FINWIRES · TerminalLIVE
FINWIRES

EU Touts Global Methane Rules Amid Energy Security Concerns

By

The European Union is stepping up efforts to curb methane emissions across global energy supply chains, arguing that cutting the potent greenhouse gas is critical not only for climate goals but also for energy security, the EU Commissioner for Energy said on Tuesday.

Speaking at a G7 methane action event, Dan Jorgensen said the ongoing energy crisis had exposed Europe's heavy reliance on imported fossil fuels, underscoring the need for cleaner, domestically produced energy.

"The current energy crisis is a stark reminder that Europe is too dependent on imported fossil fuels, and that our way forward is more homegrown energy," said Jorgensen.

He called on the EU to tackle emissions tied to energy imports, noting that large volumes of gas are still being wasted globally.

The International Energy Agency estimates that more than 350 billion cubic meters of gas were lost worldwide in 2024 through flaring, venting and leaks, Jorgensen said, calling the figure a "sobering" indicator of inefficiency in the global energy system.

"Every cubic metre that is leaked heats the planet, instead of a home; It reduces crop yields, instead of prices; And it weakens energy sovereignty, instead of strengthening it," he said, adding that methane abatement and energy security should be treated as "the same priority."

Jorgensen's remarks come as Europe continues to recalibrate its energy strategy after the outbreak of the Middle East conflict, which has roiled global markets.

The EU's Methane Regulation, which introduces binding rules on measuring, reporting and verifying emissions, will apply both domestically and to imported energy.

The European Commission plans to publish recommendations clarifying how the rules should be implemented across complex supply chains and how penalties can be applied without disrupting supply.

Meanwhile, Jorgensen said European ministers have backed a pragmatic approach to ensure the regulation does not threaten energy security or trade flows.

He emphasised that methane-reduction efforts must be global, noting that frameworks such as the United Nations Environment Programme's Oil and Gas Methane Partnership 2.0 serve as a benchmark for emissions transparency.

The EU is also encouraging wider participation in the Global Methane Pledge, which it co-leads with Canada, and supporting additional initiatives such as a UK-backed statement ahead of COP30 aimed at sharply reducing methane emissions in the fossil fuel sector.

Related Articles

Commodities

Crescent Energy Posts Q1 Earnings, Boosted by Oil, Gas Volume Gains

Crescent Energy Company (CRGY) reported Q1 earnings Monday, showing average daily net sales volumes of 341,000 barrels of oil equivalent per day, up from 258,000 boe/d a year earlier.Crescent reported that it had outperformed average daily net sales volume estimates of 328,000 boe/d by about 4%.The company reported average daily net oil sales volumes of 140,000 barrels per day for the quarter ended March 31, up from 102,000 b/d a year earlier.Average daily net sales volumes for natural gas rose to 743 million cubic feet per day for the quarter, up from 655 MMcf/d, the company said.The company reported average daily net sales for natural gas liquids at 77,000 b/d, up from 47,000 b/d a year earlier, it added.Crescent Energy said it has achieved about $120 million in cost savings to date from its Permian integration, ahead of its original target.The company drilled 38 operated wells in Q1 and brought 37 wells online, while capital expenditures reached $385 million for the quarter, it said.Crescent Energy completed two Eagle Ford mineral acquisitions totaling about $355 million in Q1 2026, expanding its portfolio with additional exposure to undeveloped resources.

$CRGY
Commodities

Correction: New Jersey Resources Reports Q2, Reaffirms 7-9% Growth Target

(Corrects headline and paragraphs 1-4 to reflect Q2 earnings and updates figures.)New Jersey Resources (NJR) reported Q2 earnings Monday, reaffirming its Q1 multi-year growth plan targeting 7% to 9% earnings expansion, supported by a capital program of $4.8 billion to $5.2 billion through 2030.The company is expanding its utility footprint with 594,227 customers across six New Jersey counties, NJR said.NJR is advancing its solar platform with about 513 megawatts of installed capacity and a development pipeline of roughly 1.2 gigawatts, while it has already placed about 33 MW in service year to date in fiscal 2026, the company added.The company reaffirmed its fiscal 2026 capital spending plans of $775 million to $930 million and fiscal 2027 plans of $870 million to $1 billion.NJR said it is expanding storage and transportation capacity through projects such as Leaf River, which aims to increase working gas capacity by over 70% from about 32 Bcf to more than 55 Bcf, the company said.The company is also growing midstream and infrastructure assets, including Adelphia Gateway and Steckman Ridge, while targeting long-term demand growth supported by energy services, solar expansion, and pipeline investments, it said.

$NJR
Commodities

US Delays Creditor Actions on Venezuelan Bond Tied to Citgo Assets

The US has extended restrictions tied to a key Venezuelan bond, delaying creditors' ability to pursue collateral linked to the country's overseas assets, the Treasury Department said on Monday.The Treasury's Office of Foreign Assets Control said it had issued General License 5W, which authorizes certain transactions related to Venezuela's PdVSA 2020 bond only from June 19, prolonging a freeze on enforcement actions tied to the debt.The agency said transactions involving the sale or transfer of shares pledged as collateral, notably those tied to US-based refiner Citgo Petroleum, remain prohibited until June 19 unless approved by OFAC.The previous license, issued in March and continuing a series of extensions dating back to 2019, was set to expire May 5.Though the new license ultimately allows transactions related to the bond after June 19, it does not override other sanctions restrictions, meaning additional approvals may still be required.OFAC said that if creditors and Venezuela reach agreements to restructure or refinance the PdVSA 2020 bond, parties may need to seek specific licenses, adding that it would adopt a favorable licensing policy toward such arrangements.Elsewhere, the US has in recent months eased some restrictions on Venezuela's energy sector, allowing limited business with PdVSA even as core financial sanctions remain in place.