Category Archives: Energy industry

Saudi Aramco ready for record $2tn IPO after first-half results

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Profits fell 12% but company still ahead of world’s six biggest listed oil producers combined

Saudi Arabia’s state-owned oil group is ready to move ahead with a record $2tn (£1.7tn) market float after revealing profits of $46.9bn for the first half of this year.

Saudi Aramco’s profits for the six months ending in June were down from $53.2bn in the first half of last year owing to lower oil prices, but were still well ahead of the world’s six biggest listed oil companies combined.

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UK energy watchdog demands answers after major power cut

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Outage caused travel chaos and cut electricity to almost 1m people in England and Wales

The energy watchdog, Ofgem, is demanding answers from the National Grid after a power cut left people stuck in trains for up to nine hours and cut electricity to almost 1 million people in England and Wales.

The biggest power outage in a decade caused widespread disruption on the rail network during the evening rush hour on Friday. Traffic light systems stopped working, causing gridlock in some areas, and Newcastle airport was left in darkness. Power had been restored to 900,000 customers by Saturday, but the rail network was struggling to get services back to normal.

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Transport chaos across England and Wales after major power cuts

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Failure on National Grid network affects train services and road users

Large parts of England and Wales have been left without electricity following a major power cut, electricity network operators have said, with a serious impact reported on rail and road services, including city traffic lights.

Passengers were shut out of some of the country’s busiest train stations during the Friday evening rush hour, while hundreds of thousands of homes were left without electricity after what the National Grid described as a problem with two generators.

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‘Biggest compliment yet’: Greta Thunberg welcomes oil chief’s ‘greatest threat’ label

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Activists say comments by Opec head prove world opinion is turning against fossil fuels

Greta Thunberg and other climate activists have said it is a badge of honour that the head of the world’s most powerful oil cartel believes their campaign may be the “greatest threat” to the fossil fuel industry.

The criticism of striking students by the trillion-dollar Organization of the Petroleum Exporting Countries (Opec) highlights the growing reputational concerns of oil companies as public protests intensify along with extreme weather.

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Timor-Leste rejects report it is taking $16bn loan from China’s Exim bank for gas project

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State-owned company seeks partners to develop $50bn of untapped reserves in Timor Sea

Timor-Leste’s state-owned gas company has rejected reports it is set to take a $16bn loan from China’s Exim bank to finance the Greater Sunrise project.

The Timor-Leste government recently took majority ownership of the project after buying out its former partners – ConocoPhillips and Shell – with the aim of ensuring the gas is piped to its shores instead of Australia’s.

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Revealed: Mobil sought to fight environmental regulation, documents show

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Oil giant looked to make tax-exempt donations to universities and civic groups in the early 1990s to promote the company’s interests

Oil giant Mobil sought to make tax-exempt donations to leading universities, civic groups and arts programmes to promote the company’s interests and undermine environmental regulation, according to internal documents from the early 1990s obtained by the Guardian.

Related: How Mobil pushed its oil agenda through 'charitable giving'

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Energy industry’s carbon emissions rise at fastest rate in nearly a decade

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BP report reveals that swings in global temperatures are increasing the use of fossil fuels

Carbon emissions from the global energy industry rose by the fastest rate in almost a decade in 2018 after surprise swings in global temperatures stoked extra demand for fossil fuels.

BP’s annual global energy report revealed for the first time that fluctuating temperatures are increasing the world’s use of fossil fuels in spite of efforts to tackle the climate crisis.

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Lights out: the price hikes leaving millions of South Africans in the dark | Kimon de Greef

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Electricity costs have tripled in the past decade under a utility company plagued by debt and corruption claims, wiping out decades of progress

Electricity, when it arrived in Nosisi Rasmeni’s life, seemed to promise a better future.

Like most black South Africans who grew up during apartheid, she was raised with gas stoves, candles and paraffin heaters. Her family’s shack was poorly lit and smelled of fumes. “Electricity was only for whites,” says Rasmeni, 37.

