Category Archives: Oil

Biden denies reports that Alaska oil drilling project has been approved

Posted on by

Signing off on the Willow plan would place the president’s political career in conflict with climate-minded Democrats

The Biden administration has denied reports that it has authorized a key oil drilling project on Alaska’s north slope, a highly contentious project that environmentalists argue would damage a pristine wilderness and gut White House commitments to combat climate crisis.

Late Friday, Bloomberg was first to report citing anonymous sources that senior Biden advisers had signed off on the project and formal approval would be made public by the Interior Department next week.

Continue reading...

Philippines oil tanker spill prompts fears for protected marine areas

Posted on by

Authorities scramble to contain leak from sunken tanker that was carrying about 800,000 litres of oil

Authorities in the Philippines are scrambling to contain an oil leak from a sunken tanker that could threaten the rich biodiversity of more than 20 marine protected areas.

The MT Princess Empress, which was carrying a cargo of about 800,000 litres of industrial oil, sank on Tuesday off the coast of Naujan, Oriental Mindoro province, after it experienced problems with its engine and began to drift due to rough seas. A passing cargo ship rescued the 20 crew onboard.

Continue reading...

US firm to bid to turn DRC oil permits in Virunga park into conservation projects

Posted on by

Exclusive: company plans to sell carbon and biodiversity credits in endangered gorilla habitat and Congo basin rainforest as alternative to drilling for fossil fuels

A New York investment firm is to launch a $400m (£334m) bid for oil concessions in the Congo basin rainforest and Virunga national park with plans to turn them into conservation projects, the Guardian can reveal.

EQX Biome, a biodiversity fintech company, has sent an expression of interest to the Democratic Republic of the Congo (DRC) government for 27 oil exploration blocks put up for auction last July, some of which are in critical ecosystems.

Continue reading...

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

Posted on by

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.

Continue reading...

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

Posted on by

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.

Continue reading...

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

Posted on by

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.

Continue reading...

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

Posted on by

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.”

Continue reading...

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

Posted on by

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.

Continue reading...

Britain’s biggest gas supplier accused of ‘profiteering’ from energy crisis

Posted on by

Climate campaigners hit out at Norwegian state-owned Equinor’s record £62bn profits as household bills rise

Britain’s biggest gas supplier, the Norwegian state-owned oil company Equinor, has been accused of “profiteering” from the energy crisis and higher household bills after posting record annual earnings of £62bn.

The oil and gas producer said on Wednesday that adjusted profits hit $15.1bn (£12.5bn) in the final three months of last year, bringing total annual profits to $74.9bn, the highest in its 51-year history.

Continue reading...

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

Posted on by

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”.

Continue reading...

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

Posted on by

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.

Continue reading...

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

Posted on by

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.

Continue reading...

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

Posted on by

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”.

Continue reading...

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

Posted on by

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.

Continue reading...

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

Posted on by

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.

Continue reading...

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

Posted on by

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.

Continue reading...

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

Posted on by

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.

Continue reading...

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

Posted on by

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.

Continue reading...

G7 countries and Australia to cap price of seaborne Russian oil

Posted on by

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.

Continue reading...

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

Posted on by

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.

Continue reading...