Category Archives: Gas

BP to almost double oil and gas production by 2030 in move away from green goals

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Firm will be selective about investing in low-carbon options, slashing more than $5bn from previous green plan

BP is almost doubling its target for oil and gas production by the end of the decade and slashing its spending on low-carbon energy as part of a fundamental reset of the troubled company away from previous green goals.

The FTSE 100 fossil fuel company has promised shareholders it will increase its planned oil and gas production by 2030 to the equivalent of about 2.4m barrels a day – almost twice the figure in its net zero plan set out five years ago.

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US fossil fuel industry campaigns to kill policies that ban gas in new buildings

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Oil and gas interests coordinate campaign to stop local and state policies, putting climate at risk, new report shows

Oil and gas interests have waged a coordinated campaign to kill pro-electrification policies that ban gas connections in new buildings, putting the climate at risk, according to a new report.

Since 2019, utilities and fossil fuel trade groups, including the American Gas Association (AGA) and National Propane Gas Association (NPGA), have worked together to successfully thwart various local and state efforts.

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Energy giant AGL disputes $25m fine for wrongly taking welfare money from hundreds as ‘excessive’

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Exclusive: Court documents obtained by Guardian Australia show appeal argues judge was wrong to decide penalty was needed to ‘provoke’ leadership attention

Energy giant AGL is disputing a “manifestly excessive” $25m fine for using the Centrepay debit system to wrongly take welfare money from hundreds of vulnerable Australians. It argues that a judge should not have used the massive financial penalty to try to “provoke some attention” from the company’s board and executive leadership.

Late last year, the federal court imposed the hefty fine and excoriated AGL for wrongly taking money from 483 welfare recipients via Centrepay, the scandal-plagued, government-run system that allows automatic diversion of social security payments to essential services, like electricity bills and rent.

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Redrawing of global energy markets map set to heap benefits on US

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The prospects of peace and the return of Russian gas looks likely to serve the interests of Donald Trump

The Kremlin’s invasion of Ukraine three years ago has reverberated through the global energy industry; unravelling Europe’s decades-long reliance on gas imported via pipelines from Russia, and triggering a global squeeze on gas markets that unleashed a cost of living crisis still felt today.

The prospect of a peace deal has many wondering whether the energy industry could be upended once again; this time giving way to a market serving the interests of the US president hoping to broker the deal.

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‘Misleading’: Gina Rinehart’s mining firm breached environmental code with ‘clean gas’ job ad, panel rules

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Ad Standards Community Panel upholds complaint over Hancock Prospecting’s promotion in the Weekend Australian

The advertising regulator has found that Gina Rinehart’s Hancock Prospecting misled consumers with an unsubstantiated claim that gas was clean, in an online advertisement in The Australian last year.

Ads for Hancock Prospecting’s recruitment webpage futureaustralianjobs.com ran in the digital edition of the Weekend Australian in October 2024.

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‘Backsliding’: most countries to miss vital climate deadline as Cop30 nears

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Developing countries urge biggest polluters to act as Trump’s return to the White House heightens geopolitical turmoil

The vast majority of governments are likely to miss a looming deadline to file vital plans that will determine whether or not the world has a chance of avoiding the worst ravages of climate breakdown.

Despite the urgency of the crisis, the UN is relatively relaxed at the prospect of the missed date. Officials are urging countries instead to take time to work harder on their targets to cut greenhouse gas emissions and divest from fossil fuels.

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US gas prices likely to go up with Trump tariffs on Canadian and Mexican oil

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Tariffs on imports mean higher costs for finishing fuels, much of which is likely to be passed on to consumers

US consumers will see higher prices at the gas pump from Donald Trump’s decision on Saturday to apply tariffs on Canadian and Mexican oil, according to analysts and fuel traders.

The likely hike in fuel prices reflects the double-edged nature of Trump’s trade protections, which are designed to bolster domestic business and pressure US neighbors to curb illegal immigration and drug smuggling, but which will also run counter to his promises to tackle inflation.

