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Oil and Gas
Russia discovers vast oil and gas deposits in British Antarctic Territory
The UK claims a large part of the area in which Russia found its vast reserves.
MPs warned that the surveys were a precursor to drilling rigs being brought in to explore this pristine area for fossil fuels.
Russian research vessels…
BP Reports Lower-Than-Expected Profits in First Quarter
London-listed oil major BP PLC recently announced its first-quarter financial results, which fell below market expectations. The company reported a profit of $2.72 billion, missing the forecasted $2.87 billion and significantly lower than…
Oil price fixing is finally in the sights of regulators
A half-century ago, Philip Verleger, a well-known energy analyst and adviser to American companies that wanted to sue Opec over price fixing, became embroiled as a consultant in an antitrust fight.
That failed. Verleger's 2000 anti-Opec…
Saudi Aramco spends £100bn on crown prince’s desert Mirror City
Saudi Arabia's state owned oil giant, the Saudi Arabian Oil Company (SAOC), is planning to spend almost £100bn on crown prince Mohammed bin Salman mega-projects despite a drop in profits.
Aramco expects to pay $124bn this year (£99bn),…
Shell announces $3.5 billion share buyback in response to AGM’s showdown on emissions
Shell is set to buy back shares worth $3.5bn in the coming quarter, after its first-quarter profits were higher than expected at almost $8bn.
The company said it would pay out multi-billion dollar payouts to investors as it prepared for…
Sunak allows oil and gas exploration on sites for offshore wind
The government will announce Friday that fossil fuel companies can now explore for oil or gas beneath offshore wind power sites. Campaigners say this is a further sign that ministers have abandoned the climate agenda.
The North Sea…
Oil traders refuse to leave Brussels and go to London due low pay
ExxonMobil oil traders in Brussels who refuse to move to London because of low pay are at risk of losing their jobs.
Unions warn that staff at the multinational company are hesitant to move to London due to their dissatisfaction over…
World Bank warns that oil prices could reach $100 per barrel if the conflict in the Middle East…
The World Bank said that a serious increase in tensions in the Middle East could push the oil price to $100 (£80) per barrel, and reverse the recent decline in global inflation.
The Washington-based organization said that the recent drop…
US sanctions oil on Venezuela for breaking election promises
The US has reimposed sanctions on Venezuelan oil, claiming that President Nicolas Maduro’s socialist revolution government "failed" to meet its commitments of holding a fair and free presidential election in this year.
The Biden…
Top commodities traders dismiss IPO route after bumper profits
Three of the largest commodity traders in the world said that their combined profit of $23bn last year shows they can continue to grow strongly without turning to public markets.
Jeffrey Dellapina said that there was "no way" Vitol would…
First time in decades, the biggest oil discovery to come out of the North Sea will be drilled
A UK energy firm is about to begin drilling in the largest oil field found in the North Sea for at least 20 Years despite a crackdown of net zero on the industry.
EnQuest has plans to bring on two fields that have the capacity to produce…
Citadel: Global oil market to be “extremely tight”
Citadel, a hedge fund giant, says that oil markets will become "extremely tight", in the second half this year. This is because Opec+ has control over the market and can keep prices high.
Sebastian Barrack said that the cartel had…
Why the death in North Sea oil will be a disaster for Britain
The UK is now dangerously exposed after squandering its most valuable asset.
A massive, deserted oil platform lies abandoned in the North Sea. Brent Charlie is the final remnant of the Brent Field - once a huge resource that supplied a…
IFS warns that Scotland will face a much larger deficit than the rest of the UK as oil prices fall.
IFS warns that the decline in North Sea revenue will cause a shortfall of up to £4,100 per person.
The Institute for Fiscal Studies has warned that Scotland will face a much larger deficit than the rest the UK due to the drop in oil…
BP suspends $2bn Israel contract amid Gaza War
BP has halted negotiations on a $2bn deal (£1.56bn), which would have invested in an Israeli gasfield, as warfare with Hamas rages in Gaza.
The British oil giant was expected, along with Abu Dhabi National Oil Company, to purchase a 50%…
Saudi Aramco raises dividend to almost $100bn despite falling oil prices
Saudi Aramco increased its dividend by almost $100 billion as it reported its second highest annual profit ever, despite lower oil prices and the state-led production cutbacks that weighed on performance.
The company reported that the…
Harbour Energy suffers from lower gas prices
After lowering its natural gas price projections, Britain's largest oil and gas producer anticipates generating less free cashflow this year than expected.
Harbour Energy's free cashflow will be "marginally" positive after cutting its…
OPEC+ members continue to reduce production in an effort to increase oil prices
Saudi Arabia, Russia and other Opec+ countries have extended their voluntary cuts in oil production by another three months. They are trying to increase prices which have been subdued despite geopolitical tensions.
According to Saudi…