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Australia’s Woodside sees robust demand for LNG
Australia’s Woodside sees robust demand for LNG
Sydney, 25 February (Argus) — Australian independent Woodside Energy sees LNG demand exceeding supply into the 2030s as project delays lead timelines for nearly 30mn t/yr of new capacity to slip into the next decade, chief executive Meg O'Neill said after releasing the firm's 2024 annual results today. Headwinds affecting some projects and "ongoing, robust demand" within Asia-Pacific will prevent any LNG supply glut, despite easing regulatory hurdles under the Trump administration, O'Neill told investors. Such headwinds could also impact Woodside. The company's 14.4mn t/yr North West Shelf (NWS) terminal is still waiting for federal consent to continue operations past 2030, after passing state government scrutiny last year following six years of assessments. And the planned 11.4mn t/yr Browse project hinges on NWS approvals being granted, with Woodside preferring a decision is made before Australia's elections in May, in which Green and other climate-conscious MPs may win a balance of power. O'Neill said the fully-priced engineering, procurement and construction contract with engineering firm Bechtel for the initial stage of its Louisiana LNG project was "differentiating" with other nearby proposed terminals requiring re-pricing, as Woodside aims to sell down 50pc of the terminal. Woodside will not take a final investment decision (FID) on Louisiana unless it is confident it has partners signed up or extremely close, O'Neill said, referencing the sale of 49pc of Pluto train 2 at FID before it later offloaded part of the Scarborough gas field that will supply the project. "I think there's potential for us to have the whole 50pc [target] sold-down by FID," O'Neill said, adding that "deep negotiations" were underway as the project aims for FID-readiness by 31 March. Woodside said it will cut expenditure on exploration and its New Energy division by $150mn to focus on producing assets. Exploration outlay was $342mn in 2024 and is guided at $200mn for 2025, while the savings from New Energy will mainly come from pausing its 60 t/d H2OK project in the US . In New Energy, Woodside will prioritise its 83pc complete, 1.1mn t/yr US Beaumont ammonia project ahead of first output in July-December and first low-carbon or blue ammonia using carbon capture and storage in the second half of 2026. Cost of production for phase 1 will be $260-$300/t, based on assumed costs after start-up from 2027-29 at 96pc uptime, a fixed/variable split of 70/30pc, a range of Henry hub gas pricing and the 45Q tax credit that grants $85/t of CO2 stored. Woodside made a profit of $3.57bn in 2024, up from $1.66bn for 2023 but below 2022's record of $6.5bn. It posted lower realised oil and gas prices of $63.6/bl of oil equivalent (boe) in 2024 from $68.6/boe in 2023, despite its output rising to 530,000 boe/d. The firm kept its 2025 guidance unchanged at 186mn-196mn boe (510,000-537,000 boe/d). Forecast capital expenditure of $4.5bn-5bn is focused on its 80pc complete Scarborough and 20pc complete Trion projects. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Reopening New Zealand refinery could cost $4bn: Study
Reopening New Zealand refinery could cost $4bn: Study
Sydney, 25 February (Argus) — Reopening New Zealand's mothballed 135,000 b/d Marsden Point refinery (MPR) could take six years and cost up to NZ$7.3bn ($4.2bn), according to a government-commissioned study. MPR, New Zealand's only refinery that is located north of largest city of Auckland, was converted to an oil product import terminal in 2022. The interim report, which was commissioned by New Zealand's National-led government last year, cited Australian professional services firm Worley's estimates that reestablishing refining would require NZ$4.9bn-7.3bn. This imposes significant risks and costs on MPR owner Channel Infrastructure, which has imported oil products since refining ended in 2022. A reopening would provide more resilience against quality issues with imported fuels, increase stockholding and provide local employment. But this is offset by a dependence on crude imports, with MPR becoming a single point of failure risk, and increased greenhouse gas emissions associated with refining. Fuel Security Study The Ministry of Business, Innovation and Employment on 25 February separately released a Fuel Security Study, which found that fuel security remains threatened by supply disruption. It recommends that the nation instead focus on increased storage and zero-emission vehicles instead of reopening MPR. The strategies considered for improving New Zealand's fuel supply security included reopening the refinery or building a new one, increasing jet fuel and diesel storages, expanding trucking capacity to mitigate against infrastructure failures, investing in biofuels production and increasing uptake of zero-emissions transport. Resurrecting MPR or building a new refinery for locally produced crude would be inefficient given either expense or the limited effectiveness that a new facility would have in supplying all fuel types required, the study found. The most cost-effective security enhancement is increasing storage levels of diesel