Oil and Industry

EU price on pollution hits record high in early 2021

The price of permits on the European Union carbon market has soared to record levels in the first trading days of the year, hiking costs for polluters as the EU prepares measures to enforce deeper emissions cuts.
Energy 22-12-2020

Norway’s top court rejects climate challenge to Arctic oil exploration

Norway's Supreme Court struck down a challenge from environmental groups trying to stop oil exploration in the Arctic, after a historic battle over the country's climate change commitments on Tuesday (22 December).
Energy 02-12-2020

Fossil fuel production needs to fall 6% per year to avoid catastrophic warming: report

World governments need to reduce fossil fuel production by 6% every year over the next decade to reach a 1.5°C pathway and limit catastrophic warming, according to new research.

While coal premiums soar, insurance groups still supports oil and gas

Insurance companies have accelerated their withdrawal from coal this year, making it costlier to secure insurance for new projects. However, the insurance industry is still underwriting oil and gas companies, according to new research.
Energy 24-11-2020

Oil hits highest since March, but still drastically down from last year

The oil price has reached its highest point since it plummeted in March due to COVID-19 lockdowns, as market confidence grows in coronavirus vaccines.
Energy 23-11-2020

Oil and gas majors sign up to ‘gold standard’ of methane reporting

Sixty-two major oil and gas companies on Monday (23 November) agreed to a new framework for monitoring, reporting and reducing methane emissions as part of the Oil and Gas Methane Partnership 2.0.
Energy 16-11-2020

UK set to move petrol and diesel ban forward to 2030

Prime Minister Boris Johnson is expected to move the ban on sales of new petrol and diesel cars forward to 2030, as part of a raft of new policy announcements to drive the UK towards its net-zero target. EURACTIV's media partner edie.net reports.
Energy 09-11-2020

Norway plans heavy oil ban around Svalbard

The Norwegian government has announced plans to ban heavy fuel oil (HFO), a dirty marine fuel that propels most vessels, around its Svalbard archipelago in the Arctic Ocean. The effort comes as UN efforts have been deemed too slow.
Energy 05-11-2020

Emissions from energy sector likely to rebound from COVID-19, Capgemini warns

Emissions from the global energy sector will be 7-8% lower in 2020 than in 2019, but most nations are still failing to align their energy generation and consumption patterns with long-term climate targets, Capgemini is warning. EURACTIV's media partner, edie.net, reports.
Energy 05-11-2020

Oil and gas have been hit dramatically by COVID, speeding the transition out of them

COVID-19 has had a wide-ranging impact on oil and gas, with estimates showing that oil demand could peak as early as 2025, rather than 2040, and that gas will be a much shorter bridge into renewables, writes Simon Redmond and Elena Anankina.

Dangerous pipedream: how funding fossil gas risks blowing apart the EU Green Deal

MEPs should uphold the Green Deal and vote against subsidising gas in the upcoming Committee on Economic and Monetary Affairs vote, writes Jeremy Wates and Magda Stoczkiewicz.
Energy 28-10-2020

European energy companies launch major carbon capture projects off UK coast

After decades spent extracting fossil fuels from the UK’s North Sea, a consortium of oil companies is preparing to pump Britain’s greenhouse gas emissions back beneath the seabed to help meet the government’s climate ambitions. EURACTIV's media partner partner, The Guardian, reports.
Energy 07-10-2020

Major fossil fuel firms set to miss 2°C climate target, research shows

None of the world's major coal, oil and and gas companies are on track to limit climate warming to 2°C by 2050, according to new research released on Wednesday (7 October).
Climate change 28-09-2020

Growing momentum behind carbon capture can make it a new clean energy success story

Governments and companies have the chance today to turn carbon capture, utilisation and storage (CCUS) into a clean energy success story that will bring environmental and economic benefits worldwide. Without it, our energy and climate goals will become almost impossible to reach, write Erna Solberg and Fatih Birol.

