Filipino activists appeal to British banks over region devastated by oil spill

Environmentalists from the Philippines urge investors to avoid LNG projects which they say threaten the Verde Island Passage

Campaigners from the Philippines have urged British banks not to fund the expansion of fossil fuel use in their country. It follows a huge oil spill that threatened a globally important marine biodiversity hotspot.

Filipino environmentalists have travelled to the UK to meet representatives from Barclays, Standard Chartered and HSBC as part of efforts to stop the expansion of liquefied natural gas (LNG) power plants and terminals in and around the Verde Island Passage, a global marine biodiversity hotspot known for its whale sharks, corals, turtles and rich fisheries, which was badly affected by the oil spill this year.

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Bumper BP profits reignite debate over tougher windfall tax

Oil and gas company beats analysts’ forecasts as its profits reach $5bn in the first three months of the year

BP has beaten City forecasts to post one of the largest first-quarter profits in its history despite an easing in energy prices, reigniting a debate over windfall gains by oil and gas firms.

The energy company said its underlying profits reached $5bn (£4bn) in the first three months of the year, outstripping analysts’ forecasts of $4.3bn.

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Europe’s ‘carbon bomb’ petrochemical plant: can it be stopped? – podcast

The environmental law charity ClientEarth and 13 other groups headed into a Flemish court this week in an effort to stop Ineos building a petrochemical plant that would be the biggest project of its kind in Europe for 30 years. Madeleine Finlay hears from correspondent Sandra Laville about how plastics are made, the environmental and health impacts of the process and what needs to be done to get a handle on plastic pollution

Clips: CBS, PBS

Read Sandra Laville’s reporting on this story here

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Revealed: UAE plans huge oil and gas expansion as it hosts UN climate summit

Exclusive: UAE’s fossil fuel boss will be the president of Cop28, making a mockery of the summit, say campaigners

The United Arab Emirates, which is hosting this year’s UN climate summit, has the third biggest net zero-busting plans for oil and gas expansion in the world, the Guardian can reveal. Its plans are surpassed only by Saudi Arabia and Qatar.

The CEO of the UAE’s national oil company, Adnoc, has been controversially appointed president of the UN’s Cop28 summit in December, which is seen as crucial with time running out to end the climate crisis. But Sultan Al Jaber is overseeing expansion to produce oil and gas equivalent to 7.5bn barrels of oil, according to new data, 90% of which would have to remain in the ground to meet the net zero scenario set out by the International Energy Agency.

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Harvard professor’s fossil fuel links under scrutiny over climate grant

Colleagues and students query role of Jody Freeman, who won prestigious research grant despite sitting on ConocoPhillips board

An eminent Harvard environmental law professor’s links to the fossil fuel industry are under scrutiny from colleagues and students after she was awarded a prestigious research grant to investigate corporate climate pledges.

Jody Freeman, founding director of Harvard’s environmental and energy law program and former Obama-era White House advisor, is a paid board member of ConocoPhillips – a Fortune 500 American multinational oil and gas company that was ranked the 13th most polluting in the world by a Guardian investigation in 2019. The firm’s controversial Willow drilling project in Alaska was recently approved by the Biden administration.

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North Sea oil and gas workers vote to strike amid bumper profits

Series of actions planned this spring as union members call for more pay since firms are ‘raking it’

Oil and gas workers have voted in favour of a series of large-scale North Sea strikes amid bumper profits for fossil fuel firms.

About 1,400 workers across five rig-servicing companies plan to strike between late March and early June as part of a dispute over jobs, pay and conditions – potentially shutting down platforms in the region.

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Saudi Aramco’s $161bn profit is largest recorded by an oil and gas firm

Amnesty International hits out at ‘shocking’ annual figure reaped through sale of fossil fuel

Saudi Aramco has reported a record $161bn (£134bn) profit for 2022, the largest annual profit ever recorded by an oil and gas company, fuelled by soaring energy prices and rising global demand.

The largely state-owned company’s profits rose by 46% year on year and it made more than the recent bumper results reported by Shell, BP, Exxon and Chevron combined.

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North Sea’s biggest energy producer claims UK windfall tax ‘wiped out’ surge in profit

Harbour Energy says it had to cut jobs and investment at same time as announcing new shareholder payouts taking total to $1bn

The North Sea’s biggest producer has complained that the windfall tax on oil and gas companies “all but wiped out” its profits last year, at the same time announcing new shareholder payouts which take the total to $1bn since the end of 2021.

