Category Archives: Gas

Australian industry reliant on gas for ‘foreseeable future’, resources minister tells press club

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Madeleine King says national gas reservation scheme, expected to come into effect from 2028, will reduce power prices

The resources minister, Madeleine King, says Australian industry will be reliant on gas for the “foreseeable future”, and that the national gas reservation scheme will push down power prices.

But the Western Australian MP did not put a price tag on the cost of gas under the proposal – as the former opposition leader Peter Dutton once did – nor predict when households and businesses would start to see that financial relief.

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Heat pump sales soar across Europe after states cut electricity taxes, data shows

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EU to push member states to cut tax rate below duty on gas, with 11% surge in sales also put down to fallout from Iran war

Sales of residential heat pumps increased 11% across Europe in the first six months of the year as the Iran war sent oil and gas prices rocketing and some countries lowered electricity taxes.

Homeowners bought 1.16m heat pumps across 12 European countries, up from 1.05m in the first half of 2025, according to the European Heat Pump Association (EHPA).

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Gas lobby ‘scare campaign’ urges Victoria to scrap ban in new homes, leaked documents show

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Exclusive: Australian Gas Infrastructure Group lobbying campaign warns energy bills could increase by $100 unless ban is reversed, despite experts disagreeing

The gas industry has been accused of unleashing a “scare campaign” before the Victorian election as it pressures the state government to reverse a ban on gas in new homes.

A paper prepared by a lobbyist for the Australian Gas Infrastructure Group (AGIG) and shared with ministers has warned annual household gas bills could increase by $100 unless the ban is overturned, without providing evidence to support that claim.

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‘Winter panic’: EU gas stores at their lowest level in 13 years

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As one of Europe’s biggest consumers of gas the UK may be particularly exposed to heightened price volatility

Europe is on course to enter the cooler months with gas stores at their lowest level in 13 years, which has triggered “winter panic” among energy traders, experts have warned.

The EU’s gas stocks were 63% full in the last week of August, well below the 80% average for late August over recent years and among the lowest levels ever recorded for this time of year.

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Venezuelan opposition up in arms over reports US wants big stake in oil and gas

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Critics call move to gain long-term access to country’s massive energy reserves ‘predatory’ and ‘unconstitutional’

Reports that the US is preparing to claim a big stake in Venezuela’s massive energy reserves have sparked an outcry, with critics describing the move as “predatory” and a “rapacious” land grab.

Several media outlets this week reported that the Trump administration – which abducted Venezuela’s authoritarian president, Nicolás Maduro, in January and has steered the South American country ever since – hopes to secure long-term access to its oil and gasfields.

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Households in Great Britain ‘could owe energy suppliers £7bn by end of year’

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After higher prices for winter kick in, energy debt unpaid for more than 30 days likely to rise, says Energy UK

Households in Great Britain could owe their energy suppliers as much as £7bn by the end of the year after higher gas and electricity prices forecast for the winter kick in, an industry group is warning.

Domestic energy debt and arrears climbed by about £500m over the past year to a record £6bn at the end of June as the Middle East conflict continued to stoke rising gas market prices.

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UK risks running out of gas by 2030s, ministers told

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Government assessment warns of supply shock that could leave homes and businesses without gas within a decade

Great Britain risks running out of gas in the 2030s despite its growing clean energy sources, unless ministers take “unprecedented” action to guard against a future supply shock, according to an official assessment.

The government is considering plans to provide direct financial support to safeguard the country’s ageing gas infrastructure after a consultation found that a “high stress scenario” could mean homes and businesses run out within the next decade.

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BP to develop offshore gasfield in Venezuela with firms linked to Trump administration

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Move will be one of first large-scale foreign investments in country since US ousted leader Nicolás Maduro in January

BP has answered Donald Trump’s call for oil companies to help rebuild Venezuela’s fossil fuel industry with new plans to develop a large offshore gasfield.

BP will partner with two oil firms with close links to the Trump administration to develop the second phase of the Loran gasfield, in one of the first large-scale foreign investments in Venezuela since the US ousted its leader Nicolás Maduro in January.

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Sadiq Khan calls on Andy Burnham to commit to climate action as pressure grows over North Sea oil

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London mayor points to ‘terrifying scenes’ this summer amid speculation Burnham may back Jackdaw and Rosebank projects

Sadiq Khan has called on the government to commit to revamped climate action and to reduce the UK’s reliance on oil and gas, as the UK endures a summer of drought, wildfires and heatwaves.

Writing in the Guardian, the mayor of London said that Andy Burnham’s administration must reaffirm its commitment to net zero and make clear it will continue to reduce the UK’s reliance on oil and gas “to get Britain back on track.”

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BP boss urges Burnham to prioritise UK oil and gas even as firm exits North Sea

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Meg O’Neill says ‘where we generate jobs, we generate tax revenue’, as company’s profits more than double

BP’s chief executive has urged Andy Burnham to make use of the UK’s oil and gas resources even as the oil company prepares to sell its North Sea business after 60 years in the ageing basin.

In a conversation with the new prime minister, Meg O’Neill said the country should prioritise using energy produced in the UK, “where we generate jobs, we generate tax revenue, we generate all those additional positive impacts”.

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BP puts North Sea oil and gas business up for sale

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Move will end six decades of production in area, as new CEO tries to simplify company and cut debt

BP has put its North Sea oil and gas business up for sale as it looks to end six decades of production from the basin.

