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Latest market news

Nigeria eyes $30bn offshore oil, gas investment by 2030

  • : Crude oil, Natural gas
  • 26/08/06

Nigeria's upstream oil and gas regulator NUPRC said 22 offshore projects are expected to attract at least $30bn of investment between 2026-30, supporting a government drive to raise crude oil output to 2.5mn b/d by the end of the decade.

NUPRC chief executive Oritsemeyiwa Eyesan, speaking on the final day of the Society of Petroleum Engineers annual Nigeria conference in Lagos that ended on 5 August, said the 22 "major" projects form the offshore portion of the $57bn in field development plans (FDPs) approved by the regulator since January 2024.

NUPRC previously said 41 FDPs approved in 2024 would attract $17.5bn of investment and produce 573,000 b/d of oil from reserves of 1.4bn bl. It later said 28 FDPs approved in the first nine months of 2025 represented $18.2bn of capital expenditure and targeted production of 591,000 b/d, also from reserves of 1.4bn bl.

Some of those FDPs have since reached final investment decisions (FIDs), Eyesan said. Nigeria's presidency said in June that the country's share of African upstream FIDs rose "from about 4pc in the years to 2023 to roughly 40pc across 2024 and 2025, with about $10bn committed and a visible pipeline of some $50bn ahead".

President Bola Tinubu has set crude production targets of 1.7mn b/d by 2027 and 2.5mn b/d by 2030. Output was 1.65mn b/d in June, up from 1.59mn b/d in May, according to Argus estimates.

Nigeria is also pursuing infrastructure projects to support upstream growth and field development. Eyesan said the country is expanding central processing facilities, pipelines and export infrastructure.

NUPRC is also "promoting shared facilities, open access, third-party access and field tiebacks to reduce costs, speed up project delivery and maximise the use of existing infrastructure", she said. Stronger collaboration among government, security agencies, operators, host communities and private partners is improving oil installation security and making Nigeria's upstream sector "more resilient", she added.

Nigeria is also seeking to attract upstream investment through annual licensing rounds, with the aim of increasing national liquids reserves to 40bn bl from 37.01bn bl, NUPRC said earlier this year. The recently concluded 2025 licensing round saw 31 companies win 37 oil and gas blocks.

"Preparations [are] already underway for the 2026 licensing round," Eyesan said.

By Adebiyi Olusolape

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News
26/08/06

Australia's Beach to raise oil, gas output in FY27

Australia's Beach to raise oil, gas output in FY27

Sydney, 6 August (Argus) — Rebuilding reserves will be a priority for Australian independent Beach Energy in its July 2026-June 2027 fiscal year, the firm said in its full-year results published today. It has also set a higher production guidance for the 2026-27 fiscal year, forecasting 19.5mn-23mn bl of oil equivalent (boe) for the fiscal year, up from 19.4mn boe in the 2025-26 fiscal year . This is due to increased volumes from Beach's Waitsia gas plant in Western Australia given that the 250 TJ/d joint venture operated by Japan's Mitsui reached capacity in April after being hampered by performance issues during start-up. Ongoing discussions are underway with the Western Australian government and the 14.3mn t/yr North West Shelf LNG terminal on extending Waitsia's permit to export LNG beyond the end of 2028 . Waitsia can export about 1.5mn t/yr under the existing deal. Beach's underlying net profit was down by 21pc on the year to A$355mn ($250mn) due to lower sales revenue, impacts of a flood in the Cooper basin in South Australia and a decline in offshore Otway basin assets, with field decline of close to 10pc. Its capital management strategy aims to grow organic and inorganic reserves and to look at acquisitions, Beach said, with A$983mn in available liquidity on its balance sheet to fund potential acquisitions. It is targeting final investment decisions (FIDs) for a two-well exploration campaign in the nearshore Otway basin in the first half of its 2026-27 fiscal year and expects to take an FID for the Waitsia inlet compression project in January-June 2027. Beach holds a 25pc stake in the ATP 2081 exploration permit in Queensland's onshore Taroom trough where a two-well exploration campaign is planned in October-December, with operator Omega Oil and Gas considering a seismic survey in the 2027-28 fiscal year. The federal government's planned domestic supply obligation (DSO) to oversupply the market with gas from LNG producers' projects has been strongly opposed by Beach. Negotiations continue on the final design of the scheme, but chief executive Brett Woods said he was continuing to advocate for a fair system for domestic suppliers, noting that the competition regulator the Australian Competition and Consumer Commission (ACCC) has said A$12-13/GJ gas prices were needed to continue to support the market. Beach reported a realised gas price of A$11.50/GJ last fiscal year. Some contracting of gas supply has occurred in recent months, Woods said, despite uncertainty about the DSO's impact, at "strong pricing in and around ACCC-identified levels". A final outcome on the DSO design is expected by the end of 2026 ahead of commencement in July next year. The Argus -assessed AWX for spot gas deliveries in August to Wallumbilla rose by about A$0.08/GJ from a week earlier to A$10.65/GJ on 31 July, while Argus ' AVX for August deliveries into Victoria fell by A$0.08/GJ from a week earlier to A$10.35/GJ. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Venezuela talks await 2015 assembly leaders

