Oil and Industry

Climate change 21-11-2019

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.
Energy 19-11-2019

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).
Climate change 04-11-2019

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.
Energy 28-10-2019

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.
Climate change 24-10-2019

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).
Energy 26-09-2019

A strait at boiling point

Download PDF  

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?
Energy 17-09-2019

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.
Energy 17-09-2019

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.
Climate change 09-09-2019

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.
Energy 06-09-2019

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.
Energy 28-08-2019

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.
Energy 27-08-2019

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.
Energy 21-08-2019

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.
Energy 20-08-2019

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.
Agrifood 14-08-2019

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.
Agrifood 08-08-2019

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.
Shipping 18-07-2019

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.
Energy 10-07-2019

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.
Global Europe 05-07-2019

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.
Energy 01-07-2019

Brussels ministerial shows US still isolated on climate change

Ministers from China, Canada and the EU met for a third annual climate summit in Brussels on Friday (28 June), in a format meant to demonstrate that the world continues the climate fight even if America is retreating.
Energy 28-06-2019

Satellite data offers new hope for taming oil’s methane emissions

The release of methane emissions from drilling has been a beguiling problem for the oil and gas industry. But EU satellite data points toward a solution.
Energy 27-06-2019

After years of decline, oil and gas extraction is set to increase

Download PDF  

Oil majors have steadily reduced exploration investment since the 2014 oil price collapse. Now exploration is ticking up again, even if the oil price isn’t. Meanwhile, investment in renewables remains small among oil and gas companies.

Want to know what's going on in the EU Capitals daily? Subscribe now to our new 9am newsletter.