Category Archives: Oil and gas companies

Oil and gas firms ‘have had far worse climate impact than thought’

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Study indicates human fossil methane emissions have been underestimated by up to 40%

The oil and gas industry has had a far worse impact on the climate than previously believed, according to a study indicating that human emissions of fossil methane have been underestimated by up to 40%.

Although the research will add to pressure on fossil fuel companies, scientists said there was cause for hope because it showed a big extra benefit could come from tighter regulation of the industry and a faster shift towards renewable energy.

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Activists try to occupy British Museum in protest against BP ties

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Environmental group puts pressure on museum to end its partnership with oil company

Dozens of activists have coated themselves in plaster and are trying to occupy the British Museum overnight in a bid to pressure the institution to cut ties with oil corporation BP.

About 60 protesters were taking part in the defiant act of impromptu sculpture making as the museum in London attempted to close its doors at 5pm on Saturday.

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Saudi Aramco becomes most valuable listed company in history

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Investor demand pushes oil giant’s market value to $1.9tn on first day of trade in Riyadh

Saudi Aramco has secured its position as the most valuable listed company in history after investor appetite for the world’s biggest fossil fuel producer pushed its market value to $1.9tn (£1.4tn) on its first day of trade.

Shares in the Saudi state-backed oil company defied Aramco’s critics by climbing nearly $200bn above the $1.7tn valuation set before its market debut on Riyadh’s stock exchange.

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Saudi Aramco to be world’s most valuable firm after IPO next week

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Oversubscribed listing in Riyadh of 1.5% stake in state oil company will value it at $1.7tn

Saudi Aramco is poised to achieve the biggest initial public offering in history next week by raising $25.7bn for the Saudi state in its market debut.

The state-owned oil business will emerge as the world’s most valuable listed company after reportedly valuing its shares at 32 riyals ($8.53) apiece before its float on Riyadh’s stock exchange next week.

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Saudi Arabia aims to buoy oil price before Aramco stock market debut

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De facto Opec leader will push other countries to rein in oil output before Aramco’s IPO

Saudi Arabia is planning to use its position at the head of the Opec oil cartel to buoy global oil prices before the $25bn stock market debut of its state-owned oil giant.

The Organization of the Petroleum Exporting Countries is due to meet its oil market allies this week to agree the cartel’s oil production policy for 2020.

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Jeremy Corbyn urges public to vote for ‘manifesto of hope’

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‘Investment blitz’ promised as experts taken aback by scale of Labour’s tax and spend plans

Jeremy Corbyn has urged the public to vote for his “manifesto of hope” as he unveiled plans for the most dramatic increase in tax and spending in more than half a century if Labour wins power next month’s general election.

In an upbeat launch event at Birmingham City University, the Labour leader said he welcomed the hostility of the billionaires, bad bosses and dodgy landlords who would lose out from his policies.

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Revealed: Cameron and May lobbied Bahrain royals for Tory donor’s oil firm

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Former PMs asked princes to support bid for $5bn contract by Ayman Asfari’s firm Petrofac

Two former Conservative prime ministers lobbied a Middle Eastern royal family to award a multi-billion dollar oil contract to a company headed by a major Tory donor, the Guardian has established.

In March 2017, while in Downing Street, Theresa May wrote to the Bahraini prime minister to support the oil firm Petrofac while it was bidding to win the contract from the Gulf state.

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Saudi attack dampens faint chance of a Trump-Iran meeting

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Despite no specific evidence of Iranian involvement, the US treat Yemen’s Houthi rebels as tame creatures of Tehran

The US secretary of state Mike Pompeo’s bald claim this weekend that Iran was responsible for the attack on the Saudi oilfields came with no marshalled public evidence, but dampens any likelihood that Donald Trump will countenance a meeting with Tehran in the near future or press ahead with tentative peace talks with Houthi rebels in Oman.

Lindsey Graham, one of Trump’s foreign policy supporters in the Senate, was clear talks with Iran are now off the agenda saying: “The Iranian regime is not interested in peace – they’re pursuing nuclear weapons and regional dominance.”

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‘Biggest compliment yet’: Greta Thunberg welcomes oil chief’s ‘greatest threat’ label

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Activists say comments by Opec head prove world opinion is turning against fossil fuels

Greta Thunberg and other climate activists have said it is a badge of honour that the head of the world’s most powerful oil cartel believes their campaign may be the “greatest threat” to the fossil fuel industry.

The criticism of striking students by the trillion-dollar Organization of the Petroleum Exporting Countries (Opec) highlights the growing reputational concerns of oil companies as public protests intensify along with extreme weather.

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Timor-Leste rejects report it is taking $16bn loan from China’s Exim bank for gas project

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State-owned company seeks partners to develop $50bn of untapped reserves in Timor Sea

Timor-Leste’s state-owned gas company has rejected reports it is set to take a $16bn loan from China’s Exim bank to finance the Greater Sunrise project.

The Timor-Leste government recently took majority ownership of the project after buying out its former partners – ConocoPhillips and Shell – with the aim of ensuring the gas is piped to its shores instead of Australia’s.

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Revealed: Mobil sought to fight environmental regulation, documents show

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Oil giant looked to make tax-exempt donations to universities and civic groups in the early 1990s to promote the company’s interests

Oil giant Mobil sought to make tax-exempt donations to leading universities, civic groups and arts programmes to promote the company’s interests and undermine environmental regulation, according to internal documents from the early 1990s obtained by the Guardian.