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Rosebank oilfield go-ahead decision ruled unlawful by Edinburgh court

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Court says UK government green light for Rosebank and Jackdaw permits does not take into account CO2 emissions

The decision to greenlight a giant new oilfield off Shetland has been ruled unlawful by the courts in a major win for environmental campaigners.

The proposed Rosebank development – the UK’s biggest untapped oilfield – had been given the go-ahead in 2023 under the previous government.

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The oil crisis fuelled by Russia’s war is evaporating – and so are the profits

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Results from Shell and Exxon this week will be weaker – and Trump’s desire to drill may result in oversupply

Almost three years ago, Russia’s invasion of Ukraine wiped out Europe’s largest source of gas and shocked global energy markets, setting the stage for quarter after quarter of better-than-expected earnings for the fossil fuel producers ready to profit from the volatility. Now those returns are beginning to cool.

But as markets have reduced to a simmer, oil executives have warned that profits are also going off the boil. A glut of new oil and gas projects, stoked by a pro-fossil-fuel agenda from the White House, could mean weaker markets in the future too.

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Russian gas shutdown forces closure of almost all industry in Transnistria

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Pro-Russia Moldovan region suffers major hit after Ukraine ends transit agreement, with only food producers functioning

The shutdown of Russian gas supplies to Moldova’s breakaway Transnistria region has forced the closure of all industrial companies except food producers.

The mainly Russian-speaking territory of about 450,000 people, which split from Moldova in the 1990s as the Soviet Union collapsed, has suffered a painful and immediate hit from Wednesday’s cut-off of Russian gas supplies to central and eastern Europe via Ukraine.

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Russian gas flows to Europe via Ukraine cease as transit agreement expires

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Ukraine president hails ‘one of Moscow’s biggest defeats’ as deal’s end brings power cuts in breakaway Moldovan region

Russian gas has stopped flowing to Europe via Ukraine, ending a major energy route that goes back to Soviet times and had even survived three years of full-scale war between the two states.

Ukraine cut off the transit route after an agreement signed in 2019 expired in the early hours of New Year’s Day, marking a new milestone in Europe weaning itself off Russian gas supplies over the past few years, and prompting immediate power cuts for hundreds of thousand of people in a breakaway region of Moldova.

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Ukraine halts supply of Russian gas to Europe

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Ukraine ends agreement to allow gas to flow through its pipelines, with European supplies set to be tested as cold weather forecast later this week

Ukraine has halted Russian gas supplies to European customers through its pipeline network, almost three years into Moscow’s all-out invasion.

The move comes after a prewar transit deal expired during the final hours of 2024 and as the continent braces itself for a plunge in temperatures that could hasten the drain on gas reserves.

Ukraine’s energy minister, Herman Halushchenko, confirmed on Wednesday morning that Kyiv had stopped the transit “in the interest of national security” after Russia refused to alter its stance on the war.

“This is a historic event,” he said in an update on the Telegram messaging app. “Russia is losing markets and will incur financial losses. Europe has already decided to phase out Russian gas, and [this] aligns with what Ukraine has done today.”

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Russia winds down gas supply to Europe via Ukraine as transit deal expires

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Exports to cease on New Year’s Day as Europe faces cold snap and higher than usual fall in reserves since September

Europe will receive the last Russian gas sent via Ukraine’s pipelines in the early hours of the new year as the continent braces for a plunge in temperatures that could hasten the drain on gas reserves.

The Russian state energy company, Gazprom, is expected to cut off its exports to Europe through Ukraine’s pipelines on New Year’s Day after a gas transit deal struck between the countries five years ago comes to an end overnight.

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McKinsey paid $1.6m to ‘guide’ Australian climate policy despite working for fossil fuel companies

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Guardian Australia was told firm disclosed its private sector work, but it is not known which clients were listed

Consultancy firm McKinsey was paid $1.6m over 11 weeks to “inform” and “guide” Australian energy and climate policy, despite its work for the world’s biggest fossil fuel companies.

