Category Archives: Oil

Ecuador prepares for ‘once-in-a-lifetime’ vote to stop oil drilling

Posted on by

Referendum alongside presidential election will decide whether to halt extraction in Amazon national park

As Ecuadorians go to the polls on Sunday they must not only decide between eight presidential candidates but also vote on an unprecedented referendum question that could set a new course for the oil-reliant nation.

The poll will decide whether to halt drilling at the Yasuní Ishpingo-Tambococha-Tiputini (ITT) oilfield, also known as oil block 43, which lies in an Amazon national park and one of the world’s richest pockets of biodiversity. Ecuador’s largest protected area is also home to the Waorani people and the country’s last Indigenous communities in voluntary isolation, the Tagaeri and Taromenane.

Continue reading...

Scottish public spending deficit falls as oil revenues hit record high

Posted on by

Both sides of constitutional debate use Gers data to argue case for and against independence

Scotland’s public spending deficit has fallen from a record peak last year, as oil and gas revenues reached their highest-ever level after a global rise in oil prices.

The government expenditure and revenue Scotland (Gers) report calculated a per-person deficit – the gap between the amount raised through all tax and spending on all public services – as £1,521 in the 2022-23 financial year, down from £2,184 the previous year.

Continue reading...

Cancelling Greenpeace contradicts Tory free-speech pledge but suits anti-Labour campaign

Posted on by

Cutting ties with green charity is part of culture war campaign to associate Labour with ‘lefty lawyers’ and ‘eco mobs’

• Sunak will go down in history as failing UK on climate, Greenpeace says
• ‘You have adopted a bunker mentality’: Greenpeace letter to Sunak

Scaling Rishi Sunak’s empty home to drape it in black fabric in protest at oil drilling is not the first time Greenpeace has targeted the home of senior politicians.

The environmental group surrounded David Cameron’s Cotswolds cottage in 2014 to campaign against his support for fracking, and mounted the roof of John Prescott’s home in 2005 in a demonstration against the government’s slowness on climate targets. It has also previously carried out stunts at Sunak’s North Yorkshire mansion.

Continue reading...

Amazon leaders fail to commit to end deforestation by 2030

Posted on by

Eight South American presidents including Brazil’s Lula say rich countries need to pledge more resources to help protect rainforest

Amazon leaders have called on rich countries to help them develop a Marshall-style plan to protect the world’s largest rainforest – but stopped short of committing to zero deforestation across the biome by 2030 amid divisions over oil extraction.

In a joint declaration at the end of a two-day summit in the Brazilian city of Belém on Wednesday, the eight South American countries that are home to the Amazon rainforest said ensuring its survival could not be solely up to them, as resources from the forest were consumed globally.

Continue reading...

Saudi Aramco’s quarterly profits drop nearly 40% but it still rakes in $30bn

Posted on by

Decline in crude oil prices and less refining income trims revenues inflated in 2022 by Russian invasion of Ukraine

The world’s biggest oil firm, Saudi Aramco, has announced a near-40% fall in profits after a decline in crude oil prices and weakening margins in refining and chemicals.

The company, which is 90% owned by the Saudi state, said in a statement to the market that profits were $30.1bn for the months of April to June, down 38% from $48.4bn in the second quarter of last year.

Continue reading...

Billionaire investor threatens to pull out of UK amid global outcry at new oil rush

Posted on by

Australian mining entrepreneur Andrew Forrest criticises ‘clickbait’ fossil fuel plans as others say Britain has lost credibility

The billionaire Australian mining tycoon and investor Andrew Forrest has led international condemnation of the UK’s new oil rush, saying he would pull his major investment from the country if the prime minister pursued “clickbait” fossil fuel policies.

The iron ore magnate, who also runs the Minderoo Foundation philanthropic organisation, threatened to move his investments out of the UK over Rishi Sunak’s swivel towards new oil and gas drilling.

Continue reading...

Government announces nuclear taskforce as row grows over North Sea oil – UK politics live

Posted on by

Taskforce aims to ‘fuel growth in nuclear industry’ as dismay grows over Rishi Sunak’s plans to authorise more licences for North Sea drilling

The average number of migrants crossing the Channel per boat last month was the highest on record, figures show.

