marginally from 71.17mn m³/d a year earlier. Output was varied across the country's largest production hubs, with higher production at Britannia and Arran balancing the decline at other fields. Production rose significantly on the year at Arran to 2.1mn m³/d in September, up from 0.1mn m³/d a year earlier. Similarly, there was sharp increase at Britannia to 2.1mn m³/d from 0.2mn m³/d a year earlier, because of heavy works in September 2024 at the two fields. Harbour Energy, the operator of the Britannia, experienced an "unusually high number of planned shutdowns" in 2024 . Meanwhile, production declined at the UK's largest fields — Culzean, Elgin, Franklin, Cygnus, Bruce and Tolmount — with the biggest production decrease at Bruce. Bruce production fell to 2.8mn m³/d from 4.4mn m³/d a year earlier. Marginally higher production coupled with lower domestic consumption on the year meant that UKCS output met a larger share of demand than in September 2024. UK demand fell to 107.4mn m³/d in September, from 116.4mn m³/d a year earlier. UK output in September met 66pc of demand, including exports to Ireland at Moffat, up from 61pc a year earlier. Production in 2025 revised up The NSTA increased its projection for production for 2025 and 2026 in its biannual forecast released in November. The NSTA forecast that net gas production will continue its decline, but remain higher than previously forecast in 2025 and 2026. The regulator expects net production of 24.6bn m³ — or 67.4mn m³/d — this year. This is up from its estimation of 24.5bn m³ in March, equivalent to 67.1mn m³/d. The NSTA also revised its net gas production figure for 2026 to 21.3bn m³, up from 21.2bn m³ in the previous forecast (see forecast table) . The NSTA revised its expected decline on the year in 2025 to 9.6pc from the previously projected 10pc. But the decline rate remains unchanged at 12pc for 2026-50. And the NSTA's projections for production in 2025-30 fall by an average of 2.3bn m³/yr. The regulator projects that the average unit cost of gas and crude oil together will increase to £19.80 barrels of oil equivalent (boe) this year, from £19.50/boe in 2025. And it expects this cost to increase in the following years, moving up to £20.80/boe by 2030. In its Autumn Budget, the UK government retained the energy profits levy on oil and gas profits until its scheduled end date of 31 March 2030 . Alongside the budget, the government published its North Sea Future Plan, which outlined that the government will not issue new oil and gas exploration licences in the North Sea, but it will encourage firms to produce gas from areas adjacent to operating fields . Production may surpass 2025 forecast Implied production data suggest that UK production may decline even lower than the revised NSTA forecast states. UKCS production totalled 21bn m³ in January-September. And based on the NSTA's projection of a total production of 24.6bn m³, this leaves 3.6bn m³ to be produced in October-December, or 39.1mn m³/d, based on NSTA data. But implied production — based on gas delivered to the national transmission system — was 79.8mn m³/d in October-November, or 4.87bn m³, already surpassing the projected annual figure for 2025. And if the 9.6pc production decline rate is applied to actual average output of 85.43mn m³/d in October-December 2024, this would equate to an output of 77.23mn m³/d during this period, which also suggests higher total annual production of 28.1bn m³. Operators expect strong production at certain hubs in December, further suggesting potential for production to surpass the NSTA projections. UK North Sea producer Ithaca Energy expects strong production in December on the back of new wells coming on line. An infill campaign at its Cygnus field is continuing, Ithaca said in its third-quarter results earlier this month, with the first of four wells expected to achieve production early this month . Similarly, the operator of the Bruce hub, Serica Energy, said in its third-quarter results last month that it expects strong output from Bruce in the last two months of the year . By Aleksandra Godlewska UK production forecast bn m³ November forecast March forecast October 2024 2024 27.4 27.2 26.3 2025 24.6 24.5 23.6 2026 21.3 21.2 20.3 2027 18.4 18.4 17.5 2028 16.2 15.9 15.6 2029 13.9 13.8 13.7 2030 12.2 11.9 12.1 2031 10.7 10.4 10.8 2032 9.4 9.2 9.7 2033 8.2 8.1 8.7 2034 7.1 6.9 7.5 2035 6.0 5.9 6.5 — NSTA Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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