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Japan’s NYK Line to invest in LNG firm MidOcean Energy

  • : Natural gas
  • 26/07/30

Japanese shipping company Nippon Yusen Kaisha (NYK Line) plans to invest in MidOcean Energy, an LNG company backed by US investment firm EIG, to enhance its LNG value chain businesses it said today.

NYK Line plans to fund MidOcean Energy through domestic trading house Mitsubishi's subsidiary Diamond Gas MidOcean (DGMO) by acquiring a third-party allocation of new shares issued by DGMO for $221mn. NYK Line will operate DGMO with Mitsubishi after the investment, but declined to disclose its stake in DGMO. NYK Line expects to obtain permission to complete the transaction in August-September.

NYK Line also planning a strategic partnership with MidOcean Energy for LNG maritime shipping. Further details, including timeline, are not disclosed.

NYK Line aims to meet growing demand for LNG as a transition fuel for decarbonisation through its involvement in LNG shipping, upstream projects, bunkering and LNG-fuelled ship development. The company has also acquired stakes in Australia's Wheatstone LNG project and the Cameron LNG project in the US.

Japanese shipping companies are trying to decarbonise using various low-carbon fuels such as methanol, biofuel, hydrogen, ammonia and LNG. NYK Line is one of the leading developers of ammonia-fuelled ships, but LNG could become more important over a longer period because ammonia production projects have slowed on rising material costs, labour shortages and reduced government support. Japanese refiner Idemitsu also invested $500mn in MidOcean Energy in March as part of its strategy to secure new business opportunities in the LNG sector.

By Nanami Oki

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26/07/30

Australian data centre green push on despite opposition

Australian data centre green push on despite opposition

Sydney, 30 July (Argus) — Australia's federal government plans to mandate large-scale data centres underwrite new renewable power supply will move ahead despite opposition from the state of Queensland and the Northern Territory (NT), following a key joint government forum. The Energy and Climate Change Ministerial Council (ECMC), the national forum of Australian and New Zealand energy and climate ministers, agreed at a meeting on 28 July, despite objections from Queensland and the NT, to develop National Electricity Rule changes that would treat data centres as "market participants" in the National Electricity Market (NEM), Australia's main power grid. Resistance from the two jurisdictions extended to a suite of regulatory options proposed by the Australian Energy Market Commission (AEMC), including mandates for data centres to offset their electricity demand by investing in renewable generation specifically within the jurisdiction where they are located. "Queensland will always support proposals that deliver affordable, reliable and sustainable power, however, we will not support underdeveloped ideas that hand increased power to Canberra at the expense of Queenslanders," Queensland treasurer and energy minister Janetzki said on 29 July. The NT government did not immediately respond to requests for comment on the reasons for its opposition. But the territory has positioned itself as a destination for energy-intensive data centre investment and has backed development of the Beetaloo Basin, where some proponents have proposed gas-fired generation to support future artificial intelligence (AI) and data centre projects. Growing power demand The ECMC agreed to progress action to ensure the AI economic opportunity takes place "in a way that is beneficial for Australia's energy grids and prevents additional costs on households," it said in a communique issued on 28 July. The proposed changes would require data centre developers to demonstrate they can procure new renewable generation, provide adequate firming, and maintain demand flexibility. The federal government also plans to introduce legislative amendments to strengthen reporting requirements under the National Greenhouse and Energy Reporting (NGER) scheme, to enhance transparency of data centre energy use. The ECMC also welcomed, the federal government's announcement of new Commonwealth AI standards earlier this month, which will set minimum requirements for data centre investment concerning energy, water, and location. A nationally consistent approach to regulating data centres is preferred, according to the ECMC, although this was also opposed by Queensland and the NT. The Australian Energy Market Operator (Aemo) forecasts that data centre electricity use will reach 10pc of NEM demand by 2050. In New South Wales (NSW), the state's Net Zero Commission warned that rapid data centre growth poses a significant risk to 2030 climate goals, with annual demand in that state alone expected to add 8TWh by 2035. Industry groups and climate advocates have proposed differing approaches to meeting the sector's growing electricity needs. The Clean Energy Council (CEC) recently argued that data centres should be allowed to use large-scale generation certificates (LGCs) as a temporary measure while investing in new renewable generation and firming capacity. But the Climate Council has warned that LGCs are not a solution to rising data centre power demand , arguing that certificate purchases alone do not ensure sufficient new renewable capacity is built. Potential for Beetaloo While federal ministers push for renewable mandates, some developers are looking toward fossil fuels to power large-scale data centres. In the NT, shale gas developer Beetaloo Energy recently secured land for a proposed data centre powered by 2GW on-site gas-fired generation from the Beetaloo basin. Australia's second-largest oil and gas firm, Santos, has also identified Beetaloo as a potential supply source for both domestic markets and LNG exports. The company is seeking for possible expansions of its 3.7mn t/yr Darwin LNG facilities and its 7.8mn t/yr Gladstone LNG operations in Queensland. Inpex has also flagged Beetaloo gas as a potential feedstock source for future expansion of the 9.3mn t/yr Ichthys LNG facility near Darwin. By Lawrence Wen Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Iran attacks US bases in Middle East: Centcom