The firm, whose links to oil and gas giants are well known, conducted “detailed market, economic and policy analysis” and produced modelling that underpinned “internal energy and climate policy work”.

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Revealed: McKinsey clients had ‘rising share of global emissions’, internal analysis shows

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Consulting giant had said it engages with clients to help them transition to cleaner energy even as it knew they were in line to exceed climate targets

The world’s biggest consulting firm found that its clients were on a trajectory to bust global climate targets, details of internal forecasting in 2021 uncovered by the Centre for Climate Reporting (CCR) and the Guardian reveal.

McKinsey & Company has worked with some of the world’s biggest emitters, including many of the largest fossil fuel producers. It has previously argued it is necessary to engage these clients to help them transition to cleaner forms of energy and hit the target of limiting global warming to less than 1.5C above preindustrial levels.

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Fifty-year extension for one of Australia’s biggest CO2 emitters likely after WA ditches emissions-reduction rules

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Extending life of Woodside’s North West Shelf gas processing plant on Burrup Peninsula could result in billions of tonnes of climate pollution, critics say

The Western Australian Labor government appears all but certain to give one of Australia’s biggest greenhouse gas emitters the green light to operate until 2070 after it announced it would abolish state emissions-reduction requirements.

Scientists have warned the proposal to extend the life of the North West Shelf gas processing plant on the Burrup Peninsula in the country’s remote north-west is linked to the development of at least three major gas fields and could ultimately result in billions of tonnes of climate pollution being released into the atmosphere.

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Australia’s thirst for power drives a rise in coal and gas-led emissions for third quarter in a row

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Output from gas plants up 29% on average from a year earlier, Aemo says, even though price was up by a fifth over same period

Greenhouse gas emissions from Australia’s main electricity grid increased for a third quarter in a row as higher power demand drove more use of black coal and gas plants, the Australian Energy Market Operator says.

For the September quarter alone, emissions from the national electricity market (Nem) that serves the eastern states and South Australia rose 2% from a year earlier, Aemo said in its quarterly market report.

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Cop29 host Azerbaijan set for major fossil gas expansion, report says

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Exclusive: Those with ‘interest in keeping world hooked on fossil fuels’ should not oversee climate talks, say report authors

Azerbaijan, the host of the Cop29 global climate summit, will see a large expansion of fossil gas production in the next decade, a new report has revealed. The authors said that the crucial negotiations should not be overseen by “those with a vested interest in keeping the world hooked on fossil fuels”.

Azerbaijan’s state-owned oil and gas company, Socar, and its partners are set to raise the country’s annual gas production from 37bn cubic metres (bcm) today to 49bcm by 2033. Socar also recently agreed to increase gas exports to the European Union by 17% by 2026.

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Energy prices soar after volatile wind saw heavier gas, hydro and battery use, Australian regulator says

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But wholesale prices are down by 25% compared with the June quarter in New South Wales, down 9% in Victoria and down 12% in Tasmania

Wholesale power prices across much of eastern Australia were sharply higher in the September quarter from a year earlier because of increased reliance on gas, hydro and batteries, the Australian Energy Regulator said in its quarterly report.

Average prices ranged from $114/megawatt-hour in Queensland to $201/MWh in South Australia. The biggest year-on-year increases were in Tasmania, with prices up 290%, Victoria’s increasing 114% and SA’s 76% higher.

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UK ‘risks repeat of surging energy bills’ amid continued reliance on gas

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Energy crisis panel warns country is ‘dangerously unprepared’ and must shift away from gas quickly

Britain is at risk of experiencing a repeat of the sharp increase in energy costs which has fuelled the continuing cost of living crisis because it relies too heavily on gas, according to an expert panel of industry leaders.

The Energy Crisis Commission has warned that the UK is still “dangerously underprepared” for another crisis because it continues to rely on gas for its power plants and home heating.

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