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”.
Continue reading...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.
Continue reading...Countries and companies involved in oil and gas extraction to be asked to join scheme aimed at tackling global heating
Fossil-fuel producing countries and companies are being asked to pay into a new international fund to help poor countries cope with the effects of the climate crisis.
The climate investment fund is being set up by the Azerbaijan government, host country of the Cop29 UN climate summit in November.
Continue reading...Ukraine’s president will ask for more help to block Putin’s growing ‘shadow fleet’ of tankers carrying sanctioned crude to buyers
The Ukrainian president, Volodmyr Zelenskiy, will attend an extraordinary meeting of the British cabinet on Friday to bring fresh impetus to efforts to stop Russia evading sanctions on its oil exports.
Zelenskiy will be the first foreign leader to visit Downing Street since Keir Starmer was elected prime minister two weeks ago and the first foreign leader to address cabinet in person since the US president Bill Clinton in 1997.
Continue reading...Oil firm’s warning comes after it had to halt work on Europe’s largest biofuel project and sell refinery in Asia
Shell has warned investors that it will take an impairment charge of up to $2bn (£1.6bn) in its next set of results after it was forced to halt work on Europe’s largest biofuel project and sell off a Singapore refinery.
The oil company told investors to expect a non-cash writedown of between $600m and $1bn when it publishes its second-quarter results next month because of trouble at a major biofuel project in Rotterdam in the Netherlands.
Continue reading...Stephen Kwikiriza is one of 11 campaigners against EACOP targeted by authorities in past two weeks, rights group says
A man campaigning against the controversial $5bn (£4bn) east African crude oil pipeline (EACOP) is recovering in hospital after an alleged beating by the Ugandan armed forces in the latest incident in what has been called an “alarming crackdown” on the country’s environmentalists.
Stephen Kwikiriza, who works for Uganda’s Environment Governance Institute (EGI), a non-profit organisation, was abducted in Kampala on 4 June, according to his employer. He was beaten, questioned and then abandoned hundreds of miles from the capital on Sunday evening.
Continue reading...Scientists say calamities on same scale as disaster that has killed 169 will become more common if emissions not cut
The unusually intense, prolonged and extensive flooding that has devastated southern Brazil was made at least twice as likely by human burning of fossil fuels and trees, a study has shown.
The record disaster has led to 169 deaths, ruined homes and wrecked harvests, and was worsened by deforestation, investment cuts and human incompetence.
Continue reading...Invitation-only meeting comes on heels of controversial dinner at Mar-a-Lago where Trump reportedly offered $1bn quid pro quo
Donald Trump was continuing to ask fossil-fuel executives to fund his presidential campaign on Wednesday, despite scrutiny of his relationship with the industry.
The former president attended a fundraising luncheon at Houston’s Post Oak hotel hosted by three big oil executives.
Continue reading...Third parties could be required to do more to block tankers from operating in Baltic and the Channel
Britain and Finland are discussing plans to require third parties to do more to block the Russian shadow oil tanker fleet operating in the Baltic and the Channel, the Finnish foreign minister has said.
The waters around Finland act as a key choke point for the estimated 100 Russian-bought oil tankers that navigate the Baltic monthly using opaque ownership structures to carry 90m tonnes of oil.
Continue reading...Fossil-fuel dependent country hopes to provide bridge between wealthy global north and poor south at November gathering
Oil is inescapable in Baku, the capital of Azerbaijan. The smell of it greets the visitor on arrival and from the shores of the Caspian Sea on which the city is built the tankers are eternally visible. Flares from refineries near the centre light up the night sky, and you do not have to travel far to see fields of “nodding donkeys”, small piston pump oil wells about 6 metres (20ft) tall, that look almost festive in their bright red and green livery.
It will be an interesting setting for the gathering of the 29th UN climate conference of the parties, which will take place at the Olympic Stadium in November.
Continue reading...Unite launches bid to persuade Keir Starmer to invest more in north-east Scotland
The UK’s oil and gas workers risk becoming “the coal miners of our generation,” Unite’s general secretary, Sharon Graham, has warned, urging Labour not to ban new North Sea licences without a clear plan to safeguard jobs.
Unite is launching a billboard campaign in six Scottish constituencies aimed at persuading Keir Starmer to commit more investment to north-east Scotland, the centre of the offshore oil and gas industry.
