Fossil fuels benefited from record subsidies of $13 million (£10.3m) a minute in 2022, according to the International Monetary Fund, despite being the primary cause of the climate crisis. The IMF…Continue readingFossil fuels being subsidised at rate of $13m a minute
Tag: oil
Demand reached an all-time high of 103mn barrels a day in June driven by better than expected economic growth in OECD countries, strong summer air travel and surging oil consumption in…Continue readingGlobal oil demand hits record and may move higher, says International Energy Agency
Natural gas from the world’s second-largest shale gas reserve in Patagonia will reach Buenos Aires in the coming weeks through a new pipeline, marking a milestone in Argentina’s push to become…Continue readingArgentina hits milestone on path to gas export bonanza
Grant Shapps, energy minister, has insisted that the government will “max out” the UK’s remaining reserves of North Sea oil and gas, arguing this is compatible with Britain’s pledge to reach…Continue readingGrant Shapps vows to ‘max out’ UK’s North Sea oil and gas reserves
Carbon emissions from China are growing faster now than before COVID-19 struck, data show, dashing hopes the pandemic may have put the world’s most polluting nation on a new emissions trajectory.…Continue readingChina is pumping out carbon emissions as if COVID never happened. That’s bad news for the climate crisis
Norway’s government gave the green light to 19 oil and gas projects worth more than 200 billion kroner ($18.6 billion). The 19 projects involve the opening of new fields, the extension…Continue readingNorway approves fossil fuel projects
UN secretary-general António Guterres attacked oil and gas industry attempts to justify fossil fuel expansion with carbon capture technology as “proposals to become more efficient planet wreckers”, in a speech that…Continue readingUN chief attacks oil and gas industry ‘planet wreckers’ over fossil fuel expansion
Trillions of dollars of subsidies for fossil fuels, farming and fishing are causing “environmental havoc”, according to the World Bank, severely harming people and the planet. The “toxic” subsidies total at…Continue readingVast fossil fuel and farming subsidies causing ‘environmental havoc’
Already, the Beijing office of Greenpeace is sounding the alarm. In the first three months of 2023, provincial governments in China approved more new coal-fired electricity generation than they did in…Continue readingChina ramps up coal power while pushing for renewables
Shell has abandoned plans to cut oil production each year for the rest of the decade, in a shift in approach to firmly target fossil fuels and increase payouts to shareholders…Continue readingShell drops target to cut oil production as CEO aims for higher profits
Countries didn’t get around to talking about plastic until the third day out of five, stuck in a prolonged debate over voting rules and points of procedure — led by oil-rich…Continue readingGlobal plastic treaty talks limp on despite blockade by oil-rich countries
The United Arab Emirates’ state oil company has been able to read emails to and from the COP28 climate summit office and was consulted on how to respond to a media…Continue reading‘Absolute scandal’: UAE state oil firm able to read COP28 climate summit emails
After receiving the £430m loan, Wood grew its upstream oil and gas business by 17% so that it accounted for more than $3bn (£2.4bn) in revenue in 2022, up from $2.6bn…Continue readingUK firm given £430m green transition loan then expanded oil and gas business
The UK government is under attack for investing taxpayers’ money in fossil fuel companies, a hospital in Kenya accused of imprisoning patients who couldn’t pay for treatment, and a business in…Continue readingUK government under fire for investing overseas aid in fossil fuel firms
United Nations climate chief says while the rapid end of burning coal, oil, and natural gas is urgently needed, the topic may not even reach crucial COP28 negotiations.Continue readingWill fossil fuel phase-out make it onto the UN’s climate agenda?