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Turkey insists on right to drill for energy reserves off Cyprus

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Dispute likely to escalate after Nicosia said it would seek to arrest anyone caught drilling

Tensions over energy resources in the eastern Mediterranean have risen sharply after Turkey said it would “exercise its sovereign rights” to drill off Cyprus in flagrant defiance of warnings from western allies.

As the dispute over potential gas reserves intensified, Ankara insisted its state-of-the-art drilling ship, the Fatih, and its support vessels would begin operations in waters viewed by the EU as being within the island’s exclusive economic zone.

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Saudi oil company named world’s most profitable business

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State-owned Saudi Aramco makes profits of £84.7bn last year, beating Apple and Exxon

Saudi Arabia’s state oil company has emerged as the most profitable business in the world, racking up profits of $111.1bn (£84.7bn) in 2018 to overtake Apple.

According to a rare glimpse into its finances contained in a bond-offering document, Saudi Aramco made the profit on revenues of $355.9bn last year, as it produced 10.3m barrels per day of crude oil.

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Double standards on oil spills in Nigeria must end | Letters

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Oil companies must respect human lives and clean up the damage their industry does wherever they operate, say Dr John Sentamu, Baroness Amos, Prof Michael Watts, Njeri Kabeberi and James Thornton

The devastating impact of oil spills is widely recognised. The past decade has witnessed the destruction caused to human life and the environment from spills including the Deepwater Horizon spill in the Gulf of Mexico in 2010 and the Montara spill in Australia in 2009.

On each occasion the global community has reacted with horror, demanding the oil industry clean up local ecosystems and communities. Yet in Nigeria, and particularly in Bayelsa state in the Niger Delta, these calls are ignored.

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Top oil firms spending millions lobbying to block climate change policies, says report

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Ad campaigns hide investment in a huge expansion of oil and gas extraction, says InfluenceMap

The largest five stock market listed oil and gas companies spend nearly $200m (£153m) a year lobbying to delay, control or block policies to tackle climate change, according to a new report.

Chevron, BP and ExxonMobil were the main companies leading the field in direct lobbying to push against a climate policy to tackle global warming, the report said.

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US judge halts hundreds of drilling projects in groundbreaking climate change ruling

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In a rebuke of the Trump administration’s ‘energy-first’ agenda, a judge rules greenhouse gas emissions must be considered

In the first significant check on the Trump administration’s “energy-first” agenda, a US judge has temporarily halted hundreds of drilling projects for failing to take climate change into account.

Drilling had been stalled on more than 300,000 acres of public land in Wyoming after it was ruled the Trump administration violated environmental laws by failing to consider greenhouse gas emissions. The federal judge has ordered the Bureau of Land Management (BLM), which manages US public lands and issues leases to the energy industry, to redo its analysis.

The decision stems from an environmental lawsuit. WildEarth Guardians, Physicians for Social Responsibility, and the Western Environmental Law Center sued the BLM in 2016 for failing to calculate and limit the amount of greenhouse gas emissions from future oil and gas projects.

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Nord Stream 2 Russian gas pipeline likely to go ahead after EU deal

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Concerns had been raised over project increasing German reliance on Russian energy

Donald Tusk, the president of the European council, called it a mistake, while the US president, Donald Trump, has branded it very inappropriate and a “very bad thing for Nato”.

The Nord Stream 2 pipeline to take Russian gas to Germany is arguably Europe’s most controversial energy project, drawing opposition from Ukraine, which it will bypass, and uniting the US, eastern EU states, and the European Commission which fears it will undermine the bloc’s ‘energy union’ plans.

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Cyprus: likely gas field find raises prospect of tension with Turkey

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Expected announcement by ExxonMobil of discovery off island’s south coast seen as potential game changer

Tensions between Cyprus and Turkey over energy could soon come to a head, with ExxonMobil apparently poised to announce a significant natural gas find off the divided island’s southern coast.

After more than three months of deep-water exploration in the eastern Mediterranean, the US firm is expected to unveil findings this week in what is being described as a seminal moment in the race to tap potentially profitable underwater resources.

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