26/08/05
News
26/08/05

Venezuela talks await 2015 assembly leaders

Caracas, 5 August (Argus) — Venezuela's dueling assemblies again delayed negotiations meant to lead to democratic elections as the representative of the last US-recognized legislative body has not arrived in Caracas. Dinorah Figuera — who is heading the assembly that voters chose in 2015 in the last election the US regards as fair — is set to arrive in Caracas from Madrid, Spain, later on Wednesday, along with other delegates, sources with the acting assembly said. Negotiations with the acting national assembly led by Jorge Rodriguez could start as soon as Thursday, but will have multiple phases the sources said. Negotiations were originally delayed from 1 August and then from Wednesday. Talks will be held at the La Carlota convention center in Caracas — not the national assembly building — with the agenda focused on earthquakes relief efforts, a roadmap for elections and political rights and guarantees. By Jose Chalhoub Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Hormuz reopening hinges on Iran-Omani deal

26/08/05
News
26/08/05

Hormuz reopening hinges on Iran-Omani deal

Washington, 5 August (Argus) — Diplomatic efforts to reopen the strait of Hormuz to navigation are revolving around an Iran-Omani understanding over the management of shipping routes leading to and from the Mideast Gulf. Iran and Oman are close to issuing a joint statement specifying "geographical coordinates" of a safe transit route through Hormuz, "if some third parties do not obstruct work in this regard", Iran's foreign ministry said on Wednesday. An Iran-Omani understanding could provide adequate diplomatic cover for President Donald Trump's administration to adhere to the terms of a deal it signed with Iran in June and set aside a month later. Trump may have been referring to the Iran-Omani dialogue when he began on 2 August to reference ongoing talks with Iran that he said would result in reopening Hormuz within a day or two. Trump, speaking to reporters late on Tuesday, reiterated that a deal to reopen Hormuz could be concluded by Wednesday or Thursday. And US energy secretary Chris Wright noted on Tuesday: "We're very close to an arrangement that'll achieve both of the objectives: stop impeding the flow of traffic out through the strait of Hormuz and get energy flows going globally." Oil markets appear to be taking seriously US assurances that a deal is imminent. Details of talks with Oman that Iran's foreign ministry shared last week indicate that Tehran is insisting on full control over ships entering the Mideast Gulf and at least partial oversight of the exit routes through the waterway. That arrangement would fall short of the principle of freedom of navigation and unrestricted transit through the waterway that the US, European and Mideast Gulf governments said they are keen to re-establish. But the White House may have concluded — as it did in June — that Hormuz could not be reopened by military means. Vessels transiting through Hormuz have primarily been using the Iranian-favored northern traffic lanes since mid-July. Iran has periodically attacked vessels sailing through a southern route skirting the Omani coast, which theoretically is protected by the US naval and air forces positioned in the region. The Pentagon insists that the southern route remains open to navigation. But even numbers cited by the US military — 30 vessels over 2-3 August — fall far short of the pre-war transit levels through Hormuz of more than 100 vessels daily. The now-defunct US-Iran "memorandum of understanding", signed in June, involved other concessions from Washington. The deal called for the US to lift its naval blockade on Iranian trade, to grant crude buyers unrestricted waivers to access Iranian oil and to give Tehran access to its frozen funds in foreign banks, estimated to total at least $24bn. The US in mid-July reimposed the blockade, revoked the sanctions waiver and refused to allow Iran to repatriate its frozen funds. Tehran appears to be demanding similar concessions as a condition for reopening Hormuz to navigation. The Iran-Omani understanding by itself would not make Hormuz safe for transit "because the factors that make the strait of Hormuz unsafe by the US, especially the naval blockade and other aggressive and threatening actions against Iran and its interests, still exist," Iran's foreign ministry said on Wednesday. US-Iranian negotiations for more than a decade had focused on Tehran's nuclear program, a goal that Trump says remains his top priority. But the war Trump started has refocused diplomacy with Iran toward reopening a waterway that had been fully open to navigation before the US and Israel attacked Iran on 28 February. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Markets ever more sensitive to disruption: Glencore