Continue reading...Aberdeen-based firm listed on FTSE 250 knocked back unsolicited approach from Dubai-based Sidara
The British oil services company John Wood Group has rejected a £1.4bn takeover offer from a Dubai-based rival, Sidara, which “fundamentally undervalued” the company.
Aberdeen-based Wood is the latest British company on the London Stock Exchange to face takeover speculation amid deepening concerns that UK-listed stocks are undervalued compared with other markets.
Continue reading...£5.5bn loss in 2023 comes after gas sales more than halved following Russia’s invasion of Ukraine
The Kremlin-owned gas company Gazprom has plunged to its first annual loss in more than 20 years, after gas sales more than halved following Vladimir Putin’s invasion of Ukraine.
The company made a net loss of 629bn roubles (£5.5bn) in 2023 amid dwindling gas trade with Europe, once Gazprom’s main sales market, as a result of sanctions and the throttling of pipelines to the continent.
Continue reading...Increase in cost of crude could drive inflation up and force central banks to keep interest rates high
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A serious escalation of tensions in the Middle East would push the price of oil above $100 (£80) a barrel and reverse the recent downward trend in global inflation, the World Bank has said.
The Washington-based institution said the recent fall in commodity prices had been levelling off even before the recent missile strikes by Iran and Israel – making interest rate decisions for central banks tougher.
Continue reading...Broad terms of subpoenas a ‘chilling’ precedent that could undermine future climate litigation, legal experts say
A federal court judge has allowed Santos to subpoena paperwork held by three activist groups who were not directly involved in a lawsuit against the oil company.
Justice Natalie Charlesworth ruled on Wednesday afternoon that Santos could pursue financial records and communications between activist groups – Sunrise, Jubilee Australia and the NT Environment Centre – and the Environmental Defenders Office (EDO) in order to determine whether the company will also pursue the campaign organisations for costs for the lawsuit carried out by the EDO on behalf of Tiwi Island traditional owners.
Continue reading...£2.2bn-worth of oil processed in China, India and Turkey – to whom Russia supplies crude – was imported in 2023, data shows
The UK has been accused of “helping Russia pay for its war on Ukraine” by continuing to import record amounts of refined oil from countries processing Kremlin fossil fuels.
Government data analysed by the environmental news site Desmog shows that imports of refined oil from India, China and Turkey amounted to £2.2bn in 2023, the same record value as the previous year, up from £434.2m in 2021.
Continue reading...Foreign minister warns of environmental catastrophe in Baltic Sea as he accuses Moscow of using unseaworthy vessels
Russia appears prepared to create “environmental havoc” by sailing unseaworthy oil tankers through the Baltic Sea in breach of all maritime rules, the Swedish foreign minister has said.
Speaking to the Guardian during his first visit to London since Sweden became a Nato member, Tobias Billström called for new rules and enforcement mechanisms to prevent the ageing and uninsured Russian shadow fleet causing an environmental catastrophe. About half of all Russian oil transported by sea passes through the Baltic Sea and Danish waters, often operating under opaque ownership, and using international waters to try to avoid scrutiny.
Continue reading...In the UK, anxiety over the crisis after Iran’s missile strike on Israel drives down UK shares
An escalating Middle East conflict risks leading to higher oil prices, a reversal of the recent fall in inflation and a puncturing of the optimistic mood in financial markets, the International Monetary Fund has warned.
The Washington-based IMF said it was closely monitoring events in the region after Iran’s missile strike on Israel at the weekend and stressed the possibility that a war between the two countries could lead to higher interest rates.
Continue reading...Company is fighting Dutch court ruling that says it must emit 45% less CO2 by 2030 than in 2019
Shell has argued that it “lobbies for, not against, the energy transition” on the final day of its appeal against an important climate ruling.
The fossil fuel company is fighting the decision of a Dutch court in 2021 that forces it to pump 45% less planet-heating CO2 into the atmosphere by 2030 than it did in 2019. In court on Friday, Shell argued the ruling is ineffective, onerous and does not fit into the existing legal system.
Continue reading...Adnoc decided move was not right fit but it is latest sign of foreign buyers circling UK firms
Abu Dhabi’s state-owned oil company reportedly recently explored a multibillion-pound bid for BP, in a sign that depressed share values in London are making even the biggest British businesses takeover targets.
Abu Dhabi National Oil Company (Adnoc) considered options including buying BP or acquiring a large stake before deciding it was not the right fit and abandoning preliminary discussions, according to Reuters.
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