Oil majors report record first-half results across the board
The energy supermajors have released second quarter results and high commodity prices have pushed business' profits to new heights as we head into the second half of the year.
Oil & Gas
Equinor will pay £834m less in tax if Rosebank is approved, campaigners argue
An environmental group is claiming Equinor will pay millions of pounds less in tax if the North Sea Rosebank field gets the go ahead.
Aviva CEO joins board of BP as non-executive director
London-listed supermajor BP (LON:BP) has unveiled the appointment of a new non-executive director.
Suncor sells to Sval in Norway exit, UK deal in works
Sval Energi has signed an agreement to acquire Suncor Energy’s Norwegian business, as the Canadian group looks also to sell off its UK assets amid a pull back from the North Sea.
Oil suffers deep weekly loss as concerns over demand intensify
Oil headed for a punishing weekly loss on increasing evidence that a global economic slowdown is spurring demand destruction, with prices collapsing to the lowest level in six months as key time spreads contract.
BP apprentice and new mum shares story of breastfeeding offshore
Oil and gas technical apprentice Andrea has shared her story breastfeeding offshore as a new mum while training as a production technician.
Up to 1,600 jobs expected from £8bn Rosebank megaproject
Equinor (OSLO:EQNR) has published economic analysis for its long-awaited Rosebank project, which sets out commitments to support thousands of UK jobs and invest billions of pounds in the local supply chain.
Choppy waters ahead for oilfield service businesses as the windfall tax creates uncertainty
Legislation for the energy profits levy passed through the House of Commons recently to the dismay of many in the industry.
Political will and Europe’s energy security challenge
European energy security faces a seemingly impossible task of meeting short-term demand with longer-term decarbonisation. Society does not have the luxury of declaring this to be impossible, though, so must take steps now to meet the challenges.
Shell North Sea gas prospect dubbed a ‘key’ well to watch by Westwood
A Shell (LON:SHEL) exploration target in the North Sea has been named among Westwood Global Energy Group’s ‘key wells to watch’ for the rest of 2022.
Crude oil heads for 10% weekly collapse as slowdown hits demand
Oil headed for a punishing weekly loss on increasing evidence that a global economic slowdown is spurring demand destruction, with prices collapsing to the lowest level in six months.
Indonesia’s Pertamina pushed to buy Shell’s stake in Masela LNG project
The Indonesian government is directing national oil company Pertamina to buy Shell’s (LON:SHEL) 35% equity in the proposed Abadi liquefied natural gas (LNG) project in the Masela Block offshore Indonesia that is led by Japan’s Inpex (TYO:1605).
Equinor submits environmental statement for Rosebank field
Equinor (OSLO:EQNR) has submitted a key document in relation to the Rosebank development, allaying fears it was considering ditching the £8.1 billion project.
UN chief criticises ‘grotesque greed’ of oil and gas companies
The United Nations chief has sharply criticised the "grotesque greed" of oil and gas companies for making record profits from the energy crisis on the back of the world's poorest people, "while destroying our only home".
Energy price cap to be updated quarterly ahead of ‘challenging winter’
Ofgem has confirmed that the energy price cap will be updated quarterly, rather than every six months, as it warned that customers face a "very challenging winter ahead".
CNR International announces ‘special dividend’ as oil profits continue swell
North Sea operator CNR International is poised to hand millions of dollars back to shareholders after a bountiful start to the year.
Hummingbird FPSO granted new mythic title ahead of journey to Avalon
Ping Petroleum has renamed the Hummingbird floating production storage and offload (FPSO) vessel “Excalibur” ahead of its planned redeployment at the Avalon field.
Teekay expects to wind down FPSO segment by year-end
Teekay is on course to bring its floating production, storage and offloading (FPSO) segment to a close by the end of 2022.
Aberdeen supply chain event to shine light on operators’ well P&A opportunities
Highlighting supply chain opportunities within the lucrative well decommissioning sector will be a key focus of an industry event, due to take place in Aberdeen later this month.
Petrofac consortium wins EPC contract for work in Algeria
Petrofac (LON: PFC) has provisionally been awarded a contract for work on a major gas field onshore Algeria.
Russia orders new Sakhalin-2 LNG operator to be set up, putting Japan’s stake on the line
Russia’s government ordered the establishment of a new operator for the Sakhalin-2 liquefied natural gas (LNG) project in the Far East region, according to a document published in the nation’s legal database.
Newly elected Philippines President eyes renewables and nuclear as LNG prices soar
Newly elected President Ferdinand Marcos Jr reiterated his support for more renewable energy, as well as nuclear power, and natural gas, in the Philippines, one of Southeast Asia’s fastest growing economies. The news comes as plans to import maiden liquefied natural gas (LNG) cargoes into the country have stuttered due to surging global prices.
North Sea decom costs down by a quarter since 2017, but key target likely to be missed
A new report from the North Sea regulator says decommissioning costs have fallen by 25% since 2017, but COVID-19 and supply chain pressures have slowed progress towards its 35% goal.
AG&P to launch Philippines LNG terminal this year, eyes Asia expansion
AG&P aims to commission the Philippines' first liquefied natural gas (LNG) import terminal this December as part of the company’s strategy to operate five LNG regasification facilities across Asia by 2025.
OPEC+ Answers Biden’s Diplomacy With ‘Minuscule’ Output Hike
OPEC+ responded to months of diplomatic efforts from US President Joe Biden with one of the smallest oil production increases in its history.