To help extract oil, companies pump large quantities of water into the ground. For each barrel of oil, many of which are later exported to Europe, up to three barrels of…Continue readingIraq’s oil boom blamed for worsening water crisis in drought-hit south
With a daily production capacity of up to 150,000 barrels of oil and six million m3 of gas, FPSO (Floating Production Storage and Offloading) Almirante Barroso is located 180km off the…Continue readingPetrobras starts production of FPSO Almirante Barroso in Búzios field
About USD 2.8 trillion is set to be invested in energy globally in 2023, USD 1.7 trillion of which will go to clean technologies. The remaining roughly USD 1 trillion is…Continue readingHumanity still investing in fossil fuels
French oil and gas major TotalEnergies has announced a 20-year renewal of the production license of the offshore Nigerian block OML130 in the Gulf of Guinea. In December 2018, TotalEnergies, then…Continue readingTotalEnergies renews offshore Nigerian block OML130 for 20 years
Environmental groups say the event in Perth to court the biggest polluting oil company of all time is ‘akin to a joint trade show with a tobacco major’Continue readingAustrade forum to promote links with oil giant Saudi Aramco condemned by activists
About 19 million leisure journeys by car are expected on Britain’s roads over the next four days, and more than 3,000 planes are scheduled to take off on Friday.Continue readingBusy roads and airports expected over late-May UK bank holiday weekend
Oil from the Fenja field is transported through a 36km long electrically trace-heated (ETH) pipe-in-pipe solution to the Njord A platform for processing and subsequently for transport.Continue readingNeptune Energy and partners begin production from Fenja oil and gas field
“The world will need these vital oil resources to meet future energy demand and help ensure an affordable, just and secure energy transition.” The Uaru field development project, which is expected…Continue readingExxonMobil, Hess take FID on $12.7bn Uaru oil project offshore Guyana
Equinor Energy and its partners have started production from the Bauge oil and gas field in the southern Norwegian Sea, which has been developed with an investment of NOK4.6bn ($438.2m). Bauge…Continue readingEquinor begins production from Bauge oil and gas field in Norwegian Sea
An annual report on fossil fuel financing by a coalition of campaign groups organised by the Rainforest Action Network found that RBC extended $42.1bn in funding to fossil fuel companies and…Continue readingRoyal Bank of Canada becomes top financier for fossil fuel industry
Starlee Sykes, head of BP’s Gulf of Mexico business, told the Financial Times in an interview that the company had responded to Biden’s call and planned to continue exploration for new…Continue readingBP commits to Gulf of Mexico as $9bn platform comes online
Under the MOU, PETRONAS and Phoenix Petroleum will conduct a joint feasibility study to take the collaboration to the next phase of execution.Continue readingPetronas partners with Phoenix Petroleum to explore opportunity in the Phillipines
Prime Minister Shri Narendra Modi and Prime Minister of Bangladesh, Sheikh Hasina jointly inaugurated the India-Bangladesh Friendship Pipeline (IBFP) today in a virtual mode. The foundation stone for the construction of…Continue readingPM Modi and Sheikh Hasina inaugurate India-Bangladesh Friendship Pipeline
“As we look to the province’s future, it is reasonable to look at the assets of the province and determine their potential. That is why we have decided to proceed with…Continue readingNewfoundland and Labrador proceeds with phase II review of current offshore oil and gas interests
Following the expansion through the addition of a third crude unit, the total crude refining processing capacity of the Beaumont refinery in Texas, US has gone up by over 65% from…Continue readingExxonMobil starts operations at $2bn Beaumont refinery expansion project
The project partners have decided to move ahead with a concept that calls for the installation of four electrical liquefaction trains with a combined capacity of four million tons per annum…Continue readingTotalEnergies and partners launch FEED for Papua LNG project in PNG
Rise of 53% came as oil group’s profits hit record $40bn in tumultuous year for energy markets. It brings van Beurden’s total compensation from Shell since becoming chief executive in 2014…Continue readingEx-Shell chief Ben van Beurden’s pay jumped to £9.7mn last year
Communities around the world emitted more carbon dioxide in 2022 than in any other year on records dating to 1900, a result of air travel rebounding from the pandemic and more…Continue readingCarbon dioxide emissions reached a record high in 2022
Oil companies plan to pump crude oil from Lake Albert, Uganda to the coast of neighbouring Tanzania, with the goal of producing 1.4bn barrels over the next two decades. But the…Continue readingCounting the cost of Uganda’s east Africa oil pipeline – in pictures
Risks are cascading and underestimated, new climate extremes recorded, and the conclusion.Continue readingFaster, higher, hotter: What we learned about the climate system in 2022: Part 3
2°C degrees is not a point of system stability, we are heading towards 3°C or more, and system-level change and tipping points are happening faster than forecast.Continue readingFaster, higher, hotter: What we learned about the climate system in 2022: Part 2
Record emissions, the 1.5°C target, what about overshooting 1.5°C and cooling back to that level by 2100?, and the likelihood of achieving the 2°C target.Continue readingFaster, higher, hotter: What we learned about the climate system in 2022: Part 1
