The Energy Narrative Week in Focus Feb 9-15
Catch up on everything that is shaping the energy narrative with this carefully curated summary of key energy news from the week #ICYMI. Getting you up to speed only on what matters fast.
CONTEXT
2/15/202610 min read
The Global Energy News Narrative in Focus
#ICYMI
Your 9-minute briefing on everything that matters for the energy business context at the start of the week.
Week of February 9–February 15, 2026
The energy world is moving fast and splitting into parallel realities.
Western climate policy is fragmenting: the EPA gutted its legal basis for regulating greenhouse gases, NatWest dropped fossil fuel lending restrictions, and Air France-KLM warned EU aviation fuel mandates will hand long-haul market share to Gulf rivals.
On the other side, the infrastructure race is accelerating. Libya opened its first licensing round in 18 years, Venezuela's oil sector is being groomed to attract private capital, and AI-driven gas demand is turning the Permian Basin into a power generation hub.
LNG is a throughline. TotalEnergies may be forced off Yamal entirely. Inpex is flagging an Asian supply gap by 2035. European industry is calling on Brussels for cheaper energy. New Zealand approves a new import terminal, and Vietnam signs with a Chinese firm to build LNG to power.
The curated digest of the top stories we read last week, conveniently summarised, to get you up to speed, fast is live.
Read our summary to understand the underlying currents of this week's energy context and how to position your organisation effectively within these evolving market dynamics.
Energy Investment & Finance
NatWest Softens Fossil Fuel Lending Policy Amid Climate Concerns
Global Banking & Finance Review / Reuters • Feb 13
#GreenFinance NatWest removed bans on reserve-based lending for oil and gas exploration and production, and dropped requirements for oil majors to have climate-aligned transition plans. Activist group ShareAction called for opposing the re-election of NatWest’s chair. The decision is part of a broader trend of banks scaling back fossil fuel restrictions amid energy security priorities and political pressure — potentially easing financing conditions for upstream expansion.
https://www.globalbankingandfinance.com/british-bank-natwest-softens-fossil-fuel-lending-rules/
Public Opinion & Policy
The U.S. Is Exporting Huge Amounts of Natural Gas. Will It Cost Americans?
Canary Media • Feb 10
#USMarket As LNG export capacity surges, the U.S. faces a tension between its role as the world’s top gas exporter and domestic affordability. Record exports are linking U.S. consumers to global price volatility, raising questions about whether production growth can keep pace with combined export and data centre demand.
https://www.canarymedia.com/articles/liquefied-natural-gas/us-exporting-huge-amount-gas-cost
LNG Attacked With Myth-Information Even When BC LNG Is the Cleanest in the World
Energy Now • Feb 10
#Emissions A defence of British Columbia’s LNG sector argues that Canadian LNG has the lowest emissions intensity globally, pushing back against environmental campaigns. The debate around lifecycle emissions intensity is increasingly central to how LNG projects position themselves in a market where buyers face growing scrutiny over imported methane footprints.
https://energynow.ca/2026/02/lng-attacked-with-myth-information/
Exxon Says EU Methane Rules Would Add 13% to Refiners’ Oil Costs
Bloomberg • Feb 10
#EUMethaneRule ExxonMobil warned that the EU’s incoming methane regulations could raise oil costs for European refiners by 13%, as compliance requirements on imported crude add a de facto carbon border on upstream emissions. The rule could reshape crude trade flows, disadvantaging high-methane-intensity producers and potentially redirecting barrels away from European markets.
Industry Steps Up Pressure on EU to Cut Energy Prices
Reuters • Feb 11
#EuropeConsumers #Competitiveness European industry leaders are intensifying lobbying efforts for lower energy costs, warning that high electricity and gas prices are eroding competitiveness against U.S. and Asian manufacturers. The push could accelerate deregulation, infrastructure investment or market design changes that would directly affect gas demand and renewable deployment timelines across Europe.