and jet fuel, while gasoline was less of a concern given generally high stocks, with more gasoline storages to be converted to other fuels as demand falls owing to electric vehicle (EV) uptake. EVs will likely diminish New Zealand's reliance on gasoline but diesel use will taper off more slowly given less advanced alternatives, while jet fuel demand is likely to rise without other realistic options in the short term. Biofuels were found to be viable for securing domestic jet fuel and diesel supply, but further study is required and developing this sector would cost more. About 70pc of New Zealand's fuel imports are from Singapore or South Korea, exposing the country to shipping disruptions, but fuel companies' ability to adjust supply chains would mitigate any major impacts, the study said. Internally, the threat of natural disasters impacting pipelines or import terminals should lead to more thorough planning for such events. New Zealand would carefully weigh the costs and benefits of the actions suggested in the fuel study, associate energy minister Shane Jones said on 25 February, including considering the creation of energy precincts and special economic zones to spur a domestic biofuels sector. Jones, a member of the NZ First party in coalition with National, added that creating such zones with special regulations and investment support could help attract overseas investors. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Climate downgraded in EU due diligence rule update
Climate downgraded in EU due diligence rule update
Brussels, 24 February (Argus) — A legislative proposal will this week ease requirements under the EU's corporate sustainability due diligence directive (CSDDD) that would oblige large firms to adopt business models compatible with keeping global temperatures within 1.5°C of pre-industrial levels, as per the Paris climate agreement. The proposal, if adopted by the European Parliament and EU member states, would amend the directive to require firms only to "adopt" a transition plan for climate change mitigation, with implementing actions, with the goal of limiting global warming to 1.5°C compared with pre-industrial levels. The European Commission's proposal cuts out the words "put into effect" as an obligation for transition plans that also cover the objective of achieving climate neutrality by 2050. "The revised wording sends mixed signals to companies, creating uncertainty about whether they must follow through on their plans. This ambiguity leaves them exposed to potential legal action compelling them to align with the 1.5°C target," said Amandine Van den Berghe, a lawyer for environmental organisation ClientEarth. The group also criticised "private" commission consultation, notably with the oil and gas sectors. Earlier in the month, EU economy commissioner Valdis Dombrovskis highlighted the need for "simplification" of the CSDDD, but did not specify whether this would address Qatari concerns that the 2024 directive will negatively affect LNG exports to the EU. Ahead of the commission's presentation of the simplification proposals, Green chair of parliament's internal market committee Anna Cavazzini said dismantling sustainability laws will not solve structural economic problems. EU laws must be as "unbureaucratic as possible", she said. "The leaked reform of the EU due diligence law goes far beyond that and simply guts it." By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil's Zeg launches REDD+ project
Brazil's Zeg launches REDD+ project
Sao Paulo, 24 February (Argus) — Brazilian biogas firm Zeg launched a new business division that will invest in reforestation in the Rio Branco valley, in northern Roraima state. The new unit, dubbed Zeg Florestal, will protect 14,000 hectares (ha) of the Amazon to keep it from being converted to cattle ranching and soybean planting. The state issued a decree in 2022 which reduced the legal reserve requirements on rural properties to 50pc from 80pc, clearing the way for property owners to legally deforest a larger share of their land holdings. The project is the first in Roraima state to use the REDD+ framework, which aims to preserve standing forests and reduce emissions from deforestation. The project also focuses on biodiversity preservation and promotion of the bioeconomy, which includes the sale of sustainable products from the forest to help create jobs for area communities. The project will use global certification agency Verra's Verified Carbon Standard (VCS) and Climate, Community and Biodiversity (CCB) standards. The company estimates that the project will avoid a combined 4mn metric tonnes of CO2 emissions in 2025 and 2026. The project comes amid rising concerns about the legitimacy of carbon offsets from REDD+ projects, following a federal police investigation in June last year that exposed fraud for a project in Amazonas state. The large-scale corruption scheme involved around R180mn ($31.6mn) in carbon offsets that were generated from roughly 500,000ha of illegally occupied lands in the state. The police investigation also uncovered illegal deforestation and cattle ranching on land that was supposedly being preserved . Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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