Category Archives: Oil and gas companies

European Central Bank cuts interest rates to support growth as eurozone economy stagnates – as it happened

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Live coverage of business, economics and financial news as ECB cuts main interest rate by 0.25 percentage points in effort to support European economies

It was a flash reading on the Eurozone economy, so we don’t have the details on what the drivers were. But it’s clear that it was a weak end to 2024.

But the European Central Bank might be able to spur a bit of economic growth in the eurozone with looser monetary policy.

This marks a weak end to last year, following positive growth in the first three quarters of 2024. As a result, first estimates suggest that the currency bloc as a whole grew by 0.7% in 2024. Declining activity in Germany – the Eurozone’s largest economy – has weighed on the bloc’s growth, with German GDP contracting by 0.2% on the quarter. This suggests Germany has now seen annual declines in activity for two consecutive years.

In 2025, further loosening of monetary conditions is expected to provide a modest uptick in activity for both Germany and the Eurozone, with growth expected to amount to 0.3% and 1.0% respectively.

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Rosebank oilfield go-ahead decision ruled unlawful by Edinburgh court

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Court says UK government green light for Rosebank and Jackdaw permits does not take into account CO2 emissions

The decision to greenlight a giant new oilfield off Shetland has been ruled unlawful by the courts in a major win for environmental campaigners.

The proposed Rosebank development – the UK’s biggest untapped oilfield – had been given the go-ahead in 2023 under the previous government.

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Andrew Forrest fires back at ExxonMobil’s claims of ‘smear campaigns and lawfare’

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Iron ore billionaire says he is ‘personally delighted’ at lawsuit as fossil fuel giant has ‘opened themselves up to cross-examination’ in a US court

Australian mining magnate Andrew Forrest is among a group accused of orchestrating “smear campaigns and lawfare” against the global oil and gas sector “for politics, publicity, and private gain” in a dramatic defamation claim launched in US courts by fossil fuel company ExxonMobil.

But the iron ore billionaire, who is not himself a defendant in the case, said he is “personally delighted” at the court action and that “Exxon has walked themselves into the court and opened themselves up to cross-examination”.

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Russian gas flows to Europe via Ukraine cease as transit agreement expires

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Ukraine president hails ‘one of Moscow’s biggest defeats’ as deal’s end brings power cuts in breakaway Moldovan region

Russian gas has stopped flowing to Europe via Ukraine, ending a major energy route that goes back to Soviet times and had even survived three years of full-scale war between the two states.

Ukraine cut off the transit route after an agreement signed in 2019 expired in the early hours of New Year’s Day, marking a new milestone in Europe weaning itself off Russian gas supplies over the past few years, and prompting immediate power cuts for hundreds of thousand of people in a breakaway region of Moldova.

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Russia winds down gas supply to Europe via Ukraine as transit deal expires

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Exports to cease on New Year’s Day as Europe faces cold snap and higher than usual fall in reserves since September

Europe will receive the last Russian gas sent via Ukraine’s pipelines in the early hours of the new year as the continent braces for a plunge in temperatures that could hasten the drain on gas reserves.

The Russian state energy company, Gazprom, is expected to cut off its exports to Europe through Ukraine’s pipelines on New Year’s Day after a gas transit deal struck between the countries five years ago comes to an end overnight.

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UAE urges countries to honour fossil fuels vow amid Cop29 impasse

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Petrostate’s rebuke comes as Saudi Arabia and allies try to derail transition promise made at climate talks last year

The world must stand behind a historic resolution made last year to “transition away from fossil fuels”, the United Arab Emirates has said, in a powerful intervention into a damaging row over climate action.

The petrostate’s stance will be seen as as a sharp rebuke to its neighbour and close ally Saudi Arabia, which had been trying to unpick the global commitment at UN climate talks in Azerbaijan this week.