Harbour Energy said on Thursday its pre-tax profits rose by nearly 700% in 2022 to $2.5bn (£2.1bn) on higher production and bigger margins making it the latest oil and gas company to report a huge increase in underlying profits, after the war in Ukraine pushed up wholesale gas prices and sent household bills soaring.

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BP boss could be in line for special bonus of up to £11.4m

Firm set for clash with investors over possible payout to Bernard Looney from three-year share award plan

BP is set for a clash with investors after it emerged that its chief executive could be in line for a special bonus of up to £11.4m. The payment, in shares, would be on top of his £1.38m salary and annual bonus for 2022.

Strong growth in BP’s share price means Bernard Looney is set for a multimillion-pound payout from a three-year share award plan set up in 2020, when countries around the world were in lockdown and the company was cutting jobs amid a global collapse in demand for oil.

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Shell and Vitol accused of prolonging Ukraine war with sanctions ‘loophole’

Exclusive: Ukrainian economic adviser urges energy firms to heed deadline to halt trade of ‘Russian-origin oil products’

The oil company Shell and energy trader Vitol have been accused of prolonging the war in Ukraine by exploiting a “loophole” in the EU sanctions regime to bring products derived from Russian oil into Europe through Turkey.

Oleg Ustenko, the economic adviser to the Ukrainian president, Volodymyr Zelenskiy, has urged the energy companies to commit to a deadline to halt the trade of a “Russian-origin oil products” to reduce Vladimir Putin’s war coffers, the Guardian can reveal.

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Santos whistleblower accuses company of covering up extent of Australian oil spill that killed dolphins

David Pocock tables anonymous statement in parliament describing 25,000L spill of condensate off northern WA in 2022

A Santos employee has sought protection from federal parliament to accuse the Australian oil and gas company of covering up the severity of an oil spill that killed dolphins off the northern Western Australian coast.

A statement by an anonymous whistleblower, tabled in federal parliament by the independent senator David Pocock, described witnessing a 25,000L spill of condensate – a light form of oil – near the Lowendal Islands in March last year.

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Profits of British Gas owner Centrica triple to ‘obscene’ £3.3bn

Figure angers campaigners calling for tougher windfall taxes and follows prepayment meter scandal

The profits of the scandal-hit owner of British Gas have more than tripled to a record £3.3bn, boosted by soaring wholesale gas prices after Russia’s invasion of Ukraine and as many households in Britain struggle with the cost of living.

Centrica’s “monster” profits immediately angered campaigners who are calling for tougher windfall taxes, lower bills and better treatment of vulnerable customers against the backdrop of the prepayment meter scandal.

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British Gas owner expected to reveal record profits of £3bn

Britain’s largest energy supplier only recently ended its much-criticised forced installation of prepayment meters

The owner of British Gas is poised to reveal record annual profits of more than £3bn just weeks after suspending the forced installation of prepayment meters due to concerns over its treatment of vulnerable customers.

Analysts expect Centrica, which owns Britain’s largest energy supplier, to post underlying profits of £3.3bn in 2022 on Thursday, up from £948m in 2021.

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UAE ‘running towards’ renewable future, says oil boss Cop28 president

Climate groups have accused head of national oil company, Sultan Al Jaber, of conflict of interest

The United Arab Emirates, the oil-rich Gulf nation that is hosting the next UN climate summit, is “running towards” a renewable energy future, the president of the summit has said.

“The UAE has always made progress by getting ahead of the future,” said Sultan Al Jaber, who will oversee the Cop28 conference beginning this November, at an international meeting in Dubai on Tuesday. “We believe that gamechanging solutions can be achieved if the collective political will is there. It certainly is from the UAE. We in the UAE are not shying away from the energy transition. We are running towards it.”

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UK must quit climate-harming energy charter treaty, experts say

Secret international court system enables fossil fuel firms to sue governments for lost future profits

Experts have urged the UK to leave the controversial energy charter treaty (ECT), a secret court system that enables fossil fuel companies to sue governments for huge sums over policies that could affect future profits.