Some 3,299 people made the journey in July in 63 boats – an average of about 52 per vessel. This is the highest average since records began in 2018, according to PA news agency analysis of government data.

Bad news for fans of unelected legislatures: Labour is considering abolishing hereditary peers. According to the Sunday Times, Keir Starmer is drawing up plans that could see the immediate removal of hereditary peers if the party is elected, as part of a package of “interim” reforms to modernise and reduce the size of the House of Lords.

Other moves being explored include introducing a mandatory retirement age or stopping hereditary peer byelections (so the current peers can’t be replaced after they leave).

Continue reading...

Leak reveals ‘touchy’ issues for UAE’s presidency of UN climate summit

Posted on by

Exclusive: Long list of ‘sensitive’ topics for petrostate include oil and gas production, emissions and Yemen war crimes

A comprehensive list of “touchy and sensitive issues” for the United Arab Emirates, which is running the next UN climate summit, has been revealed in a document leaked to the Guardian.

The document sets out the government-approved “strategic messages” to be used in response to media requests about the issues, which range from the UAE’s increasing production of oil and gas to people trafficking.

Continue reading...

Shell’s ‘obscene’ $5bn profits reignite outrage amid climate crisis

Posted on by

Campaigners criticise plan to increase oil and gas production despite extreme heat in Europe

Shell has reignited outrage among climate activists by handing billions to its shareholders after making profits that campaigners have described as “obscene”.

Protests were held outside the oil company’s London headquarters on Thursday after it reported second-quarter profits of just over $5bn (£3.9bn) in the same week that wildfires linked to the climate crisis burned across Mediterranean countries.

Continue reading...

Five arrested after climate protest at Ineos oil refinery in Scotland

Posted on by

Police say alleged offences include breach of the peace after 200 people march to plant and four climb on roof

Five people have been arrested after environmental activists staged a day of resistance at the Ineos oil refinery near Falkirk.

Four people climbed on to the roof of the Ineos gas power station at Grangemouth and held up a banner on Saturday afternoon. Earlier, about 200 people marched to the fence of the Ineos plant, which powers the oil refinery, from a climate camp approximately a mile away.

Continue reading...

Fears for Libyan oil production amid military threats

Posted on by

Gen Khalifa Haftar warned of military action unless oil revenues are divided fairly

Fears have been raised of a damaging oil shutdown in Libya with implications for global energy markets after Libya’s strongman in the east, Gen Khalifa Haftar, warned of military action unless oil revenues are divided fairly within the next two months.

With the country long divided between two governments in the east and west and little prospect of presidential elections designed to reunify the country at least until next year, politicians in the east have threatened to put oil revenues under judicial control preventing the revenue reaching the Central Bank from the National Oil Corporation (NOC), the state-run oil firm.

Continue reading...

New windfarm could be used to power North Sea oilfield

Posted on by

Electricity generated on Shetland could be used to fuel the proposed Rosebank field, instead of homes

Electricity from a new onshore windfarm could be used to power the biggest undeveloped oilfield in the North Sea, campaigners are warning, ahead of an imminent decision over whether to approve the project.

The huge Rosebank oilfield is three times bigger than the controversial Cambo field that was put on hold more than a year ago. It has the potential to produce 500m barrels of oil and its final approval is expected to reach the energy secretary, Grant Shapps, in the next few weeks. It is expected to be approved after Rishi Sunak hinted last month that it would be “economically illiterate” not to invest in UK oil and gas because Britain will remain reliant on fossil fuels for “the next few decades”.

Continue reading...

C of E divests of fossil fuels as oil and gas firms ditch climate pledges

Posted on by

Church pension and endowment funds shed holdings after U-turns by BP and Shell

The Church of England is divesting from fossil fuels in its multibillion pound endowment and pension funds over climate concerns and recent U-turns by oil and gas companies.

The church said it was abandoning oil and gas companies and all firms primarily engaged in the exploration, production and refining of oil or gas by the end of 2023, unless they were in genuine alignment with a 1.5C reduction pathway.

Continue reading...

Starmer reassures North Sea workers as Labour lays out energy and climate plan

Posted on by

Speech in Scotland shows willingness to face energy dilemma head-on, but green groups say fossil fuel end date must come soon

Scotland was a brave choice as the venue for the launch of Keir Starmer’s new energy and climate policy. Back in March, Rishi Sunak was planning to hold his “energy day” in Aberdeen, the UK’s oil and gas capital, but after criticism he switched to the much safer Oxfordshire.