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Revealed: McKinsey clients had ‘rising share of global emissions’, internal analysis shows

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Consulting giant had said it engages with clients to help them transition to cleaner energy even as it knew they were in line to exceed climate targets

The world’s biggest consulting firm found that its clients were on a trajectory to bust global climate targets, details of internal forecasting in 2021 uncovered by the Centre for Climate Reporting (CCR) and the Guardian reveal.

McKinsey & Company has worked with some of the world’s biggest emitters, including many of the largest fossil fuel producers. It has previously argued it is necessary to engage these clients to help them transition to cleaner forms of energy and hit the target of limiting global warming to less than 1.5C above preindustrial levels.

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Cop29 climate finance deal hits fresh setback as deadline looms

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Outcry after draft text contains only an ‘X’ instead of setting $1tn funding goal to support developing countries

Hopes of a breakthrough at the deadlocked UN climate talks have been dashed after a new draft of a possible deal was condemned by rich and poor countries.

Faith in the ability of the Azerbaijan presidency to produce a deal ebbed on Thursday morning, as the draft texts were criticised as inadequate and providing no “landing ground” for a compromise.

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Guyana citizens to receive £370 each in payouts from ‘mind-boggling’ oil wealth

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Country has been enjoying historic growth in economy, which has tripled since it started crude oil extraction in 2019

Hundreds of thousands of Guyana citizens living at home and abroad will receive a payout of around £370 each after the country announced it was distributing its “mind-boggling” oil wealth.

The grant of 100,000 Guyanese dollars will be available to any citizen of the South American country over the age of 18 with a valid passport or ID card. Guyanese citizens who normally live abroad will be eligible but must be in Guyana to collect the payment.

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Trump donor fined for pollution leads a fight to end methane emission penalties

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Detailed plans from 30 oil and gas producers come amid historic levels of potent planet-heating emissions

A powerful US oil and gas industry lobby group has drawn up detailed plans to kill off penalties for emitting methane, a potent planet-heating gas that’s increasing at the fastest rate in decades, with this effort led by a major donor to Donald Trump whose company has just been fined for methane pollution.

Leaked internal documents from the American Exploration & Production Council (AXPC), a group of 30 oil and gas producers, outline a push to repeal a fee levied on methane emissions should the former US president win this week’s election and Republicans gain control of Congress.

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Abandoning Bass Strait oil and gas structures would breach international law, expert warns

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Australia must insist on full removal when ExxonMobil decommissions offshore project, Wilderness Society says

An international law expert has warned that abandoning oil and gas infrastructure in Bass Strait would breach Australia’s obligations under international law, if ExxonMobil pursues this plan in decommissioning its Gippsland offshore project.

Prof Donald Rothwell, who specialises in international law at the Australian National University, said Bass Strait was used for international navigation and had special status under the UN convention on the law of the sea and related International Maritime Organisation guidelines.

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Top female footballers urge Fifa to end deal with Saudi ‘nightmare sponsor’

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Letter to governing body accuses Saudis of using sports to ‘distract from the regime’s brutal human rights reputation’

More than 100 professional female footballers have signed a letter calling on Fifa to end its sponsorship deal with the state-owned Saudi Arabian oil company, Aramco, accusing Saudi authorities of “brutal human rights violations”.

A four-year deal signed in April will see Aramco, which is 98.5% state-owned, sponsor major tournaments including the men’s World Cup in 2026 and the Women’s World Cup in 2027.

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Russia’s shadow fleet of oil tankers grows despite western sanctions

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Poorly maintained and uninsured vessels transporting up to 70% of country’s seaborne oil, says report

Russia’s shadow fleet of oil tankers is expanding, according to research, transporting up to 70% of the country’s seaborne oil despite western efforts to curb Moscow’s wartime energy revenues.

The volume of Russian oil being transported by poorly maintained and underinsured tankers has almost doubled in a year to 4.1m barrels a day by June, according to a report published on Monday by the Kyiv School of Economics (KSE).