EPA Rescinds the Greenhouse Gas Endangerment Finding and Motor Vehicle GHG Emission Standards
U.S. EPA • Feb 12
#USEmissionsRegRollback The EPA formally rescinded its 2009 Greenhouse Gas Endangerment Finding, eliminating the legal foundation for regulating CO₂ and methane as pollutants under the Clean Air Act. The move removes all GHG emission standards for vehicles (model years 2012–2027+), with EPA claiming $1.3 trillion in savings through 2055. Legal challenges are expected from California and environmental groups. The decision also undermines the regulatory basis for power plant emissions rules and oil and gas methane standards, a seismic shift in U.S. climate policy with global implications for energy markets.
Global Shipping Industry Sticks With Green Investments, Despite Carbon Price Delay
Reuters • Feb 12
#ShippingDecarbonisation Despite delays to the International Maritime Organisation’s carbon pricing mechanism, major shipping companies are maintaining investments in lower-emission vessels and alternative fuels. The continued commitment signals that decarbonisation momentum in maritime transport, a key link in the LNG, crude and refined products supply chain, is driven more by commercial positioning than regulatory timelines.
New York Finalises Mandatory Greenhouse Gas Reporting Program
Latham & Watkins • Feb 12
#USEmissionsReg New York State has finalised its mandatory GHG reporting programme, establishing disclosure requirements for large emitters and entities operating within the state. The rule adds a new compliance layer for energy companies with New York operations and signals the continued divergence between U.S. state and federal approaches to emissions transparency.
https://www.lw.com/en/insights/new-york-finalizes-mandatory-greenhouse-gas-reporting-program
Air France-KLM Warns EU Climate Rules Would Halve Asia Flights
Financial Times • Feb 13
#EuropeConsumers #Competitiveness Air France-KLM warned that EU sustainable aviation fuel (SAF) mandates - rising from 2% in 2025 to 20% by 2035 - would render nearly half its Asia routes unprofitable within a decade, as Gulf and Turkish carriers flying via non-EU hubs avoid SAF costs on the second leg. SAF currently costs nearly three times conventional jet fuel, and its supply is limited.
https://www.ft.com/content/c275cac0-3743-4b99-9a05-b58cb064882b
Climate
Greenland Ice Melt Opens Sea Routes for Critical Minerals
Financial Times • Feb 10
#ArcticMelting #CriticalMinerals Record sea temperatures and Arctic sea ice at 5.5% below normal — the third-lowest in 48 years — are opening new shipping routes and access to critical minerals near Greenland. Temperatures 15°C above average in parts of the Arctic carry significant geopolitical ramifications: easier access to oil, gas and rare earth deposits, new commercial shipping corridors, and the erosion of submarine concealment capabilities that have underpinned Arctic military strategy for decades.
https://www.ft.com/content/e3b8c6fd-e55c-49d5-b727-59d7e4104174
UN Climate Summit to Woo Business Investment as Turkey Takes the Baton for COP31
Financial Times • Feb 11
#COP31 COP31 in Antalya will focus on “concrete results” including corporate investment commitments, as the UN seeks to re-engage business leaders who drifted away from recent summits. Turkey’s launch presentation notably focused on tourism and waste management, failing to mention fossil fuel transition roadmaps. With global clean energy investment reaching $2.2 trillion in 2025 (double fossil fuel spend), the summit’s ability to generate real dealmaking will be closely watched by energy investors.
https://www.ft.com/content/4d10659b-7987-4c74-a423-5c197e392e35
Methane Emissions
Mitsui Launches Methane Emission Reduction Project in Bangladesh Using Water-Efficient Rice Cultivation
Mitsui & Co. • Feb 2026
#MethaneOffset Japan’s Mitsui & Co. has launched a methane reduction project in Bangladesh using water-efficient rice cultivation techniques to generate Joint Crediting Mechanism (JCM) carbon credits. The initiative exemplifies how major trading houses are diversifying into nature-based carbon offset mechanisms, creating new revenue streams that intersect with energy companies’ emissions reduction targets.
https://www.mitsui.com/jp/en/topics/2026/1252817_15355.html
Gas and LNG
The U.S. Is Exporting Huge Amounts of Natural Gas. Will It Cost Americans?