Preliminary estimates indicate that the discovery holds 17-47 million barrels of recoverable oil equivalent, with the majority being oil.Continue readingEquinor makes oil and gas discovery near Troll field in Norwegian North Sea
“Shell can’t claim to be in transition as long as investments in fossil fuels dwarf investments in renewables,” said Mark van Baal, founder of Follow This, an activist shareholder group.Continue readingShell profits more than double to record $40bn
CEO, Looney, said BP would spend $8bn more on its “transition” businesses — biofuels, convenience, charging, renewables and hydrogen — between now and 2030 than previously planned, and $8bn more on…Continue readingBP slows oil and gas retreat after record $28bn profit
Oil and Natural Gas Corporation Limited (ONGC, owned by the Ministry of Petroleum and Natural Gas, Government of India) is in talks with global oil majors to infuse state of the…Continue readingONGC invest $3.5bn to keep up production
Results show scale of windfall from high oil prices following invasion of Ukraine.Continue readingExxonMobil posts record $56bn profit
Crude production from the Permian Basin has soared to a record high.Continue readingUS jobs boom in the ‘busiest spot in the busiest oilfield’
Sovereign wealth fund has gained 5% so far this year but chief executive warns of ‘uncertain’ 2023.Continue readingNorway’s $1.3tn oil fund bounces back after worst year since 2008
The first contract from Total Energies pertains to the LAPA SW development project in in the Santos Basin in Brazil, while the second contract from Equinor is for the Irpa pipeline…Continue readingSaipem wins $900m worth contracts from Total Energies and Equinor
Financial institutions signed up to GFANZ initiative accused of acting as ‘climate arsonists’.Continue readingBanks still investing heavily in fossil fuels despite net zero pledges – study
“New gas volumes will be key to enabling the development of new value chains for hydrogen for Europe.”Continue readingNorway offers 47 new offshore production licences to 25 oil companies
Exxon was expected to record more than $56bn in profits in 2022 and Chevron is set to top $37bn, record highs for both companies, according to Wall Street estimates compiled by…Continue readingExxon and Chevron share $100bn in profit after surge in oil prices
Woodside Energy, Santos and BHP among companies who have sponsorship deals with Australian arts, sport, education and community organisationsContinue readingFossil fuel interests revealed to have sponsored more than 500 Australian community organisations
From Petrobras’ own platform portfolio, the P-71 is an FPSO (floating unit for the production, storage, and transfer of oil and gas) type with capacity to process up to 150,000 barrels…Continue readingPetrobras announces start of P-71 production
The phase II of Johan Sverdrup project entails an investment of NOK48bn ($4.8bn) and includes a new platform, five new subsea systems, 28 new wells, a new module for the existing…Continue readingEquinor begins production from Johan Sverdrup Phase 2 project
Saudi Arabia posted a budget surplus of US$27 billion (SR102bn) this year and 8.5% economic growth as the kingdom enjoys a petrodollar windfall from high oil prices. Revenues are expected to…Continue readingSaudi Arabia posts surplus of 27 billion US dollars with oil windfall
The analysis, by the Global Carbon Project, calculates Earth’s “carbon budget“, which is how much CO₂ humans have released, and how much has been removed from the atmosphere by the oceans…Continue readingGlobal carbon emissions at record levels with no signs of shrinking
The Venezuelan government and the opposition returned to political negotiations in Mexico — suspended for more than a year — and signed a rare humanitarian agreement that seeks to free up…Continue readingChevron to resume Venezuela oil production
BP’s US boss said Washington’s new climate law would put its green plans in the US “on steroids”, even as the oil supermajor says it will expand its shale oil and…Continue readingBP praises Biden climate law while expanding US shale operations
Tens of thousands of delegates have descended on Sharm el-Sheikh, an Egyptian resort town, for COP27, the UN climate summit. Of the 33,000-odd that registered, about 16,000 represent the 197 countries…Continue readingWhat is the fossil-fuel industry doing at COP27?
Before President Biden lambasted oil companies for excess profits and threatened to slap a “windfall tax” on them, several of his top energy advisers privately attempted to woo that same industry…Continue readingBiden courted oil companies before threatening them with windfall tax
ExxonMobil’s Uaru development is targeting approximately 1.319 billion barrels of oil. MODEC has won a contract to undertake engineering and design for a floating production, storage, and offloading vessel (FPSO) to…Continue readingMODEC wins contract for FPSO of ExxonMobil’s Uaru oil project
The Ugandan government has secured support from the African, Caribbean, Pacific -European Union (ACP-EU) for proceeding with the East African crude oil pipeline project (EACOP), a 1,443km (896 mile) long pipeline…Continue readingUganda secures support from ACP-EU for East African crude oil pipeline
The fossil fuel industry is experiencing a remarkable rebound, with sudden momentum behind more than 80 projects that range from coal-fired power plants to hulking gas export terminals, many of which…Continue readingFossil fuel projects were stalled a year ago. Now they’re making a comeback.
