oilindustry
US energy giant Chevron has become the latest oil and gas company to pull out of North Sea operations following UK Chancellor Jeremy Hunt's rejection of pleas to pause the "windfall" tax on energy companies. The move comes after some 55 years of Chevron working in the area. The company said it had taken the decision after looking closely at its operations around the world, to see which of its businesses and assets remained competitive and in a strong position to take on future challenges. Chevron denied that the decision had anything to do with the current UK tax laws. No signs of Chancellor r...
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Italian energy giant Eni is considering giving investors a chance to invest in separate stakes in its fossil fuel projects, in a move that is known as a satellite strategy. The projects are likely to be some of the company's very lucrative developments based in the Ivory Coast and Indonesia. This will allow investors who may not be particularly interested in renewable energy projects to make sure their money is funding only the fossil fuel projects they support. Similarly, it will also allow investors who prioritise green projects to ensure that their money is not being used to support fossil ...
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Shell has sold millions of ‘phantom’ carbon credits based on emissions savings that never happened, according to a new investigation. The fossil fuel giant made more than $200 million Canadian dollars (€135 million) selling the credits from its flagship carbon capture facility to Canada’s biggest oil sands companies. But a two-for-one deal struck with the Government of Alberta meant that Shell was selling credits for two tonnes of CO₂ for every one tonne that it actually captured. Greenpeace Canada’s new ‘Selling Hot Air’ report explains how this legal but climate-wrecking operation worked. He...
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British oil and gas company BP's first quarter profits were below expectations, as underlying profit came in at $2.7 billion (€2.5 billion), compared with $3 billion for the previous quarter. This was partially due to falling gas prices and an unplanned outage in the company's Whiting refinery in the US, partially offset by strong oil trading. Production of oil and gas was up by 2.1% from a year earlier to 2.4 million barrels-of-oil equivalent per day. BP's net debt increased to $24 billion (€22.3bn) from $20.9 billion in the last quarter. The London-based firm held its dividend at 7.27 cents ...
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A damning new report has accused Big Oil of privately acknowledging its efforts to downplay the dangers of burning fossil fuels - while publicly stating they were opposed to the practice. The report, headed up by the Democrats on the House Oversight Committee in the United States, says oil giants including ExxonMobil and Chevron - as well as several industry trade groups - were behind a campaign aimed at defending the industry's interests. They claim this has all been done at the expense of the planet. "Big Oil has run campaigns to confuse and mislead the public while working unceasingly to lo...
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French energy company TotalEnergies announced its first quarter 2024 earnings on Friday morning, announcing a 22% decline in Q1 2024 earnings, mainly due to shrinking natural gas profits. However, a stronger-than-expected oil market did manage to offset this somewhat, although increasing crude oil prices could pose a problem for refining margins in the next few months, according to TotalEnergies. Adjusted net income for the first quarter of the year surpassed market expectations, coming in at $5.1 billion (€4.75 billion), more than the $5 billion previously anticipated by London Stock Exchange...
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UK energy company EnQuest is planning to start drilling for oil in the North Sea in what it expects to be the highest "yield" of oil there over the past 20 years. The group was recently awarded a licence to drill in the North Sea in a controversial decision that ignored warnings from scientists and the United Nations urging countries to stop developing new fossil fuel resources because of climate change. The Equinor Rosebank North Sea oil field was last September given the go-ahead to drill for the 350 million expected barrels of oil is expected. EnQuest Heather, a subsidiary of EnQuest, was g...
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Europe has been heavily dependent on North Sea infrastructure for several decades. Although this mainly includes oil and gas, the North Sea also provides wave and wind energy, fishing opportunities, and hosts a lot of telecommunications infrastructure. Recognising this area's inherent importance, European nations have significantly ramped up North Sea exploration and drilling in the last several years, with a number of projects lined up for the next few years. The UK, the Netherlands, Denmark, Germany and Norway are the five European countries leading this race to make the most of the North Se...
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Last year was marked by widespread optimism for the Ukrainian war effort, while this year is the exact opposite, as dark pessimism looms over the information landscape. As some believe, both views were - and are - exaggerated. Judging by the current trend of the war, Russia might have gained the upper hand. While this general trend may be reversed by re-establishing US aid to Ukraine, drone strikes on Russian oil refineries and their economic impact have become one of the more successful Ukrainian campaigns. As the war in Ukraine continues past the two-year mark, the intensity of the armed con...
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The resilience of the Russian economy is without a doubt a key selling point for President Putin, who's been continuously leading Russia since 1999, either as President or Prime Minister. But it was not supposed to be the case. After the invasion of Ukraine in 2022, many large companies left Russia, and both the EU and US coordinated and renewed several rounds of sanction packages, aimed at impacting the Russian economy and indirectly help Ukrainians in their war effort. The 2022 escalation to a full-scale war was not the beginning of the conflict. That began with the invasion and annexation o...
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