Oil and Industry
Oil and gas sector ‘losing its social licence to operate’, UK boss warns
Tim Eggar, chairman of the UK's Oil and Gas Authority (OGA), sent shockwaves through the industry on Wednesday (15 January) when he said growing public awareness about climate change was putting the sector's very survival at stake.
Kazakhstan and Belarus to discuss oil supply deal
Kazakhstan and Belarus will discuss an oil supply deal before 20 January, Kazakhstan Energy Minister Nurlan Nogayev told reporters on Wednesday (15 January), without explaining the significance of that date.
Fossil fuel production on track for double the safe climate limit
The world’s nations are on track to produce more than twice as much coal, oil and gas as can be burned by 2030 while restricting rise in the global temperature to 1.5C, analysis shows. EURACTIV's media partner, The Guardian, reports.
US scientist: Methane leakage reports ‘have an inherent low bias’
To understand its full methane emission footprint and its impact on the climate, Europe needs to assess oil and gas imports from countries such as Algeria, Russia and Qatar, for which no data is available yet, says Stefan Schwietzke.
China’s growing interest in Saudi Aramco is part of a long game
The Aramco public offering gives China an opportunity to gain a foothold at the center of the global oil industry. According to Joseph Dana, the move is part of a longer-term attempt by Beijing to challenge the dollar’s dominance as the world’s universal currency.
Banks taking only ‘superficial’ climate action, study reveals
Despite an explosion in green finance, banks have made only superficial changes to their lending practices, with fossil fuel funding going virtually unabated over the past years, according to a new report by Boston Common Asset Management released today (11 November).
Oil and gas majors must cut production by a third to meet climate targets: report
The world's largest oil and gas companies must cut combined production by 35% by 2040 if nations are the meet the collective ambitions of the Paris Agreement and limit global warming to below 2C, a new report from Carbon Tracker has found. EURACTIV's media partner edie.net reports.
Russia’s Rosneft-led Arctic oil project requires $157 billion of investment
A ambitious new Arctic oil project led by Russia’s top oil producer Rosneft will require about 10 trillion roubles ($157 billion) of investment, Russia’s deputy energy minister Pavel Sorokin told reporters.
Oil and gas giants spent 250m on EU lobbying since 2010: green groups
The five biggest publicly listed oil and gas companies and trade groups representing them spent more than 250 million euros lobbying the European Union to influence climate action since 2014, environmental groups said Thursday (24 October).
A strait at boiling point
The Strait of Hormuz, the site of recent military conflicts between Iran, Saudi Arabia and the United States, sees a quarter of the world's oil consumption pass through it each year. If Persian Gulf oil exports are disrupted because of a conflict, how much will Europe be affected?
Saudi attack will jolt oil markets out of ‘complacency’ over Gulf tensions – analysts
The price of oil has seemed relatively immune to heightened tensions in the Gulf, but this weekend’s attack on Saudi oil facilities means markets will now be more skittish.
The attack on Saudi Arabia’s Abqaiq refinery and the realpolitik of oil
After a Saudi oil processing facility came under attack, attention turned on the immediate effect this could have on oil prices. But the worry should be more over the medium term than the short term, writes Robin Mills.
EU countries have ‘no concrete plans’ to phase out fossil fuel subsidies: report
Not a single EU member state has so far spelled out a comprehensive plan to phase out fossil fuel subsidies, despite a commitment taken at the G20 ten years ago to eliminate them, according to a fresh analysis of the bloc’s 28 National Energy and Climate Plans.
Oil and gas companies risking $2.2trn in stranded assets during low-carbon transition, report warns
Since 2018, oil and gas companies have spent $50bn (€45.3bn) on investment projects that undermine the Paris Agreement, with a new report from think tank Carbon Tracker warning that major companies risk wasting $2.2trn (€1.9trn) on stranded assets by 2030. EURACTIV's media partner edie.net report.
Ahead of heating season, EU gas tanks are full
With gas prices at a ten-year low, storage tanks are far fuller than average for this time of year. This may have political implications as lawmakers think about security of supply.
How Europe’s war on plastics is affecting petrochemicals
With oil use in cars expected to peak in the mid-2020s, oil companies are seeking shelter in petrochemicals – and plastics – where demand is still going strong. However, even that notion is now being challenged because of a global plastics backlash led by Europe.
As the sun sets on oil, the sun will rise on solar power
When shares in Saudi Aramco eventually go public, there will doubtless be a feeding frenzy on what promises to be the largest initial public offering ever seen. More significantly, the move would also signal Saudi Arabia’s recognition that sunset for fossil fuel is just over the horizon, writes Jonathan Gornall.
No-deal Brexit set to cause disruption for UK oil refineries
Though UK fuel export tariffs are set to rise to 4.7%, import tariffs will be set at 0%. Oil refineries are warning this would put them at a competitive disadvantage.
EU slaps anti-subsidy duties on Indonesian biodiesel
The European Commission on Tuesday (13 August) imposed countervailing duties of 8% to 18% on imports of subsidised biodiesel from Indonesia, saying the move aimed to restore a level playing field for European Union producers.
EU opens antitrust investigation into PKN’s bid for rival Lotos
Polish oil refiner PKN Orlen's bid for rival Lotos may reduce competition in Poland and neighbouring countries and push up prices, EU antitrust regulators said on Wednesday (7 August) as they opened a full-scale investigation.
Oil tanker investments at risk from climate action, report says
Strong action on climate change would shrink demand for vessels by a third, impacting investment decisions being made now, analysts say. EURACTIV’s partner Climate Home News reports.
Russia readies to ratify Paris Agreement, warns about renewables ‘absolutism’
The Russian government will submit legislation to ratify the Paris climate agreement by September, but president Vladimir Putin warned against the perils of “absolutist” renewable energy. EURACTIV's media partner Climate Home News reports.
Iran condemns detention of oil supertanker in Gibraltar
Iran on Thursday (4 July) condemned the "illegal interception" of one of its oil tankers in Gibraltar where authorities said they suspected it was carrying crude to Syria in violation of EU sanctions.