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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...

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...

Stanlow operator Essar stopped all imports of Russian fuel in 2022 but has arrangement with LitascoThe owner of one of Britain’s biggest oil refineries has extended a loan facility with an arm of an oil company founded and part-owned by a Russian billionaire who is under sanctions.Essar Oil (UK), which owns and operates the Stanlow oil refinery on Merseyside, stopped all imports of Russian...