Starmer knows that Labour needs to win back lost seats in Scotland, so visiting the Scottish capital for an important speech was a canny move. More than that, though, taking the launch to Edinburgh showed a willingness to face head-on Labour’s energy dilemma: how to shift the UK economy to a low-carbon footing, as net zero demands, without destroying high-quality jobs in carbon-intensive industries.

Continue reading...

Germany coalition staves off implosion with 11th-hour heating law amendment

Posted on by

Environmental groups criticise revision of law that would have banned installation of gas and oil systems

The German government has staved off a power battle that threatened to cause the ruling coalition to implode after finally agreeing an 11th-hour amendment to a controversial new heating law.

Negotiations over the legislation have dominated the headlines for weeks, with the economy minister, Robert Habeck, of the Greens clashing with the pro-liberal Free Democratic party (FDP) over how much consumers should be burdened with the costs of replacing fossil fuel heating systems with cleaner, climate-neutral energy.

Continue reading...

£19.3bn of fossil fuels imported by UK from authoritarian states in year since Ukraine war

Posted on by

As Russian oil and gas imports fell petrostates including UAE, Qatar and Saudi Arabia increased exports to UK

UK fossil fuel imports from authoritarian petrostates surged to £19.3bn in the year following Russia’s invasion of Ukraine, it can be revealed.

Efforts to end the purchasing of oil and gas from Russia appear to have resulted in a surge in imports from other authoritarian regimes, including Algeria, Bahrain, Kuwait, Libya, Qatar, Saudi Arabia and the United Arab Emirates (UAE), according to data from the Office for National Statistics analysed by DeSmog.

Continue reading...

North Sea oil and gas industry offered ‘get-out’ clause on windfall tax

Posted on by

Jeremy Hunt hopes suspending tax on oil profits if Brent crude falls below $71.40 a barrel will aid investment

Jeremy Hunt has offered the North Sea oil and gas industry a ‘get-out’ clause from the windfall tax on fossil fuel profits if wholesale energy market prices fall back to normal levels.

The chancellor hopes to boost investment in the North Sea by agreeing to suspend the windfall tax on oil profits if the market price for Brent crude falls below $71.40 a barrel, and gas prices fall below 54 pence a therm, for a period of six months. The global oil price is currently about $75 a barrel, and the UK’s gas price is about 64 p/th.

Continue reading...

‘Absolute scandal’: UAE state oil firm able to read Cop28 climate summit emails

Posted on by

Exclusive: UN conference president Sultan Al Jaber is also head of oil firm, which was consulted on how to respond to a media inquiry

The United Arab Emirates’ state oil company has been able to read emails to and from the Cop28 climate summit office and was consulted on how to respond to a media inquiry, the Guardian can reveal.

The UAE is hosting the UN climate summit in November and the president of Cop28 is Sultan Al Jaber, who is also chief executive of the Abu Dhabi National Oil Company (Adnoc). The revelations have been called “explosive” and a “scandal” by lawmakers.

Continue reading...

Shell’s ‘green’ ad campaign banned in UK for being ‘likely to mislead’

Posted on by

Advertising Standards Authority says ads do not make clear company’s business is mostly based on fossil fuels

An ad campaign by Shell promoting its green initiatives has been banned for not telling consumers that most of its business is based on environmentally damaging fossil fuels such as petrol.

Shell, which has set goals to become a net zero carbon energy company by 2050 while also expanding its gas business by a fifth, ran a TV, poster and YouTube campaign pushing renewable electricity, wind and car charging point initiatives.

Continue reading...

Keir Starmer pledges ‘good, union jobs’ amid energy row with GMB

Posted on by

Labour leader to address union’s conference after its leader attacks plan to ban new North Sea oil and gas extraction

Keir Starmer will pledge to put “good, union jobs” at the heart of Labour’s energy policy during a speech to one of its biggest donor unions after its general secretary criticised a proposed ban on oil and gas expansion.

He will speak at the GMB’s annual conference on Tuesday, a day after he tried to calm a growing rift with its leadership over Labour’s energy policy.

Continue reading...