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Biden says US ‘discussing’ possible Israeli plans to attack Iran’s oil industry

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President’s off-the-cuff remark outside White House over possible retaliation triggers global oil price rise

Joe Biden has said that his administration has been “discussing” possible Israeli plans to attack Iran’s oil industry in retaliation for the Iranian ballistic missile attack on Tuesday.

Biden’s off-the-cuff remark did not make clear whether his administration was holding internal discussions or talking directly to Israel, nor did he clarify what his attitude was to such an attack.

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EPA will withdraw approval of Chevron plastic-based fuels likely to cause cancer

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The decision comes after a ProPublica and Guardian investigation revealed that the EPA had found that one of the fuels had a huge cancer risk

The US Environmental Protection Agency is planning to withdraw and reconsider its approval for Chevron to produce 18 plastic-based fuels, including some that an internal agency assessment found are highly likely to cause cancer.

In a recent court filing, the federal agency said it “has substantial concerns” that the approval order “may have been made in error”. The EPA gave a Chevron refinery in Mississippi the green light to make the chemicals in 2022 under a “climate-friendly” initiative intended to boost alternatives to petroleum, as ProPublica and the Guardian reported last year.

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Sanctioned Russian oligarchs allowed to invest in UK North Sea oil producer

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Critics say Labour ‘should have run a mile’ from LetterOne after it is acquires 15% of Aberdeen-based Harbour Energy

The government faces growing criticism after a company backed by two sanctioned Russian oligarchs was allowed to become a part-owner of the UK’s largest North Sea oil producer.

Critics of the decision to allow LetterOne, the investment company part-owned by oligarchs Mikhail Fridman and Petr Aven, to acquire almost 15% of Aberdeen-based Harbour Energy, warned that oligarchs should have no place owning critical national assets.

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Shell to cut hundreds of jobs in oil and gas exploration operations

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Reduction of about a fifth of workforce in two subdivisions part of plan to slash up to $3bn in costs by end of 2025

Shell is to cut hundreds of jobs from its oil and gas exploration operation in the latest move by the chief executive, Wael Sawan, to slash up to $3bn (£2.3bn) in costs by the end of next year.

The energy company is to cut about a fifth of its workforce in two subdivisions of its oil and gas business responsible for exploration strategy and developing its oil and gas finds.

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Big polluters targeting esports industry with advertising deals, report reveals

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Oil firms, petrostates, airlines and carmakers ‘doubling down’ on sector that is popular with young people

Oil companies, petrostates, airlines and carmakers are among the big polluters bombarding the esports industry with adverts, a study has found.

Esports, short for electronic sports, are competitive video games watched by spectators, with multiplayer games such as League of Legends and Defense of the Ancients 2 attracting peak viewer figures in the millions.

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Wood Group suitor pulls out of takeover, blaming market turmoil

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Shares in FTSE 250 company slump 37% in early trading after Dubai-based Sidara cites geopolitical risk

The share price of the British oil services company John Wood Group has plunged by more than a third after a Dubai-based suitor pulled out of a purchase amid global market turmoil.

In a statement to the stock market on Monday the engineering company Sidara said it had pulled out of a bid for Wood “in light of rising geopolitical risks and financial market uncertainty”.

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‘Inexcusable’: should climate hypocrites get the petrostates label?

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Suggestions definition of petrostate is too narrow as many rich countries that could phase out fossil fuels double down

“Drill, baby, drill!” Donald Trump’s ominous avowal to pump up the oil and gas production of the US has horrified many people around the world about the intentions of the Republican candidate, who has also declared he wants to be “dictator for a day”. Rather than the prospective leader of the free world, the election frontrunner sounds more like the tyrant of a petrostate.

That should not be entirely surprising given the country’s recent record: it has ramped up fossil fuel production to become the world’s biggest producer. As a Guardian investigation reveals, the total number of projected licences by the US for 2024 could lead to an estimated 397m tonnes of planet-heating emissions.

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