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Relief had been granted after president Nicolás Maduro promised to hold free and fair elections this yearThe Biden administration has reimposed crushing oil sanctions on Venezuela, admonishing the president Nicolás Maduro’s attempts to consolidate his rule just six months after the US eased restrictions in a bid to support now fading hopes for a democratic opening in the Opec nation.A senior US official, discussing...

Adnoc decided move was not right fit but it is latest sign of foreign buyers circling UK firmsAbu Dhabi’s state-owned oil company reportedly recently explored a multibillion-pound bid for BP in a sign that depressed share values in London are making even the biggest British businesses takeover targets.Abu Dhabi National Oil Company (Adnoc) considered options including purchasing BP or acquiring a large stake before...

States including Texas, Louisiana and Florida say federal government lacks authority to broadly deny permitsSixteen US states, including Texas, Louisiana and Florida, have filed a lawsuit to challenge the US federal government’s ban on approving applications to export liquefied natural gas, the office of Texas attorney general Ken Paxton said on Thursday.The lawsuit argues the federal government lacks the authority to broadly deny those...

Independent senator shares Tiwi Islanders’ concern over changes they argue would allow companies to ‘ignore’ their viewsGet our morning and afternoon news emails, free app or daily news podcastThe independent senator David Pocock has expressed “grave concerns” Labor is seeking to work around a court decision requiring more consultation with First Nations people on offshore gas developments.Pocock made the comments at a Senate inquiry...

Firm told it must take responsibility for toxic legacy of pollution and safe decommissioning of abandoned oil infrastructureThe oil firm Shell cannot be allowed to withdraw from the Niger delta before it takes responsibility for its toxic legacy of pollution and the safe decommissioning of abandoned oil infrastructure, a report says.Shell plc is preparing to divest from the delta but a report warns that...

President of ExxonMobil Guyana confirms plan to drill two new wells off Atlantic coast as territorial dispute simmersExxonMobil has insisted it will explore for oil in a region bitterly contested by Guyana and Venezuela, despite the dangers that the move is likely to escalate tensions between the two South American neighbors.Relations between the two countries have reached an all-time low in recent months following...

Oil and gas company criticised by campaigners as it plans more share buybacks to return cash to investorsBusiness live – latest coverageProfits at the energy company BP halved last year to nearly $14bn (£11bn), but were better than expected after weaker oil and gas market prices caused revenues to slump across the industry.BP said it would return more cash to investors with $3.5bn of...

Plan to raise shareholder payouts by 4% follows surprise $7.3bn profit in final quarter despite fall in gas pricesShell will raise its shareholder dividends by 4% this year despite a 30% fall in its full-year profits to $28.3bn (£22.37bn) for 2023 as global oil and gas market prices began to ease.The oil company handed its shareholders $23bn in payouts last year, and plans to...

Brent crude is up 1.7% to $78.32 a barrel as hopes of strong demand in China also push up pricesBusiness live – latest updatesOil prices have risen sharply after Iran rejected calls to end support for attacks by Houthi rebels on vessels in the Red Sea and sent a warship to the vital trading route.In the first trading session of the new year, Brent...