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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...

The lawyer challenging the oil company’s toxic waste dump in Ecuador is under house arrest. We need a boycott At a time when so many black Americans, Indigenous peoples, people of colour and white allies are protesting at systemic racism, we’d like to highlight a different story of marginalised people speaking truth to power on behalf of their most basic human rights. It’s the...

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...

Communities say decades of pollution have contaminated water wells with potentially cancer-causing chemicalsThe fossil fuel company Shell must be held accountable for significant and systematic pollution caused by oil extraction in the Niger delta, lawyers will argue in the supreme court.Nigerians from the Ogale and Bille communities say they have suffered decades of pollution, including the contamination of their water wells with potentially cancer-causing...

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...

World’s most profitable company posts net profits of $16.64bn for first quarter Saudi Arabia’s state owned oil company, Saudi Aramco, has posted a 25% dip in profits following the collapse of global oil markets triggered by the coronavirus pandemic.The world’s most profitable company reported net profits of 62.48bn riyals ($16.64bn) for the first quarter of the year, down sharply from 83.29bn riyals a year...

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...

Chevron’s treatment of Steven Donziger branded ‘an exceptionally bad case of intimidation’ Twenty-nine Nobel laureates have condemned alleged “judicial harassment” by Chevron and urged the release of a US environmental lawyer who was put under house arrest for pursuing oil-spill compensation claims on behalf of indigenous tribes in the Amazon.The open letter signed by scientists, authors, environmentalists and human rights activists said the treatment...

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...

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...

‘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...

Royal Dutch Shell and BP lose more than £32bn from their combined market value Saudi Arabia’s oil price war has wiped billions of pounds from the market value of the industry’s biggest companies after oil markets recorded one of the biggest price slumps in history.The decision of the world’s largest oil-producing nation to increase its production even as the coronavirus outbreak stalls global oil...

Move follows Russian refusal to join Opec-led production cut aimed at keeping prices highThe price of crude oil has plunged by almost 27% after Saudi Arabia, the world’s top oil exporter, said it would step up production from next month, flooding global markets and most likely depressing petrol and diesel prices.A barrel of Brent crude stood at $33.09 a barrel on Monday morning, a...

Washington DC-based bank grants funds to redraft south American state’s oil laws by lawyers linked to oil giantThe World Bank is to pay for Guyana’s oil laws to be rewritten by a legalfirm that has regularly worked for ExxonMobil, just as the US producer prepares to extract as much as 8bn barrels of oil off the country’s coast.The World Bank has pledged not to...

Climate lobbying watchdog claims US oil giant met EC officials in run-up to policyThe US oil firm ExxonMobil met key European commission officials in an attempt to water down the European Green Deal in the weeks before it was agreed, according to a climate lobbying watchdog.Documents unearthed by InfluenceMap revealed that Exxon lobbyists met Brussels officials in November to urge the EU to limit...