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Decision as part of plan to phase out fossil fuel extraction by 2050 will put pressure on UK Denmark has brought an immediate end to new oil and gas exploration in the Danish North Sea as part of a plan to phase out fossil fuel extraction by 2050.On Thursday night the Danish government voted in favour of the plans to cancel the country’s next...

17m tonnes of carbon dioxide to be stored beneath the North Sea every yearAfter 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.BP has set out plans to lead an alliance of energy companies in siphoning off the carbon...

Thinktank says changes to forecasts reflect accelerated shift away from fossil fuelsThe world’s largest listed oil companies have wiped almost $90bn from the value of their oil and gas assets in the last nine months as the coronavirus pandemic accelerates a global shift away from fossil fuels.In the last three financial quarters, seven of the largest oil firms have slashed their forecasts for future...

Government accused of hypocrisy for backing scheme while claiming to be leading on climateThe UK government could face a legal battle after offering more than $1bn in financial support to help build a gas project in Mozambique despite its commitment to tackling the climate crisis.Under the deal, UK taxpayer funds will be used to help develop and export Mozambique’s gas reserves, in one of...

CEO tells staff company is responding to economic fallout of the Covid-19 pandemicCoronavirus – latest updatesSee all our coronavirus coverageBP has announced plans to cut 10,000 jobs, representing about 15% of the oil group’s 70,000 staff, by the end of the year.Bernard Looney, BP’s chief executive, told employees that the job cuts were essential to enable the company to cope with a global collapse...

More than 60 objections to regulator about claims by world’s biggest oil company The world’s biggest oil company has withdrawn an advertising campaign that boasted it was “powering a more sustainable future”, after dozens of complaints to the Advertising Standards Agency. Saudi Aramco claimed in the advert that “real sustainability doesn’t wait until tomorrow”, adding “this is real energy”. Continue reading...

Ships capable of carrying 2m barrels are charging $335,000 a day to store oil unwanted amid the Covid-19 pandemicGiant oil tankers are being used to hold record amounts of crude at sea due to a global oversupply which threatens to overwhelm the world’s storage facilities.A record 160m barrels of oil has been stored in “supergiant” oil tankers outside the world’s largest shipping ports following...

Firm to cut carbon intensity by selling more green energy but critics say first step must be to stop new drillingRoyal Dutch Shell plans to become a net zero-carbon company by 2050 or sooner by selling more green energy to help reduce the carbon intensity of its business.Ben van Beurden, Shell’s chief executive, said the company must focus on the long-term “even at this...

Saudi Arabia and Russia reach truce after collapse in demand caused by coronavirusThe world’s largest oil producers have agreed a historic deal to cut global oil production by almost 10% to protect the market against the impact of the coronavirus pandemic.Members of the Opec oil cartel and its allies have agreed to withhold almost 10m barrels a day from next month after the outbreak...

Mexico holds out against scale of reductions which would amount to 10m barrels per day, or 10% of global supplyOpec countries and allies led by Russia have agreed in principle to cut their oil output by more than a fifth and said they expected the United States and other producers to join in their effort to prop up prices hammered in the coronavirus crisis.But...

Budget to be slashed, including $1bn less on US shale projects, on back of coronavirus crisisCoronavirus – latest updatesSee all our coronavirus coverageBP is braced for a $1bn (£800m) financial blow in its first-quarter results and plans to slash its spending by a fifth this year to weather “the most brutal” oil market rout in decades.The oil giant told investors it would cut its...

A city more reliant than most on oil and gas reserves hopes to profit from a shift to net zeroAberdeen is one of the few cities in the world where your taxi driver is almost guaranteed to know the global market price for oil.It is the second week of March in the capital of the North Sea oil and gas industry and Aberdonians have...

‘Perfect storm’ of oil market woes have fuelled doubts about company’s future Tullow Oil will axe a third of its staff after plunging to a $1.7bn (£1.3bn) pre-tax loss amid a “perfect storm” of oil market woes, which have fuelled doubts over the company’s future.The Africa-focused oil exploration company lost almost a third of its market value on Thursday after issuing a grim warning...

Breakdown of talks with Russia prompted Saudi Arabia to turn on taps and push down priceSaudi Arabia, the world’s biggest oil exporter, has spelled out details of the dramatic increase in its production that prompted Monday’s huge falls in global stock markets and is regarded as a targeted attack on the US shale oil industry.The state-owned oil firm Saudi Aramco, said in April, when...

On its debut the oil producer’s stock market valuation reached $1.88tn in early tradingSaudi Aramco became the world’s largest listed company on Wednesday as shares in the state-backed oil producer rose by 10% on its stock market debut in Riyadh.The company’s market valuation reached $1.88tn in early trading, amid a push from the Saudi Arabian government to reach the $2tn market value coveted by...

Oversubscribed listing in Riyadh of 1.5% stake in state oil company will value it at $1.7tnSaudi Aramco is poised to achieve the biggest initial public offering in history next week by raising $25.6bn (£19.4bn) for the Saudi state in its market debut.The state-owned oil business will emerge as the world’s most valuable listed company after valuing its shares at 32 riyals ($8.53) apiece before...

State-owned Saudi oil giant said it will provide the final offer price on 5 DecemberBidding for shares in the world’s most profitable company will start in one week, it has been announced. Saudi Aramco, the state-owned oil giant, said it plans to provide the final offer price, precise number and percentage of shares on 5 December. Its prospectus, released on Saturday night, showed profits...

Eight green groups send letter to express concern over planned market floatEnvironmental groups have warned the banks linked to Saudi Aramco’s planned market float that they risk financing the destruction of the planet by supporting the public listing of the world’s biggest oil producer.The eight green groups, including Oil Change International and Friends of the Earth, warned that the world’s largest IPO would be...