Canary Media • Feb 10
#SEAsia As LNG export capacity surges, the U.S. faces a tension between its role as the world’s top gas exporter and domestic affordability. Record exports are linking U.S. consumers to global price volatility, raising questions about whether production growth can keep pace with combined export and data centre demand.
https://www.canarymedia.com/articles/liquefied-natural-gas/us-exporting-huge-amount-gas-cost
Vietnam Awards $974 Million LNG Power Plant Construction Contract to PowerChina, Lilama
Reuters • Feb 9
#SEAsia Vietnam awarded construction of its Nhon Trach 3&4 LNG-fired power plant to a consortium of China’s PowerChina and local firm Lilama. The $974M project signals Southeast Asia’s deepening reliance on LNG as a transition fuel and opens new demand channels for global LNG suppliers competing for Asian market share.
New Zealand to Build LNG Import Facility to Boost Energy Security
Reuters • Feb 9
#NewMarket New Zealand is moving forward with an LNG import terminal to shore up energy security amid declining domestic gas production and hydropower volatility. The facility positions NZ as a new LNG demand market and underscores how even traditionally renewables-heavy economies are turning to gas as a reliability backstop.
China’s LNG Imports Set to Recover in 2026 Though Not to 2024 Level
Reuters • Feb 10
#ChinaLNGDemand China’s LNG imports are rebounding in 2026 but remain below 2024 peaks, as pipeline gas from Russia and Central Asia captures a growing share of supply. For LNG portfolio players and upstream producers, this signals that Chinese spot demand may stay subdued, keeping pressure on Asian LNG pricing.
The U.S. Is Awash in Natural Gas, but American Factories Still Can’t Get Enough
Wall Street Journal • Feb 10
#USGasDistribution Despite record U.S. gas production, pipeline constraints curtailed or restricted gas flows to manufacturers more than 40 times in 2025. The bottleneck highlights a critical midstream infrastructure gap that affects industrial competitiveness and could accelerate capital allocation toward pipeline expansion and gas processing capacity.
https://www.wsj.com/finance/commodities-futures/lng-us-manufacturers-no-fuel-6c8e48ae
Russia Expects to Get Two More Ice-Class LNG Tankers This Year
Bloomberg • Feb 11
#RussiaLNG Russia anticipates delivery of two additional ice-class Arc7 LNG carriers in 2026, supporting its ambitions to ship from the Arctic Yamal and Arctic LNG 2 projects. These specialised vessels are critical to maintaining Russia’s Arctic LNG export corridor despite Western sanctions on shipbuilding and maritime services.
Russia LNG Producer Novatek Says 2025 Net Profit Fell Over 60%
Reuters • Feb 11
#RussiaLNG Novatek reported a dramatic 60%+ decline in 2025 net profit, reflecting the impact of Western sanctions, shipping constraints and discounted pricing on Russian LNG. The result underscores the financial toll of sanctions on Russia’s upstream gas sector and the reshaping of global LNG trade flows.
Total May Be Forced to Halt All Russian LNG Exports, Says CEO
Financial Times • Feb 11
#RussiaLNG TotalEnergies CEO Patrick Pouyanné warned that “ambiguities” in the EU’s forthcoming Russian LNG ban set to take effect in early 2027 could force the company to cease all exports from its 20% stake in the Yamal LNG plant, not just European-bound cargoes. Yamal supplied 15mn tonnes of LNG in 2025, accounting for ~14% of EU LNG imports, with Europe taking over three-quarters of shipments; a full Yamal export halt by Total would tighten European supply and put pressure on Russia finding new buyers.
https://www.ft.com/content/6cd925b8-f372-4480-9101-c195731c9e08
Gas-Hungry Europe to Get Rare LNG Shipment Reloaded From China
Bloomberg • Feb 12
#EuropeLNGPremium In an unusual trade flow, an LNG cargo originally delivered to China is being reloaded and re-exported to Europe. This rare arbitrage move highlights the tightness of European gas supply and the premium Europe must pay to attract flexible LNG volumes away from Asia.