26/07/28
News
26/07/28

Iran attacks US bases in Middle East: Centcom

Washington, 28 July (Argus) — Iran launched an apparent surprise attack against US bases across the Middle East at 21:45 GMT on Tuesday, according to the US Central Command (Centcom). The US military intercepted all incoming missiles launched by Iran's Islamic Revolutionary Guards Corps, said Centcom, which oversees the Middle East-based US forces. Official Iranian sources did not immediately confirm the attack or provide an explanation. US and Iranian forces had refrained from attacking each other since 24 July, following 13 consecutive days of attacks. President Donald Trump's administration said it was pursuing some form of diplomacy with Iran, but the parties' public statements continue to highlight disagreement over the strait of Hormuz and other issues. Iran until now reacted to US strikes, rather than launching preemptive attacks. It was not clear what caused an apparent change in Iranian tactics. A pause in fighting from 24-27 July helped push oil futures lower, and September Nymex WTI settled at $79.26/bl on Tuesday. But vessel traffic through the strait of Hormuz remains constrained and Yemen's Houthi militant group appears to have started targeting Saudi oil shipping in the Red Sea . Trump met with Israeli prime minister Benjamin Netanyahu in Washington on Tuesday, with both describing their meeting as productive but providing few other details. Iranian and Ukrainian foreign ministers held a telephone conversation on Tuesday to address a Ukrainian missile strike against an Iranian commercial vessel in the Caspian sea. Tehran and Kyiv said they are not looking to escalate conflict, and Iranian foreign minister Abbas Araghchi said he asked for compensation for the loss of crew and damage to the Iranian ship. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Private equity-linked asset sales to fuel US oil M&A

26/07/27
News
26/07/27

Private equity-linked asset sales to fuel US oil M&A

New York, 27 July (Argus) — Private equity-backed asset sales are expected to be a key driver of US oil and gas dealmaking in the second half of the year as sponsors look to take advantage of higher prices and exit investments. Investment firms Kayne Anderson and Warburg Pincus agreed to sell WildFire Energy, one of the biggest privately owned producers in the US, to publicly traded Magnolia Oil & Gas last week for about $4.1bn. WildFire operates in the Austin Chalk, Eagle Ford and Woodbine formations of south Texas. That was followed a few days later by US independent Matador Resources announcing a pair of Permian acquisitions from EnCap Investments that will lift its acreage in the Delaware basin to about 240,000 net acres. Matador agreed to buy EnCap-backed Paloma Permian for $1.3bn, adding 16,235 net undeveloped acres and 11,100 b/d of oil equivalent (boe/d) of output in southeast New Mexico. Matador also acquired undeveloped acreage from Ridge Runner Resources, another EnCap portfolio company. Magnolia's proposed acquisition represents the largest Eagle Ford-focused transaction in more than a decade, energy consultancy Enverus says. "The sale puts upstream M&A [mergers and acquisitions] activity in the back half of 2026 off to a strong start," Enverus analyst Andrew Dittmar says. "The transaction bodes well for continued deal market strength as more of the select private equity names with quality oil inventory take advantage of favourable commodity prices to exit their positions." It also ranks among the top five private equity-backed sales since 2024, which include Devon Energy's $4bn takeover of the Williston basin assets of Grayson Mills Energy, and Diamondback Energy's purchase of Double Eagle Energy IV in the Midland basin. "WildFire was one of only a handful of remaining private equity-sponsored E&Ps in the main Lower-48 shale plays that could boast hundreds of remaining drilling locations," Dittmar says. M&A in the shale patch have held up surprisingly well so far this year despite oil prices that have whipsawed with every development in the Middle East conflict. Although price volatility has traditionally made it harder for buyers and sellers to find common ground on valuations, the market has seen a steady pace of transactions. Some potential acquirers have also been taking a second look at mature basins such as the Eagle Ford. Such plays have seen renewed interest given the growing scarcity of quality acreage left in the Permian basin of west Texas and southeastern New Mexico, as well as a high cost of entry. Giddings up! The Magnolia transaction adds around 810,000 net acres to the firm's position in the Giddings field, bringing its total to more than 1.25mn net acres. The assets being acquired will contribute about 53,000 boe/d of production, with an oil weighting of 70pc and low decline rates. "There is clear overlap with a natural strategic fit and industrial logic supporting this deal, as the WildFire acquisition more than doubles our existing acreage position in the Giddings field," Magnolia's chief executive, Chris Stavros, says. Magnolia is targeting at least $100mn in annual cost savings through efficiencies arising from the deal, such as drilling longer wells and sharing infrastructure. The purchase also includes a sand mine that supplies around 80pc of Magnolia's annual sand consumption. The buyer also gets more than 500 miles (805km) of gas gathering pipelines in the Giddings field. Magnolia's second-quarter production averaged 106,100 boe/d, with oil output of 41,900 b/d. Based on its strong performance, the company increased its full-year standalone output growth forecast to 6pc from 5pc, and lifted its quarterly dividend by 9pc. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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US levels new tariff threat against EU

