Category Archives: Oil

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

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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

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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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Outrage as US government advances $8bn Alaska oil drilling plan

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Interior department report recommends scaled-back version of ConocoPhillips’ Willow project despite Biden campaign pledge

The Biden administration has advanced a $8bn drilling project on Alaska’s north slope. The ConocoPhillips Willow project, which would be one of the largest oil and gas developments on federal territory, has drawn fierce opposition from environmentalists, who say its approval runs counter to the president’s ambitious climate goals.

An environmental assessment released by the interior department on Wednesday recommends a scaled-back version of the project ConocoPhillips originally proposed, and would produce about 600m barrels of oil over 30 years, with a peak of 180,000 barrels of crude oil a day.

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Celebrities call on UK banks to stop financing new oil, gas and coalfields

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Stephen Fry, Emma Thompson and Mark Rylance add their voices to Richard Curtis’s Make My Money Matter campaign

Famous names including Stephen Fry, Emma Thompson and Mark Rylance have joined activists and businesses in calling on the UK’s big five banks to stop financing new oil, gas and coal expansion.

Make My Money Matter, a campaign set up by Richard Curtis, the screenwriter, director and Comic Relief co-founder, has written to the chief executives of HSBC, Barclays, Santander, NatWest and Lloyds to urge these banks to “stop financing fossil fuel expansion”.

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UAE’s Cop28 president will keep role as head of national oil company

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Campaigners warn ‘breathtaking conflict of interest’ could jeopardise climate negotiating process

Sultan Al Jaber, the government minister for United Arab Emirates who will preside over this year’s crucial UN climate talks, will retain his roles as head of the country’s oil company and sustainable energy businesses, UAE has confirmed.

Campaigners have been angered by the decision, revealed by the Guardian on Wednesday and confirmed on Thursday by the UAE government, which they see as a clear conflict of interest, with some likening it to putting a tobacco company head in charge of an anti-smoking treaty, and warning it could jeopardise the negotiating process and hasten climate breakdown.

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Revealed: Exxon made ‘breathtakingly’ accurate climate predictions in 1970s and 80s

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Oil company drove some of the leading science of the era only to publicly dismiss global heating

The oil giant Exxon privately “predicted global warming correctly and skilfully” only to then spend decades publicly rubbishing such science in order to protect its core business, new research has found.

A trove of internal documents and research papers has previously established that Exxon knew of the dangers of global heating from at least the 1970s, with other oil industry bodies knowing of the risk even earlier, from around the 1950s. They forcefully and successfully mobilized against the science to stymie any action to reduce fossil fuel use.

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UAE to launch Cop28 presidency with oil boss tipped for leading role

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Sultan Al Jaber, chief of Abu Dhabi National Oil Company, expected to be named president of global climate talks

The United Arab Emirates will launch its presidency of global climate talks on Thursday, with the head of its national oil company likely to be given the leading role.

Sultan Al Jaber has served as climate envoy to the country, and is chief of the Abu Dhabi National Oil Company (Adnoc), the world’s twelfth-largest oil company by production, and is hotly tipped to take on the pivotal role of president of the talks.

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Shell expects to pay about $2bn in UK and EU windfall taxes for last quarter

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Firm said in October it had not paid any UK windfall taxes because of heavy investment in North Sea

Shell has revealed it expects to pay about $2bn (£1.7bn) in UK and EU windfall taxes for the final quarter of 2022 – the first time it has paid UK tax for five years.

The oil company had previously sparked anger in October when it said it had not paid any UK windfall taxes because of heavy investment in the North Sea.

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ExxonMobil launches legal challenge to EU’s windfall tax on energy firms

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US oil firm contests legal authority for ‘solidarity contribution’ to raise funds to offset soaring energy prices

ExxonMobil has launched a legal challenge against the EU in an attempt to derail the bloc’s windfall tax on the profits of energy producers.

In a high-stakes political battle as countries across Europe and the wider western world struggle with soaring energy costs and sky-high inflation, the US oil firm said it believed the EU had overreached its powers with the windfall tax.

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G7 countries and Australia to cap price of seaborne Russian oil

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Critics including Ukraine say cap of $60 per barrel is still above market value and will not hurt Russia’s war coffers

G7 countries and Australia have agreed to cap the price of Russian seaborne oil, with the aim of reducing Moscow’s income and limiting its ability to finance its war in Ukraine.

But critics, including Ukraine, say the cap of $60 a barrel is still higher than the current market price for Russian crude oil and is unlikely to affect the Kremlin’s war coffers.

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EU states agree $60 a barrel cap on Russian oil after Polish green light

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Poland, which was pushing for low cap, says deal will keep it at least 5% below market rate

European Union member states have agreed to put a $60 a barrel price cap on Russian oil after Poland, which was holding out, gave the green light to the deal.

In an effort to reduce the Kremlin’s income from fossil fuels, the EU has agreed to limit the amount that can be paid for seaborne oil to curtail Moscow’s ability to finance its war in Ukraine.