Japanese Oil and Gas Group Inpex Sees LNG Supply Shortfall in Asia by 2035
Reuters • Feb 12
#LNGDemand Japan’s Inpex warns of a looming LNG supply gap in Asia by 2035 as new project sanctions lag behind demand growth. For upstream producers and LNG developers, this reinforces the investment case for final investment decisions on new liquefaction capacity and long-term offtake agreements.
LNG Buyers Seek Short-Term Deals, Caps on Volumes From Single Sellers in Push to Diversify Supplies
Natural Gas Intelligence • Feb 12
#LNGBuyersMarket LNG buyers are increasingly demanding shorter contract terms and volume caps from individual sellers, reflecting a strategic push to diversify supply sources. The shift challenges the traditional long-term offtake model that has underpinned LNG project financing, potentially raising the cost of capital for new liquefaction developments.
Oil
Libya Awards New Oil, Gas Blocks to Chevron, Eni, Others in First Licensing Round Since 2007
Reuters • Feb 11
#AfricaExploration Libya awarded its first oil and gas exploration blocks since 2007 to Chevron, Eni-QatarEnergy, a Repsol-led consortium and Nigeria’s Aiteo. Only 5 of 20 blocks on offer were awarded. Libya is targeting 1.6M bpd by end-2026 and gas exports to Europe by 2030, signalling a potential return of significant Libyan barrels and molecules to global markets.
Venezuelans Optimistic After US Intervention, Poll Finds
Financial Times • Feb 13
#Venezuela The first poll since Washington’s seizure of Nicolás Maduro shows 72% of Venezuelans feel the country is moving in a positive direction, with opposition leader María Corina Machado commanding 67% support for a fresh election. Critically for energy markets, interim president Delcy Rodríguez has passed a law opening Venezuela’s oil sector to private investment, while the US retains veto power over Caracas’s oil revenue payments, an arrangement 62% of Venezuelans approve of.
https://www.ft.com/content/d9936aff-98e8-436e-ad68-50d883513509
Electricity
Bad Bunny’s Super Bowl Halftime Show Highlights Puerto Rico’s Grid Crisis
Climate Colored Goggles • Feb 8–10
#PuertoRicoReliability Bad Bunny’s performance of “El Apagón” (The Blackout) from a sparking utility pole at the Super Bowl brought Puerto Rico’s decade-long grid crisis to an audience of 135 million viewers. The island’s 3.2 million residents average 27 hours of annual outages vs 2 hours on the US mainland.
https://www.climatecoloredgoggles.com/p/bad-bunny-climate-change
TotalEnergies to Provide Solar Power to Google’s Texas Data Centres
Reuters • Feb 9
#TotalSolarGoogle TotalEnergies signed a deal to supply solar-generated electricity to Google’s data centres in Texas. The agreement demonstrates how tech companies are contracting directly with energy majors for dedicated clean power, creating a new revenue stream for oil and gas companies diversifying into renewables while anchoring long-term power purchase agreements.
Anthropic Commits to Covering Electricity Price Increases From Its Data Centres
Anthropic • Feb 11
#AIElectricityDemand #Reputation AI company Anthropic pledged to pay 100% of grid upgrade costs, bring new power generation online, and work with utilities to estimate and cover demand-driven price effects from its data centres in Texas, New York and Louisiana. The commitment follows similar pledges from Microsoft and OpenAI, establishing an emerging precedent where AI companies internalise the infrastructure costs of their energy consumption rather than passing them to ratepayers.
https://www.anthropic.com/news/covering-electricity-price-increases
Private Equity Wins Big by Flipping Gas Plants to Producers Racing to Meet AI Needs
Bloomberg • Feb 11
#GasPowerPremium Private equity firms are scoring substantial profits by acquiring and reselling gas-fired power plants to oil and gas producers seeking to power data centres. The trend reflects the convergence of energy and technology sectors, with gas-fired generation assets commanding premium valuations as AI demand creates urgent need for reliable baseload power.
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Sources: FT, Reuters, Bloomberg, WSJ, EPA, Anthropic, Texas Tribune, Canary Media, Natural Gas Intelligence, Energy Now, Latham & Watkins, Mitsui, Climate Colored Goggles, Global Banking & Finance Review, The Guardian
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