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Business

Could Britain's soaring taxes push energy companies to Norway?

UK taxes on oil and gas profits have risen from 40% to about 78% in the past three years, prompting several energy companies to think about pulling out of the country.

Green News

Australia’s largest bank pulls funding for fossil fuel companies

CBA has explained that they will stop financing fossil fuel companies that don’t comply with climate goals set out by the Paris Agreement.

Markets

Crude oil rebounds amid rising demand and Middle East tensions

Crude oil prices saw a sharp rebound after hitting a six-month low on Wednesday. Rising demand and ongoing conflict in the Middle East are driving the price increase.

Markets

Norwegian tourism gets boost as weaker Kroner draws visitors

The depreciation of the Norwegian kroner has made the famously expensive Nordic country a more affordable destination for tourists, increasing spending and benefiting local businesses.

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Business

Italian energy giant Eni reveals oil and gas expansion plans

The company says it is continuing to expand its oil and gas projects in the Republic of Congo and Ivory Coast.

Business

TotalEnergies profit declines on reduced demand for refined products

TotalEnergies also announced a tie-up with a German renewable energy company RWE for OranjeWind, an offshore wind farm in the Netherlands.

Business

BP halts hiring new staff and puts break on renewable energy plans

BP has revealed that this move was mainly due to increasing discontent amongst investors about the company’s green transition strategy.

Culture news

3,300-year-old ship and its cargo discovered deep in Mediterranean

The ship’s location, far from land, suggests that ancient mariners had developed far more sophisticated navigation techniques than previously believed.

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.

Business

Eni divides oil and gas and green energy projects in new finance plan

The aim of the move is to attract more investment by allowing both fossil fuel and renewable energy investors to invest solely in their preferred projects, without any crossover of funds.

Green News

How a Shell plant registered millions of ‘phantom’ carbon credits

Canadian taxpayers covered 93 per cent of the costs of the Quest carbon capture project, a Greenpeace report reveals.

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.

Business

TotalEnergies sees first quarter earnings drop on lower gas prices

Declining natural gas revenues dampened the company’s performance in the first quarter of 2024, with earnings down 22%, however its resilient oil business helped cap losses.

Business

UK oil firm aims to dig deep for biggest North Sea oil find in decades

A UK energy company is bringing two offshore fields onstream to produce 500 million barrels of oil.

Economy

How reliant are European nations on North Sea infrastructure?

Countries like the UK and Norway are still significantly reliant on North Sea energy resources. However, harsher tax measures have led to several energy companies, such as Shell, pulling back from their offshore oil fields.

Economy

Ukrainian Strikes on Russian oil refineries: What's the impact?

Drone strikes on Russian oil refineries and their economic impact have become one of the more successful Ukrainian campaigns.

Economy

Why haven't Western sanctions worked on Russia's economy?

Renewed packages of sanctions from the EU and US were supposed to weaken the Russian economy. Instead, it has adapted, and remains robust just as Vladimir Putin is about to get reelected for a fourth presidential term.

Markets

Chinese energy giant CNOOC finds hundred million-ton oilfield

CNOOC's Kaiping South discovery could lead to more investment in deep-water South China Sea exploration in the coming months.

Business

Big oil pays for increasing production despite climate pledges

Companies with some of the most ambitious climate policies are among the worst offenders, finds a new report.