Category Archives: Oil

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

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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’

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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

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

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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

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

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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.

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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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