26/08/05
News
26/08/05

Markets ever more sensitive to disruption: Glencore

London, 5 August (Argus) — Energy markets are increasingly sensitive to disruptions because of the significant inventory drawdowns in the first half of this year, trading firm Glencore said today. Reporting its results for the January-June period, Glencore said the volatility was such that it waived its $200mn value-at-risk (VaR) limit for a period between March and May. Glencore uses VaR to provide an estimate of the potential loss on risk positions over a defined time horizon, at a specified confidence level, based on historical price movements. It said the measure hit a high of $456mn during the first half, when it averaged $165mn. The measure averaged $72m in the comparable period in 2025. Glencore expects market volatility to remain "above historical norms" for some of the second half of this year, "albeit at lower levels than experienced during the first half." Glencore today said adjusted earnings before interest and taxation, depreciation and amortisation (Ebitda) at its Marketing business, which encompasses its trading operations, rose to $3.64bn in January-June, from $1.7bn a year earlier. The increase was driven mainly by oil and gas trading operations, it said. The company's Industrial business, which includes its extensive mining operations and its small crude production concern, made an adjusted Ebitda of $6.5bn, up by 72pc on the year. Glencore's overall profit in the first half of the year was $4.4bn, compared with a loss of $655mn a year earlier. By Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Texas halts data center approvals: Update

26/08/04
News
26/08/04

Texas halts data center approvals: Update

Updates with comment from American Electric Power Houston, 4 August (Argus) — Texas governor Greg Abbott (R) has halted approvals for new data center projects seeking to connect to the state's power grid until regulators complete an audit of the facilities, directing the Public Utility Commission of Texas (PUCT) and the Electric Reliability Council of Texas (ERCOT) to expand its review of all projects advancing through the interconnection process. Under the order made Monday, regulators must collect information on power consumption, water use, on-site generation plans, tax incentives, ownership structures and potential impacts on local communities. Projects that fail to comply with the review must be denied connection to the Texas grid. The order comes as opposition to data center development spreads across Texas and pressure mounts on Abbott to take a tougher stance on the industry. Local governments across the state have pursued moratoriums and proposed new restrictions on data centers, while elected officials from both parties have called for greater scrutiny of facilities' effect on the grid, water supplies and rural communities. Against that backdrop, Abbott's directive expands an ongoing effort by ERCOT and the PUCT to vet large-load projects, broadening the review beyond grid planning to include resource consumption, incentives and local impacts. ERCOT is currently considering approximately 474GW of requests to connect to the Texas grid, more than five times the state's record peak electricity demand, Abbot said. Roughly 90pc of those requests are associated with data centers, according to the governor. "That unprecedented load growth could endanger the reliability and stability of the Texas electric grid," Abbott wrote in the directive. The review is necessary in part because some data centers failed to comply with a state survey measuring water and power usage, he said. He also cited concerns raised during legislative hearings and public meetings regarding the sector's impact on local communities and critical infrastructure. The Data Center Coalition, which represents major data center operators, said it supports the review if it helps distinguish legitimate projects from speculative proposals. "We are hopeful this directive from the Governor will help separate those who are responsible water and energy stewards from those who are not," said Dan Diorio, the group's executive vice president of state policy and government affairs. "With billions of dollars in investment and hundreds of thousands of jobs on the line, we urge the PUCT and ERCOT to move swiftly." Behind the hype Texas officials have been struggling to determine how much of the state's projected load growth is genuine and how much reflects speculative filings, duplicate applications and so-called "ghost load" requests. Regulators have warned that inflated interconnection queues make it difficult to forecast future demand and risk prompting unnecessary spending on generation and transmission infrastructure, potentially saddling consumers with the cost of investments that ultimately prove unnecessary. In an effort to streamline the process, the state launched Batch Zero , which was developed to help separate credible projects from speculative proposals by imposing stricter requirements on large-load customers. Under the framework, projects seeking 75MW or more that meet certain financial commitments are grouped into a single system-wide study intended to identify which projects are prepared to move forward and what transmission infrastructure may be required to serve them. In a notice to market participants Monday, ERCOT said it was pausing the process and would not issue the 7 August classifications scheduled under the study, delaying a key milestone that would have informed developers whether their projects had been selected for evaluation in the first batch. "ERCOT is reviewing governor Abbott's letter concerning data centers and will work with the Public Utility Commission of Texas to implement the governor's directive, including postponement of the Batch Zero transmission planning study," the grid operator said. American Electric Power, one of the largest utilities participating in ERCOT's new large-load review process, said it is monitoring the governor's order and assessing potential impacts. The company recently disclosed that it has submitted about 45GW of prospective demand to ERCOT for interconnection, making it one of the biggest utility stakeholders in Batch Zero. "We respect governor Abbott's focus on supporting Texas' continued economic growth while ensuring a reliable and resilient electric system, and we will continue to work constructively with state leaders, ERCOT, customers and other stakeholders as this process moves forward," the company said in an email to Argus . The Columbus, Ohio-based utility said it remains confident in its Texas growth outlook, citing demand from large oil and gas companies, industrials and data centers. ERCOT said it would consult with the commission on next steps before the PUCT's 20 August open meeting. By Jasmina Kelemen Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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