Call it by its name: Synthetic gas and oil from old plastics is not ‘recycling’, it’s ‘recovery’

The term “chemical recycling” should only be used for plastic waste reconverted into new plastics. If those plastics are transformed into fuels or petrochemical products, the process should be called “recovery” instead, write Shanar Tabrizi and Fanny Rateau.

Norway makes second attempt at carbon capture ‘moon landing’ project

Norway will finance two-thirds of a large-scale project to capture and store carbon dioxide – its second attempt to cut greenhouse gas emissions in a plan that was previously touted as the oil-producing country's moon landing.
Energy 21-09-2020

EU lists sectors eligible for carbon compensation perks

The European Commission reduced on Monday (21 September) the number of industrial sectors eligible for compensation against higher electricity costs caused by the EU carbon market, the Emissions Trading Scheme.
Energy 11-09-2020

Polish oil firm signs up to 2050 climate neutrality goal

PKN Orlen, Poland's largest oil refiner and retailer, this week became the first oil company in central Europe to commit to climate neutrality by 2050, with plans to invest billions in energy efficiency, solar, wind, and hydrogen.
Energy 04-09-2020

Oil industry placing risky bet on plastics, report says

Big oil producers are pinning their future growth on the world's insatiable appetite for plastic, researchers said Friday (4 September), in a "bet" on society's failure to tackle disposable consumption that risks stranding billions of dollars in petrochemical investments.
Energy 20-07-2020

Has the coronavirus killed the oil sands industry?

The spectacular collapse in oil prices caused by the coronavirus pandemic has brought the costliest – and most polluting – oil projects such as tar sands to a standstill, a development some analysts say could be definitive.
Energy 16-07-2020

Oil giants including Exxon set first joint carbon target

A group of the world's top oil companies including Saudi Aramco, China's CNPC and ExxonMobil have for the first time set targets to cut their combined greenhouse gas emissions as a proportion of production, as pressure on the sector's climate stance grows.
Energy 08-07-2020

VW to ditch petrol and diesel cars manufacturing at key factory

Volkswagen is set to remove production lines for all internal combustion engine vehicles from one of its key factories this year, replacing them with electric vehicle production capacity. EURACTIV's media partner, edie.net, reports.
Energy 08-07-2020

Virus crisis threatens to set back oil platform decommissioning

Oil companies are being forced to cut spending due to a fall in global oil prices, threatening funds earmarked to dismantle dated off-shore rigs, despite environmental risks.
Climate change 24-06-2020

US oil giants lagging behind Europe on climate goals, research finds

US-based oil and gas majors are lagging well behind their European counterparts when it comes to plans for cutting emissions to comply with the Paris climate deal, according to analysis released Wednesday (24 June).

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LUKOIL

LUKOIL is one of the largest publicly traded, vertically integrated energy companies in the World. The corporate mission of LUKOIL is to make the energy of natural resources serve the interests of mankind. Every day millions of consumers worldwide buy LUKOIL products, energy and heat, improving the quality of their life.

LUKOIL’s main activities are exploration and production of oil and gas, refining and marketing of petroleum products and petrochemicals, as well as power generation. In order to reduce environmental impact and make efficient use of resources, LUKOIL has developed renewable energy solutions including hydroelectric, solar and wind generation.

LUKOIL conducts its business in a responsible and sustainable way, seeking to strike a balance between socio-economic and environmental development by supporting communities, contributing to the economy and preserving the environment. The company stringently abides by the highest global environmental standards and shares the principles of the United Nations Global Compact ensuring high levels of occupational safety and health. Taking social responsibility for the efficient use of natural resources in all its earnestness and maintaining favorable environmental conditions in its business, LUKOIL is guided by the highest HSE standards. In its operations LUKOIL pursues the sustainable development principles and seeks to achieve a good balance between socio-economic and environmental development.

LUKOIL corporate governance system is based on international best practices and fully incorporates the principles of openness, regulatory requirements, fair competition, and transparency.

LUKOIL ordinary shares are admitted to the Moscow Exchange. LUKOIL depositary receipts are listed on the London and Frankfurt Stock Exchanges, as well as on the US OTC market.

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