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BP shares in Kremlin oil firm are ‘blood money’, says Zelenskiy adviser

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British oil giant had said it would ‘exit Russia’ but still owns nearly 20% of state-controlled fossil fuel firm Rosneft

The chief economic adviser to the Ukrainian president, Volodymyr Zelenskiy, has called on BP to exit Russia entirely after the fossil fuel firm was offered a £580m dividend by the oil giant Rosneft.

Oleg Ustenko has written to BP’s chief executive, Bernard Looney, to demand the British company cuts ties with the state-controlled Russian firm nine months after announcing its intention to leave the country.

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‘False solutions’: scepticism over Saudi carbon capture plan

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Kingdom’s Cop27 announcement of new storage hub part of pattern of delaying fossil fuel transition, experts say

Saudi Arabia is bolstering years of negotiation tactics designed to stymie vital climate negotiations with a focus on carbon capture technologies that experts say risk delaying a meaningful transition from fossil fuels.

The kingdom, which is the world’s second largest oil producer, accounting for roughly 15% of global output, announced plans at Cop27 in Egypt for what it labelled the “circular carbon economy”, in partnership with the national oil company, Aramco, which recently reported $42.4bn in profit.

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US and Israel blame Iran after drone strikes oil tanker off Oman

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Pacific Zircon, linked to Israeli billionaire, said to have been ‘hit by projectile’ but suffered only minor damage

The US and Israel have pointed the finger at Iran after an oil tanker associated with an Israeli billionaire was struck by a bomb-carrying drone off the coast of Oman.

The drone attack on the Liberian-flagged oil tanker Pacific Zircon happened on Tuesday night off the coast of Oman, a Middle East-based defence official told the Associated Press.

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Oil prices rise after drone attack on tanker owned by Israeli tycoon

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Incident off Oman involved vessel owned by Idan Ofer conglomerate

Oil prices have risen after a tanker owned by an Israeli billionaire was hit by a drone carrying a bomb off the coast of Oman.

The attack on Pacific Zircon, which is owned by Idan Ofer and operated by the Singapore-based Eastern Pacific Shipping, sent Brent crude prices up 65 cents to $94.5 (£79.23). The Liberian-flagged tanker had departed from Sohar, Oman, on Monday afternoon and was destined for Buenos Aires.

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Peruvian Amazon Indigenous leaders to lobby banks to cut ties with state oil firm

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Leaders from Achuar and Wampis peoples say Petroperú is responsible for spills in their territory

Native leaders from the Peruvian Amazon are to travel to the US this week to lobby banks to cut financial ties with Peru’s state oil company, Petroperú.

Leaders from the Achuar and Wampis peoples say the state company is responsible for oil spills in their territory that violate their human rights by polluting their water sources and irreparably damaging their fishing and hunting grounds.

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Russian oligarchs and companies under sanctions are among lobbyists at Cop27

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The heavy presence of lobbyists from Moscow suggests Russia is using the climate talks to drum up business

Russian oligarchs and executives from multiple companies under international sanctions are among the lobbyists currently attending Cop27 in Sharm el-Sheikh.

Among those at the pivotal climate talks are the billionaire and former aluminium magnate Oleg Deripaska, who is under UK sanctions, and the billionaire Andrey Melnichenko, the former head of the Russian fertiliser company the EuroChem group, who has been targeted with individual sanctions by the European Union which he disputed, calling them “absurd and nonsensical”.

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West accused of double standards over oil and gas exploration in DRC

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Calls by countries such as UK and US to halt auction for drilling permits in the world’s second-largest rainforest branded ‘galling’

The Democratic Republic of the Congo (DRC) has criticised the west for pressuring it to halt oil and gas exploration in the Congo basin rainforest, while continuing to search for fossil fuels in their own countries.

The Congo basin, more than half of which is located in DRC, is the last rainforest on Earth that sucks in more carbon than it releases and is second only to the Amazon in size. The DRC announced in July that oil and gas permits in parts of the rainforest would be auctioned off. The blocks up for sale include areas in Virunga national park, as well as critically endangered gorilla habitats and the world’s largest tropical peatlands, which store the equivalent of three years of the world’s fossil fuel emissions.

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Major partnership between science centre Questacon and Shell to end after four decades

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Climate campaigners welcome move as community pressure over fossil fuel sponsorships and advertising grows

A 37-year partnership between fossil fuel giant Shell and Australia’s national science and technology centre Questacon – which branded and delivered science activities for children – is ending.

Canberra-based Questacon has also confirmed a four-year, $1m sponsorship deal with Japanese oil and gas company Inpex will not be renewed when it runs out at the end of the financial year.

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ExxonMobil’s record-breaking $20bn profit nearly matches Apple’s

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Oil company’s third-quarter result smashes Wall Street forecasts – as does Chevron’s £11.2bn

The US oil supermajor ExxonMobil has reported a quarterly profit of nearly $20bn (£17.3bn), $4bn more than analysts had forecast, almost matching the earnings of the tech giant Apple.

Exxon’s $19.7bn profit for the third quarter outstripped the record $17.9bn it reported for the previous quarter, as it became the latest fossil fuel producer to enjoy soaring earnings, a day after Shell announced global profits of $9.5bn between July and September.

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