Big Oil | Euronews

English

Ukraine

Trump claims war in Ukraine could end if price of oil falls

Addressing the World Economic Forum, the US president pledged to apply pressure on OPEC, claiming that a drop in the price of oil would end Russia's full-scale invasion of Ukraine.

Saudi Arabia

More than €500bn to be invested in US, Saudi crown prince says

Saudia Arabia's state run news agency reported that the country's crown prince intended to invest hundreds of billions into the US economy during US President Donald Trump's term in office.

Earth News

Why a small Scottish island is divided on the North Sea’s untapped oil

What do Shetlanders feel about Rosebank, the UK's biggest untapped oil and gas field, being on their doorstep?

Europe News

Oil and gas majors demand massive public support for carbon capture

The clock is ticking on a legal deadline for the petroleum industry to deploy carbon capture and storage (CCS) infrastructure – a technology it has championed for decades – at an unprecedented scale by the end of the decade.

ADVERTISEMENT

Business

BP moves offshore wind to joint venture as moves away from renewables

BP is creating a joint venture to bring about 'one of the largest global offshore wind developers' while lowering its share of investment in renewables.

Earth News

UK universities are leading Europe’s divestment from fossil fuels

While the pledges have been praised by campaigners, investigations show universities have still accepted millions of euros in funding from fossil fuel companies in recent years.

Markets

Hopes that Biden's Angola trip may help lower pressure on oil markets

US President Joe Biden is visiting oil-abundant Angola for a three-day trip, aiming to enhance investment activities in the country and countering China's rising influence in the region.

Earth News

COP29: Oil and gas reps outnumber those from most vulnerable nations

If fossil fuel lobbyists were a country, they would be the fourth-largest delegation at the summit.

Business

Shell wins landmark climate case - what does it mean for investors?

The current court decision does not mean that the oil giant will turn away from its green targets, but it will mean Shell can continue its present level of drilling.

Europe News

COP29: MEPs tough on climate finance, vague on fossil fuel phase-out

A cross-party compromise saw MEPs agree weak wording on the future of coal, oil and gas, but strong support for getting major polluters like China to contribute to a global support scheme for poorer nations, and sharp criticism of the choice of Azerbaijan as host country.

Europe News

What lobbying footprint does Big Oil have on EU climate policy?

Two new reports have claimed to show just how much influence fossil fuel company lobbying has on EU climate policymaking.

Markets

Oil prices sink to nine-month low amid global economic uncertainty

Crude prices slumped following weak economic data from the US and China, which dampened demand outlooks. Risk-averse sentiment continued to dominate global markets.

Business

Strong oil and gas prices boost Shell as share buyout planned

Europe's biggest oil and gas producer, Shell, reported the second-quarter earnings that surpassed market expectations. The company announced it would buy back an additional $3.5bn (€3.2bn) in shares over the next three months.

Business

BP boosts dividend and shifts focus towards higher shareholder returns

New boss Murray Auchincloss, who took the helm in January, has shifted the company's focus towards high growth and increased returns to shareholders amid weakened profit margins.

Markets

Future of North Sea oil drilling in doubt after Supreme Court ruling

The landmark ruling by the Supreme Court means that emissions from fossil fuels must now be considered when approving new drilling sites. Major oil and gas companies such as Shell have revealed that they are considering leaving the UK for the US, as UK environmental and taxation laws tighten.

Earth News

Ban fossil fuel advertising worldwide, UN chief urges

António Guterres called fossil fuel companies the ‘godfathers of climate chaos’ being ‘aided and abetted’ by advertising and PR companies.

Earth News

Push for deal on ‘green claims’ rules raises fears of double standards

Incoming EU legislation could force petroleum firms to temper their claims to be heading for net-zero emissions, but raises questions over the use of offsetting to fulfil climate action pledges.

Business

Chevron calls a halt to North Sea drilling as energy tax burden climbs

Chevron becomes the latest energy company to pull out of North Sea operations because of the continuing controversy over the "windfall" tax on energy giants.

Earth News

Industry backers say Europe needs a carbon capture tsar

With real-world development lagging far behind the rhetoric of policy makers in Brussels, industry groups and big oil agree the EU needs a 'CCS tsar' to make the case for a climate solution that still attracts a lot of mistrust

Business

BP's billion-dollar share buyback plan stays despite net profits fall

BP's net profit for the first quarter saw a further decline owing to weakened oil and gas prices. Despite this, the oil giant has reaffirmed its commitment to the share buyback plan of $3.5 billion in the first half of the year.