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Oil and Gas
Gas prices in Europe are back to normal for the first time since the energy crisis
The European Natural Gas Prices fell below EUR30 per Megawatt Hour on Thursday for the first since the beginning of the energy crises. They reached their lowest level since June 20, 21.
The benchmark TTF price fell to EUR29.75/mwh on…
Russia’s energy revenue falls as ‘problems are acknowledged’
Russia has acknowledged "problems" in its oil and gas revenue, which is at the lowest level in many years. This highlights the impact of Western restrictions on Moscow’s main source for funding their war in Ukraine.
In a videoconference…
BP refuses to increase pension payments
BP has rejected an appeal by its pension trustees for increased payouts to assist thousands of retired employees to manage "challenging circumstances" brought on by the energy crises, from which the company has made record profits.
The…
Ineos warns UK of taxing North Sea to death
Owner Sir Jim Ratcliffe says the windfall tax imposed last year is 'primitive.' He also warns that investment in the country's largest oil and gas pipeline system could be at risk.
Ineos's Sir Jim Ratcliffe accused the British…
G7 and EU ban restart of Russian Gas Pipelines
This is the first time since the invasion of Ukraine that Moscow has been targeted for its pipeline exports.
According to officials involved in negotiations, the G7 and EU have agreed to ban Russian gas imports from routes…
Saudi Aramco’s first-quarter profit drops 19% due to oil price decline
Saudi Aramco has reassured investors that it will increase dividends, despite its profits falling by nearly a fifth due to lower oil prices.
The largest oil company in the world reported a first-quarter profit of $31.9 billion. This is…
ICE says EU gas price cap will cause market to lose $33 billion.
Exchange operator warns that energy traders will be charged additional margin paymentsEnergy traders would have to stump up an additional $33bn in margin payments if a plan by Brussels to cap the price of a key European gas benchmark goes…
Shell, BP, and Total trade Vitol Trafigura Mercuria Gunvor
Shell, BP, and TotalEnergies earned more money last year by buying and selling gas, oil, and electricity than the four largest private energy traders. This is according to new estimates, which highlight the importance of this activity for…
Do we really need to drill more for North Sea oil and Gas?
The UK government has been considering whether or not to approve the development of a new giant oil and gas project in the North Sea despite warnings by energy economists, climate scientists and other experts that the world can't afford to…