The European Commission said this week that remaining part of the treaty would “clearly undermine” climate targets and that an exit by EU countries appeared “inevitable”. Seven EU countries, including France, Germany, Spain and the Netherlands, have already said they will quit the ECT.

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Labour renews call for ‘proper’ windfall tax as Shell declares record £32.2bn profit – UK politics live

As it happened: Prime minister speaks in interview on TalkTV to mark his 100th day in office

On the subject of Rishi Sunak reaching his 100th day in office, my colleague Jessica Elgot has a great assessment of how it’s going. Here is an extract.

After Liz Truss left office, polls suggested that voters wanted to keep an open mind about Sunak and rated him significantly higher than his party.

That is now beginning to turn. According to senior Labour figures, their most recent focus groups, with swing voters in Southampton, Dewsbury and Bury last week, were described as being “utterly brutal for Sunak”, with participants engaging in “open mockery” of the prime minister. Even the most pessimistic members of Keir Starmer’s team say they have seen a decisive shift.

In the coming weeks, our new stop the boats bill will change the law to send a message loud and clear.

If you come here illegally, you will be detained and removed.

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Calls for bigger windfall tax after Shell makes ‘obscene’ $40bn profit

Sunak government under pressure after gas prices fuel ‘outrageous’ doubling of profits at Anglo-Dutch group

The government is under pressure to rethink its windfall tax on energy companies after Shell reported one of the largest profits in UK corporate history, with the surge in energy prices sparked by Russia’s invasion of Ukraine pushing the oil company’s annual takings to $40bn (£32bn).

Opposition parties and trade unions described Shell’s bonanza, the biggest in its 115 year history, as “outrageous” and accused Rishi Sunak of letting fossil fuel companies “off the hook”.

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Nearly 14,000 Nigerians take Shell to court over devastating impact of pollution

People from Niger delta areas of Ogale and Bille seeking justice in London’s high court

Nearly 14,000 people from two Nigerian communities are seeking justice in the high court in London against the fossil fuel giant Shell, claiming it is responsible for devastating pollution of their water sources and destruction of their way of life.

The individuals from the Niger delta area of Ogale, a farming community, lodged their claims last week, joining more than 2,000 people from the Bille area, a largely fishing community. In total 13,652 claims from individuals, and from churches and schools, are asking the oil giant to clean up the pollution which they say has devastated their communities. They are also asking for compensation for the resulting loss of their livelihoods. Their ability to farm and fish has been destroyed by the continuing oil spills from Shell operations, they claim.

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Revealed: how world’s biggest fossil fuel firms ‘profited in Myanmar after coup’

Leaked tax records suggest subsidiaries of international gas field contractors continued to make millions after the coup

In the two years since a murderous junta launched a coup in Myanmar, some of the world’s biggest oil and gas service companies continued to make millions of dollars from operations that have helped prop up the military regime, tax documents seen by the Guardian suggest.

The Myanmar military seized power in February 2021 and according to the United Nations special rapporteur on Myanmar, it is “committing war crimes and crimes against humanity daily”. More than 2,940 people, including children, pro-democracy activists and other civilians have been killed, according to Assistance Association for Political Prisoners.

US oil services giant Halliburton’s Singapore-based subsidiary Myanmar Energy Services reported pre-tax profits of $6.3m in Myanmar in the year to September 2021, which includes eight months while the junta was in power.

Houston-headquartered oil services company Baker Hughes branch in Yangon reported pre-tax profits of $2.64m in the country in the six months to March 2022.

US firm Diamond Offshore Drilling reported $37m in fees to the Myanmar tax authority during the year to September 2021 and another $24.2m from then until March 2022.

Schlumberger Logelco (Yangon Branch), the Panama-based subsidiary of the US-listed world’s largest offshore drilling company, earned revenues of $51.7m in the year to September 2021 in Myanmar and as late as September 2022 was owed $200,000 in service fees from the junta’s energy ministry.

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Hopes of sharp fall in household energy bills as HSBC cuts gas price forecast

Bank slashes predicted 2023 European wholesale price by 30% as mild weather reduces demand

HSBC has slashed its forecasts for future wholesale gas prices in response to mild weather in Europe – raising hopes of a sharp decline in household energy bills.

The bank cut its 2023 forecasts for the price of gas traded in Europe by about 30% and its forecast for 2024 by 20%.

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