The firm announced on Friday morning it had launched a formal process to market its North Sea business for a potential sale. The move comes as BP’s new chief executive, Meg O’Neill, tries to simplify the company and cut its debt levels.

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Iran threatens to halt all Middle East energy exports amid renewed US blockade

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Tehran shuts strait of Hormuz and carries out retaliatory strikes as Trump threatens to attack site linked to Iran’s nuclear programme

Iran threatened to halt all energy exports from the Middle East after the US reimposed a blockade of its ports and ships, as the two countries traded strikes for a fifth day and Donald Trump threatened to attack a site linked to Iran’s nuclear programme while he weighed further expanding US strikes next week.

The US blockade came into force early on Wednesday, and was followed by a 90-minute wave of strikes against Iran’s coastal defence systems and missile sites, according to the US military. Iranian authorities said the previous day of US strikes had killed at least seven troops, and wounded more than 300 people – the highest casualty count of any recent round of violence between the two countries.

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New pipeline in Canada to proceed after C$150bn pledged to ease BC and First Nations concerns

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Port expansion and protections for whales part of BC and Alberta plan to expand country’s presence overseas

The governments of Canada and the province of Alberta will move forward on a major new oil pipeline after the pair announced a plan to ease concerns of British Columbia and First Nations on the Pacific coast.

Canada’s prime minister, Mark Carney, shuttled between British Columbia and Alberta on Thursday to announce more than C$150bn in new investments in both provinces, part of a broader project of reducing trade with the United States and expanding his country’s presence in overseas markets.

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China is a clear winner from Trump’s war in Middle East, report concludes

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Beijing, whose stockpiles and renewables industry allowed it to withstand energy shock, is now gaining from global solar and EV push

China has emerged as the sole winner in Asia from the strait of Hormuz crisis, according to a report published on Tuesday.

The report by the Asia Group thinktank concluded that China had weathered the storm of the global commodities crisis resulting from the closure of the Middle Eastern waterway, and also stood to gain from the economic and geopolitical trends sparked by the wider conflict.

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Gas prices fall below $4 on average after Trump’s signing of Iran deal to end war

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Drivers feel some relief but prices still a dollar more per gallon overall since before US-Israel attack on Iran

The average price of US gasoline fell to just under $4 a gallon on Thursday for the first time since March, following the announcement of a preliminary agreement between the US and Iran to end the war and reopen the strait of Hormuz.

The development has provided some relief to drivers who have seen soaring costs amid Washington’s war with Iran. But filling up still remains more expensive than it was before the conflict began.

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Oil and gas unlikely to return to prewar prices for months even if Hormuz reopens

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Markets welcome US-Iran peace deal but prices may stay high as buyers race to refill depleted emergency crude stockpiles

After more than 100 days of the greatest recorded disruption to the world’s energy supplies, the global oil and gas markets have breathed a sigh of relief.

Hours after Donald Trump confirmed that a US-Iran peace deal would lead to the reopening of the strait of Hormuz for tankers carrying millions of barrels of oil and gas, the price of Brent crude tumbled to lows of $82 a barrel. Wholesale gas prices fell about 6%.

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Wes Streeting plans to increase high-skilled immigration if he becomes PM

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Leadership hopeful to also say tax revenues from new North Sea oil and gasfields should be used to cut energy bills

Wes Streeting’s pitch to be the next Labour leader will include a plan to increase high-skilled immigration to the UK, arguing that Donald Trump is telling scientists and AI experts they are not welcome in the US.

In a speech this coming week, the former health secretary will also say that tax revenues from new North Sea oil and gasfields should be used to cut energy bills.

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Documents reveal concerns over US company’s proposed gas fracking in WA’s Kimberley region

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Federal environment department says Black Mountain Energy has provided insufficient data as it seeks to drill 20 gas wells in part of world’s largest tropical savanna

The federal government has repeatedly raised concerns about an American company’s bid to frack for gas in Western Australia’s Kimberley region, part of the world’s largest and most intact tropical savanna.

Texas-based Black Mountain Energy, through its subsidiary Bennett Resources, is seeking federal approval to drill 20 gas wells for its Valhalla project west of Fitzroy Crossing.

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With oil markets nearing the danger zone, a US-Iran deal can’t come soon enough | Heather Stewart

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Global prices are approaching a tipping point that could trigger inflation, shortages and, over time, recession

If a US-Iran deal is about to be reached, three months on from the launch of Donald Trump’s Operation Epic Fury, it will not be a day too soon for oil markets, which are approaching a dangerous tipping point.

The cost of a barrel of crude on the spot market – for immediate purchase, effectively – has bounced about $100 since Iran predictably responded to the onslaught from the US and Israel by closing the strait of Hormuz.

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Renewable energy will boost national security and protect UK from sabotage, minister says

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Widely dispersed wind farms and solar panels are harder to target than fossil fuel power stations, Michael Shanks says

Renewable energy will boost the UK’s national security and make the country more resilient against potential aggression or sabotage, the government’s energy minister has said.

Michael Shanks said widely dispersed wind farms and solar panels were much harder to target than large-scale fossil fuel power stations. They are also not vulnerable to supply shocks, such as the current oil crisis caused by the US-Israel war on Iran and the soaring gas prices that followed Russia’s invasion of Ukraine in 2022.

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