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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.

Green 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.

Green 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.

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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.

Green 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.

Business

BP pledge to cuts costs as profits fall below expectations

Energy giant BP is to launch a major cost-cutting programme after Q1 profits were hit by falling gas prices and a refinery outage and earnings fell short of analyst forecasts.

Green News

Big Oil is in hot water over climate change ‘deception’

A new report released by US Democrats has shown that many big oil companies have willingly misled the public about their opinions on the dangers of climate change.

Climate

Euroviews. Keep the Big Oil lobby out of policymaking — like we did with tobacco

It is impossible to ignore the evidence of the harm caused by big oil and gas companies. Turning to them to decrease dependency on fossil fuels is like asking the tobacco industry for advice on how to stop smoking, Anna Gilmore writes.

Green News

NGOs demand stringent criteria for ‘low-carbon’ hydrogen

The European Commission has been urged to consult broadly and take a methodical approach to defining new 'low-carbon-fuels, amid concerns that hastily drafted legislation could promote the unsustainable use of fossil gas.

Economy

Oil and gas giants see profits fall back after bumper 2022

The only company on the list with better full-year results than in 2022 was French Total Energies, which in February reported the highest net profit of its history for 2023.

Markets

TotalEnergies shares slide as company reports fall in earnings

Shares in France's TotalEnergies declined on Wednesday morning after the company reported a 31% drop in fourth-quarter (Q4) earnings.

Business

BP sees profits for 2023 plunge, but still second highest in decade

BP has been trying to transition into renewable and more sustainable energy for some time but has suffered a series of setbacks.

Europe News

Euroviews. Norway's latest plan for Arctic deep sea mining will inevitably sink

Norway’s decision to open up the Arctic to mining may just be the spark that torches the industry’s entire future, Louisa Casson writes.

Business

Shell to sell huge part of Nigeria oil business in $2.4 billion deal

The London-based energy giant has faced decades-long local criticism for the environmental impact of its oil exploration in Nigeria.

Markets

Euroviews. Oil price forecast for 2024: What’s in store for global crude?

Despite the headwinds in 2024, consumers might be able to breathe a sigh of relief as oil prices are expected to remain range-bound or trend downwards as compared to 2023, Osama Rizvi writes.

Green News

Euroviews. COP28: A historic outcome, but for whom?

To make the COP28 outcome truly “historic”, we need to free the talks — and our political and economic systems — from the oily grip of the fossil fuel industry, Pascoe Sabido writes.

Kuwait

Kuwait's ruling emir, Sheikh Nawaf Al Ahmad Al Sabah, dies at 86

His death comes after was rushed to a hospital for an unspecified illness in late November.

Green News

Climate activists targeted by hacking scheme say public is real victim

The climate activists targeted by the hacking scheme say it had a "completely detrimental, chilling effect" on their work.