Related: How Mobil pushed its oil agenda through 'charitable giving'

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US imposes sanctions on Iran’s largest petrochemical group

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PGPIC hit with economic penalties because of its ties to Revolutionary Guards, US treasury says

The United States has hit Iran’s Persian Gulf Petrochemical Industries Company (PGPIC) with economic sanctions due to its ties with the country’s Revolutionary Guards (IRGC), the Treasury department has said.

The move aims to choke off financing to the country’s largest and most profitable petrochemical group and extends to its 39 subsidiaries and “foreign-based sales agents,” Treasury said in a statement.

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Turkey insists on right to drill for energy reserves off Cyprus

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Dispute likely to escalate after Nicosia said it would seek to arrest anyone caught drilling

Tensions over energy resources in the eastern Mediterranean have risen sharply after Turkey said it would “exercise its sovereign rights” to drill off Cyprus in flagrant defiance of warnings from western allies.

As the dispute over potential gas reserves intensified, Ankara insisted its state-of-the-art drilling ship, the Fatih, and its support vessels would begin operations in waters viewed by the EU as being within the island’s exclusive economic zone.

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Saudi oil company named world’s most profitable business

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State-owned Saudi Aramco makes profits of £84.7bn last year, beating Apple and Exxon

Saudi Arabia’s state oil company has emerged as the most profitable business in the world, racking up profits of $111.1bn (£84.7bn) in 2018 to overtake Apple.

According to a rare glimpse into its finances contained in a bond-offering document, Saudi Aramco made the profit on revenues of $355.9bn last year, as it produced 10.3m barrels per day of crude oil.

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Double standards on oil spills in Nigeria must end | Letters

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Oil companies must respect human lives and clean up the damage their industry does wherever they operate, say Dr John Sentamu, Baroness Amos, Prof Michael Watts, Njeri Kabeberi and James Thornton

The devastating impact of oil spills is widely recognised. The past decade has witnessed the destruction caused to human life and the environment from spills including the Deepwater Horizon spill in the Gulf of Mexico in 2010 and the Montara spill in Australia in 2009.

On each occasion the global community has reacted with horror, demanding the oil industry clean up local ecosystems and communities. Yet in Nigeria, and particularly in Bayelsa state in the Niger Delta, these calls are ignored.

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Top oil firms spending millions lobbying to block climate change policies, says report

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Ad campaigns hide investment in a huge expansion of oil and gas extraction, says InfluenceMap

The largest five stock market listed oil and gas companies spend nearly $200m (£153m) a year lobbying to delay, control or block policies to tackle climate change, according to a new report.

Chevron, BP and ExxonMobil were the main companies leading the field in direct lobbying to push against a climate policy to tackle global warming, the report said.

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US judge halts hundreds of drilling projects in groundbreaking climate change ruling

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In a rebuke of the Trump administration’s ‘energy-first’ agenda, a judge rules greenhouse gas emissions must be considered

In the first significant check on the Trump administration’s “energy-first” agenda, a US judge has temporarily halted hundreds of drilling projects for failing to take climate change into account.

Drilling had been stalled on more than 300,000 acres of public land in Wyoming after it was ruled the Trump administration violated environmental laws by failing to consider greenhouse gas emissions. The federal judge has ordered the Bureau of Land Management (BLM), which manages US public lands and issues leases to the energy industry, to redo its analysis.

The decision stems from an environmental lawsuit. WildEarth Guardians, Physicians for Social Responsibility, and the Western Environmental Law Center sued the BLM in 2016 for failing to calculate and limit the amount of greenhouse gas emissions from future oil and gas projects.

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More than 50 missing after oil pipeline explosion in Nigeria

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Spillage following blaze sparked stampede in Nembe kingdom, Bayelsa state

More than 50 people are missing after a leaking oil pipeline exploded and caused a stampede in southern Nigeria, a local official said on Saturday.

The blast early on Friday caused massive oil spillage in the Nembe kingdom in Bayelsa state, the Nembe Chiefs Council spokesman, Chief Nengi James-Eriworio, told the Associated Press.

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Nord Stream 2 Russian gas pipeline likely to go ahead after EU deal

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Concerns had been raised over project increasing German reliance on Russian energy

Donald Tusk, the president of the European council, called it a mistake, while the US president, Donald Trump, has branded it very inappropriate and a “very bad thing for Nato”.

The Nord Stream 2 pipeline to take Russian gas to Germany is arguably Europe’s most controversial energy project, drawing opposition from Ukraine, which it will bypass, and uniting the US, eastern EU states, and the European Commission which fears it will undermine the bloc’s ‘energy union’ plans.

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Cyprus: likely gas field find raises prospect of tension with Turkey

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Expected announcement by ExxonMobil of discovery off island’s south coast seen as potential game changer

Tensions between Cyprus and Turkey over energy could soon come to a head, with ExxonMobil apparently poised to announce a significant natural gas find off the divided island’s southern coast.

After more than three months of deep-water exploration in the eastern Mediterranean, the US firm is expected to unveil findings this week in what is being described as a seminal moment in the race to tap potentially profitable underwater resources.

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