26/07/24
News
26/07/24

US levels new tariff threat against EU

Washington, 24 July (Argus) — President Donald Trump's administration is threatening to impose new tariffs on US imports from the EU, just a month after the European parliament approved the economic bloc's trade agreement with the US. "The European Union is at it again and, as usual, taking direct aim at GREAT American Companies," Trump said in a social media post. The US Trade Representative's office (USTR) complained that the European Commission has just imposed a $1bn fine on Google, following other recent anti-trust measures against US tech giants. The US will launch a "Section 301" investigation against the EU's "practice of 'ROBBING' American Companies and, in turn, the American Taxpayer," Trump posted. The US has just imposed a 10pc tariff on imports from the EU, following an investigation under Section 301 of the Trade Expansion Act of 301 into Europe's alleged lack of diligence in banning imports of products produced by forced labor in third party countries. There is another Section 301 investigation underway against the EU related to "structural excess capacity and production in manufacturing sectors." The US-EU trade deal last year capped potential punitive US tariff rates at 15pc for imports from the European bloc. Trump earlier this month said he would to cut off all trade with Spain , an EU member, for not supporting the US war effort against Iran, but he did not follow up on his threat. The EU mission in Washington did not immediately comment on Trump's threat. The European Commission on Thursday highlighted the benefits of the US-EU deal signed almost a year ago, highlighting that EU companies closed deals with US exporters worth €230bn ($262bn) of energy resources in the past year. The EU has refrained from retaliating in kind against Trump's tariff in order to preserve cooperation on defense and weapons sales to Ukraine. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Australia's NSW's climate goals need policy support

26/07/23
News
26/07/23

Australia's NSW's climate goals need policy support

Sydney, 23 July (Argus) — Australia's New South Wales (NSW) state is unlikely to meet its 2030 and 2035 targets of cutting emissions by 50pc and 70pc from 2005 levels without policy changes, the state government-owned Net Zero Commission stated in its 2026 Annual Progress Report today. The decarbonisation rate in 2023-30 needs to be at 5.5mn t/yr of CO2-equivalent (CO2e), more than 2.5 times faster than the 2.1mn t CO2e/yr achieved in 2004-23. The rate is higher than an earlier pathway the commission indicated in March . NSW will now need to reduce its annual emissions by 38.5mn t of CO2e by 2030 from 2022–23 levels to reach its legislated target, and by a further 30.4mn t CO2e by 2035. The trajectory is steeper in-part because reported emissions increased by 7mn t CO2e between 2021–22 and 2022–23, driven by growth in transport, resources, and agriculture alongside declining land-sector carbon storage. Only data up to 2023 was available when the commission produced the report. "Although the direction is clear for NSW to achieve the 2030 target, the renewable roll-out is behind schedule and delayed closures of coal-fired power stations strongly impact emissions," the commission said. NSW must accelerate energy development approvals to build sufficient renewable generation, storage, and transmission capacity to maintain system security as coal-fired power stations close. The NSW government tabled legislation in May to fast-track approvals for priority renewable generation , storage and transmission projects as it seeks to replace retiring coal-fired generation capacity. The state should also back electrification by supporting a faster rollout of EV charging networks and introducing requirements for new industrial loads, such as data centres, to rely on additional renewable energy sources from the outset, the commission said. The commission explicitly warned that continued expansions of coal mines and the rapid growth of energy-intensive data centres pose a significant risk to the state's climate goals. It noted that coal mine extensions are "not consistent" with legislated targets, while the Australian Energy Market Operator (Aemo) forecasts data centres will add 8TWh to annual NSW electricity demand by 2035, equivalent to 13pc of current demand. Apart from electricity, the government must prioritise cutting methane pollution, which accounts for 30pc of the state's emissions. This can be achieved through practical solutions in the livestock, coal mining, and waste sectors, including scaling feed additives, increasing landfill gas capture, and mandated on-site abatement at mines, the commission said. The advice follows the March release of the NSW Environment Protection Authority (EPA) rules requiring underground coal miners to cut methane emissions. The government has also recently supported emissions reductions through new investment in clean manufacturing and projects to expand domestic production capacity and attract investment into sectors including biofuels and renewable energy. By Lawrence Wen NSW Net Zero Commission revisions March 2026 Advice July 2026 Annual Progress Report Inventory Reference Year 2021–22 2022–23 Methane share of total NSW Emission 29pc 30pc Gap to 2030 Target (Reduction Needed) 35.0mn t CO2e 38.5mn t CO2e Gap to 2035 Target (Additional from 2030) 30.0mn t CO2e 30.4mn t CO2e Source: NSW Net Zero Commission Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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