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Oil and Gas
ExxonMobil’s $60 billion oil bet is a contrarian move.
Darren Woods, ExxonMobil's chief executive, has been arguing for years that oil and natural gas will continue to be a major part of the global energy mix despite attempts to reduce emissions from burning them. He bet $60bn on the…
The US Green Funding Program has awarded $7bn to fossil fuel companies
Joe Biden’s administration awarded $7bn on Friday to US clean hydrogen project, which included several fossil fuel companies. Washington is moving to build up this sector, which has been hailed as a key part of its decarbonisation efforts.…
US crackdown on shadow Russian fleet sanctions oil shipping companies
Washington has announced its first sanctions against shipping companies who have violated the G7 cap on Russian oil prices in an effort to crackdown on Putin’s “shadow fleet”.
The US Treasury blocked all transactions made with a…
European gas prices rise on fears of global supply disruption
The European gas price hit its highest level since March, as traders feared that the global energy supply would be affected by disruptions to pipelines and conflict between Israel and Hamas.
Since the Hamas-Israel attack last weekend,…
Mark Carney: Oil and gas can’t be shut down “overnight”
Mark Carney said that it was "not right" for countries with oil and natural gas industries to "shutdown overnight", admitting fossil fuels play a part in net zero.
Former Bank of England Governor, John Major, said that before…
ExxonMobil buys shale company Pioneer for $59.5bn
ExxonMobil agreed to purchase Pioneer Natural Resources for $59.5bn, a deal that will unleash a consolidation wave in the US Shale Oil industry.
The largest western oil supermajor announced on Wednesday that it had closed an all-stock…
Oil prices are surging, causing a ‘third wave’ of inflation.
Economists warn that a third wave of inflation could be on the way after oil price spiked in response to Hamas's deadly attacks against Israel.
Brent crude prices rose up to 5pc Monday, hitting $89 per barrel on fears that the war…
Opec says that a halt to investment in oil would lead to chaos because of the rising demand.
The Opec cartel has increased its forecast of global oil demand in coming decades and claimed that stopping investment in new projects would herald "chaos".
The cartel, whose members include Saudi Arabia, produces about a third of global…
After Hamas’ terrorist attack on Israel, the oil market is bracing for a spike in prices
Brent crude price expected to increase amid fears of a'spiralling crises' across the region
After Hamas's deadly attack on Israel , the markets are bracing for a spike in oil prices. This has sparked fears of an "escalating"…
Russia opposes plan to phase-out fossil fuels
Russia warned that it would oppose any global agreement to reduce fossil fuel use, amid tensions between Russia and the west following Moscow's invasion in Ukraine. This could derail the UN Climate Summit this year.
A large group of…
Oil set to record its biggest weekly drop since March amid fears of interest rates
Barclays analysts have warned that the surge in bond rates, which is driving up government borrowing costs, will stop only after a prolonged stock market slump.
The bond markets have recovered slightly after a recent rout, which sent UK…
Heat pump adoption expected to increase household gas bills
A government minister said that the cost of household gas could increase if plans are made to expand the use of heat pumps in the UK.
Lord Callanan is the Minister for Energy Efficiency and Green Finance. He wants to shift green…
Oil spillage in English Channel is a serious concern as Putin relies on tankers older than 23 years.
Analysts have warned that the risk of an oil leak in the English Channel has increased, due to the fact that Russia relies heavily on tankers older than 23 years old to move supplies around the globe.
Vladimir Putin's "shadow fleet"…
Rosebank, a new North Sea oilfield, will bring billions to the Treasury
Ministers say that the development of Britain's biggest untapped oilfield in the North Sea would generate billions in tax revenue and boost UK energy security for many decades.
The North Sea Transition Authority approved Rosebank Oil…
OPEC is in a downward spiral because of China
Saudi Arabian and OPEC officials do not seem to believe that the world's oil demand will continue to grow rapidly for another generation, as if there had never been electric cars invented and if the Paris Accord did not exist.…
Saudi Arabia’s Energy Minister says that oil cuts are not about ‘inflating prices’
Saudi Arabia's Energy Minister has defended his country's decision to extend the oil production cut, insisting that the move is not about "inflating prices", even though crude futures are pushing towards $100 per barrel.
Riyadh announced…
EnQuest, a North Sea oil company, is now in the red after a windfall tax
The imposition of windfall profits tax in the oil sector has resulted in a substantial loss for a British North Sea company.
According to EnQuest, the tax levied on North Sea oil companies last year led to a loss of $21.2m after…
North Sea producer: Windfall tax forced us to cancel energy projects
The Government's Windfall Tax has caused a North Sea developer to warn that it will be forced to cancel project and reduce production due to the "severe impacts" of.
Ithaca Energy behind the controversial Cambo Oil Field has informed…