ExxonMobil reported $19.7 billion in third-quarter net profit, or $4.68 a share, almost triple the $6.8 billion, or $1.57 a share, earned a year ago. The company was “driving volumes at…Continue readingExxon profit triples to record $20 billion
Norwegian oil and gas major Equinor said that Peregrino phase 2 was executed within the original cost estimate of $3 billion. The phase 2 project is aimed at extending the lifetime…Continue readingEquinor begins production from $3 billion project in Brazil
Fracking and drilling for new oil and gas in the North Sea is green and good for the environment, Liz Truss’s new climate minister said on Wednesday. Graham Stuart insisted that…Continue readingUK fracking and oil drilling good for environment, claims climate minister
Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Energy Company (TAQA) have closed financing for a $3.8 billion project to decarbonise ADNOC’s offshore oil and gas extraction operations. The…Continue readingADNOC and TAQA close financing for 3.8 billion dollar decarbonisation of oil and gas extraction
The Biden administration on Wednesday reinstated $190 million worth of leases to companies bidding to explore for oil and gas in the Gulf of Mexico. The administration sought to stress that…Continue readingU.S. administration awards Gulf of Mexico drilling leases to oil giants
Woodside Energy, Australia’s largest energy producer, on Tuesday capped a string of bumper results by oil, gas and coal producers. The Perth-based company said its net profit after tax rose five-fold…Continue readingHuge profits for fossil-fuel giants Woodside, Whitehaven and Santos
PetroChina Co., Sinopec and Cnooc Ltd. each said they made historic amounts of money in the January-to-June period. PetroChina’s chairman said government stimulus packages are bolstering oil demand, while top refiner…Continue readingChina’s oil giants post record profits on surging fuel prices
Global public subsidies for fossil fuels almost doubled to $700 billion in 2021. Despite the huge profits of fossil fuel companies, the subsidies soared as governments sought to shield citizens from…Continue readingGlobal fossil fuel subsidies almost doubled in 2021
State-owned oil and gas company Indian Oil has unveiled a $25 billion investment plan to achieve net-zero operational emissions by 2046. Indian Oil chairman S M Vaidya said: “IndianOil has been…Continue readingIndian Oil unveils $25 billion investment plan to achieve net zero by 2046
Saudi Aramco posted the biggest quarterly adjusted profit of any listed company globally driven by high crude prices and production. Revenue climbed 80% to $150 billion and free cash flow, which…Continue readingSaudi Aramco posts biggest quarterly profit of any listed company
In recent years, Wall Street firms have tried to talk up their commitment to the environment and social justice. Now they are singing a different tune. Large US banks such as…Continue readingUS banks tout fossil fuel credentials
Temperatures have soared up to nearly 50˚C (122˚F) in Baghdad almost daily, and in the southern city of Basra, temperatures have come close to 53˚C (127˚F) – dangerously high in a…Continue readingHeatwaves scorch Iraq as protracted political crisis grinds on
Coal – France, Italy, Austria and the Netherlands have all announced plans to reactivate old coal power plants. But nowhere are the plans as extensive as in Germany, which is allowing…Continue readingGermany increases reliance on coal and oil
Moscow-based integrated energy company Rosneft has started production drilling at the Payakhskoye field on the Taimyr Peninsula in Russia. The field is part of Rosneft’s Vostok Oil strategic project, which is…Continue readingRosneft starts production drilling at Payakhskoye field in Russia
Wintershall Dea and its partners Sval Energi and Pandion Energy Norge have started production from the Nova oil field (previously Skarfjell) located in the Norwegian North Sea. The development costs of…Continue readingWintershall Dea begins production from Nova oil field, offshore Norway
BP reported a profit of $8.5 billion for its second quarter on Tuesday, its biggest windfall in 14 years. Just days earlier, the two largest U.S. oil companies — ExxonMobil and…Continue readingBP profits highest in 14 years, raking in $8.5 billion
The nation’s biggest oil companies — ExxonMobil and Chevron — saw their profits roughly triple in the second-quarter. On Friday, Exxon reported net income of $17.9 billion for the three months…Continue readingExxon, Chevron post blockbuster profits on oil price boom
The UK-headquartered group, Europe’s largest oil company, reported adjusted earnings of $11.5 billion in the second three months of the year, breaking the record $9.1 billion posted in the first quarter.…Continue readingShell reports record profits on surging oil and gas prices
GAZ-SYSTEM said that the Baltic Pipe project, a 900km long offshore and onshore natural gas pipeline has been connected to the Polish and Danish transmission systems. The pipeline project will bring…Continue readingGAZ-SYSTEM connects Baltic Pipe to Polish and Danish transmission systems
US president Joe Biden said he expected Saudi Arabia to take “further steps” to increase the supply of oil in the “coming weeks” following a meeting with Crown Prince Mohammed bin…Continue readingBiden expects Saudi Arabia to take ‘further steps’ to boost oil supply
In 2015, French oil giant TotalEnergies and the China National Offshore Oil Corporation (CNOOC) signed a memorandum of understanding (MOU) with the governments of Uganda and Tanzania, to drill for oil…Continue readingOil drilling to go ahead in Ugandan park despite threat to nature