ADNOC and TAQA close financing for 3.8 billion dollar decarbonisation of oil and gas extraction

Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Energy Company (TAQA) have closed financing for a $3.8 billion project to decarbonise ADNOC’s offshore…

U.S. administration awards Gulf of Mexico drilling leases to oil giants

The Biden administration on Wednesday reinstated $190 million worth of leases to companies bidding to explore for oil and gas in the Gulf of Mexico.…

Huge profits for fossil-fuel giants Woodside, Whitehaven and Santos

Woodside Energy, Australia’s largest energy producer, on Tuesday capped a string of bumper results by oil, gas and coal producers. The Perth-based company said its…

China’s oil giants post record profits on surging fuel prices

PetroChina Co., Sinopec and Cnooc Ltd. each said they made historic amounts of money in the January-to-June period. PetroChina’s chairman said government stimulus packages are…

Global fossil fuel subsidies almost doubled in 2021

Global public subsidies for fossil fuels almost doubled to $700 billion in 2021. Despite the huge profits of fossil fuel companies, the subsidies soared as…

Indian Oil unveils $25 billion investment plan to achieve net zero by 2046

State-owned oil and gas company Indian Oil has unveiled a $25 billion investment plan to achieve net-zero operational emissions by 2046. Indian Oil chairman S…

Saudi Aramco posts biggest quarterly profit of any listed company

Saudi Aramco posted the biggest quarterly adjusted profit of any listed company globally driven by high crude prices and production. Revenue climbed 80% to $150…

US banks tout fossil fuel credentials

In recent years, Wall Street firms have tried to talk up their commitment to the environment and social justice. Now they are singing a different…

Heatwaves scorch Iraq as protracted political crisis grinds on

Temperatures have soared up to nearly 50˚C (122˚F) in Baghdad almost daily, and in the southern city of Basra, temperatures have come close to 53˚C…

Germany increases reliance on coal and oil

Coal – France, Italy, Austria and the Netherlands have all announced plans to reactivate old coal power plants. But nowhere are the plans as extensive…

Rosneft starts production drilling at Payakhskoye field in Russia

Moscow-based integrated energy company Rosneft has started production drilling at the Payakhskoye field on the Taimyr Peninsula in Russia. The field is part of Rosneft’s…

Wintershall Dea begins production from Nova oil field, offshore Norway

Wintershall Dea and its partners Sval Energi and Pandion Energy Norge have started production from the Nova oil field (previously Skarfjell) located in the Norwegian…

BP profits highest in 14 years, raking in $8.5 billion

BP reported a profit of $8.5 billion for its second quarter on Tuesday, its biggest windfall in 14 years. Just days earlier, the two largest…

Exxon, Chevron post blockbuster profits on oil price boom

The nation’s biggest oil companies — ExxonMobil and Chevron — saw their profits roughly triple in the second-quarter. On Friday, Exxon reported net income of…

Shell reports record profits on surging oil and gas prices

The UK-headquartered group, Europe’s largest oil company, reported adjusted earnings of $11.5 billion in the second three months of the year, breaking the record $9.1…

Biden expects Saudi Arabia to take ‘further steps’ to boost oil supply

US president Joe Biden said he expected Saudi Arabia to take “further steps” to increase the supply of oil in the “coming weeks” following a…

Oil drilling to go ahead in Ugandan park despite threat to nature

In 2015, French oil giant TotalEnergies and the China National Offshore Oil Corporation (CNOOC) signed a memorandum of understanding (MOU) with the governments of Uganda…

Biden opens door to more offshore drilling, despite earlier climate vow

The proposed program for offshore drilling between 2023 and 2028 would ban exploration off the Atlantic and Pacific coasts. But by leaving the possibility for…

Canada’s oil sands: why some of the world’s dirtiest fuel is now in hot demand

Alberta’s producers — forced to contend with sub-zero oil prices just a couple of years ago — are using the windfall from $100 a barrel…

Oil and gas back in vogue for retail investors

Oil and gas is back in fashion — at least on the stock market. Soaring fossil fuel prices, pushed higher by Russia’s invasion of Ukraine,…

Australia’s oil and gas regulator criticised after chief hands out environmental ‘excellence’ awards at industry dinner

The outgoing head of Australia’s offshore oil and gas regulator has helped hand out awards to fossil fuel companies, including Santos, Inpex and Beach Energy,…

Coal, oil price surges on Ukraine war make Asia’s richest richer

Gautam Adani and Mukesh Ambani are profiting from a surge in global commodity prices triggered by Russia’s invasion of Ukraine, burnishing their fossil-fuel credentials even…

US shale companies enjoy ‘tsunami of cash’ on high oil prices

America’s shale oil companies are enjoying a cash bonanza, as soaring oil prices and months of capital restraint transform the fortunes and balance sheets of…

Saudi Aramco overtakes Apple as the world’s most valuable company

Saudi Aramco has overtaken Apple as the world’s most valuable company after higher oil prices pushed shares of the world’s biggest crude exporter to record…

Pertamina gets planning approval for $2.4 billion Rokan block development

Indonesian state-owned oil and natural gas company Pertamina has reportedly received approval for the $2.41 billion investment plan to expand the Rokan oil block. Pertamina…

Petrobras begins production from FPSO Guanabara in Mero field

The Guanabara floating production storage and offloading unit (FPSO) has been designed to process up to 180,000 barrels of oil per day and 12 million…

Biden Plans to Open More Public Land to Drilling

The Biden administration announced on Friday that it would resume selling leases for new oil and gas drilling on public lands. The Interior Department said…

The oil giants drilling among the giraffes in Uganda

As one of the world’s most famous game reserves, Murchison Falls National Park is home to some of the largest populations of elephants, giraffes, lions…

Canada approves controversial Bay du Nord offshore oil project

Canada’s environment minister approved Wednesday a controversial offshore oil project expected to see 300 million barrels of oil extracted over 30 years This is equivalent…

The great climate backslide: How governments are regressing worldwide

From the U.S. to China, in Europe, India and Japan, fossil fuels are staging a comeback, clean energy stocks are taking a hammering, and the…

The World Has Been Using A Lot More Oil Than We Thought

For the past 15 years the world has been using more oil than the primary monitoring agency thought. The changes aren’t small. At 2.9 billion barrels,…

Europe’s biggest banks provide £24 billion to oil and gas firms despite net zero pledges

25 European banks have provided $US33 billion (£24 billion) in loans and other financing to 50 companies with large oil and gas expansion plans, less…

The East African Pipeline

TotalEnergies & China’s CNOOC will drill more than 431 wells in Uganda and pump the crude in a pipeline heated to 50˚C 1,450km (900 miles)…

Colossal Fossil Total Projects Peak Oil by 2030, Still ‘Leaves it to Others’ to Meet Paris Targets

Total Energies is leaving it to others to meet the carbon reduction goals in the Paris agreement, after the Paris-based colossal fossil predicted the world…

Norway to keep searching for oil and gas

A minority coalition of the Labour Party and the rural Centre Party will take power after defeating the Conservative-led government in last month’s election. “The…

Norway plans to continue oil exploration and drilling in coming decades

“We will supply energy to the world as long as the demand exists.”

World’s first 100,000 ton deep-sea semi-submersible oil platform ready for production.