Oil Price The G7 group of the world’s most industrialized nations are discussing a common target to end their coal-fired power generation by 2035 at an energy ministers’ meeting in Italy, a source close to the talks told Reuters on Monday. The energy, climate, and environment ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States are meeting between Sunday
World Oil (WO) – The Forties Pipeline System moves 40% of the UK’s oil from the North Sea through Grangemouth where it is processed for distribution throughout the UK. Over the 6 years of INEOS ownership, oil flows through the system have declined by a dramatic 40%, and INEOS has had to close one of its three processing plants due
World Oil (Bloomberg) – Prime Minister Rishi Sunak said the UK will need fossil fuels for the “next few decades” as the UK moves to eliminate net greenhouse gas emissions, after being urged to oppose Equinor ASA’s Rosebank oil field project in the North Sea. “It makes absolutely no sense to not invest in the resources we have here at
Yahoo Finance Britain’s competition watchdog said on Tuesday U.S.-listed oilfield services firm Baker Hughes Co’s acquisition of Altus Intervention could reduce competition among UK oil and gas operators. The Competition and Markets Authority (CMA) said it was concerned that the loss of rivalry between the merging companies could lead to higher prices, reduced choice and lower quality services for
Yahoo Fracking can go ahead in England, the government said on Thursday, lifting a ban on the controversial process. A moratorium was put in place in 2019 following concerns over earth tremors. But with the energy crisis worsening globally and world leaders scrambling to secure energy supplies, the question has been reopened. The decision comes alongside the publication
World Oil (Bloomberg) — New British Prime Minister Liz Truss removed a ban on drilling for shale gas, an effort to boost domestic energy supply that will have to overcome the same obstacles that stymied the industry for the past decade. The lifting of the moratorium on so-called fracing was part of a package of measures announced on Thursday to tackle soaring
World Oil (Bloomberg) –The UK proposed a series of climate change tests to determine whether new oil and gas fields can be built off its shores, but said its net-zero pledge doesn’t require the industry to be shut down. New projects could potentially still be allowed if they can show that their proposed emissions are less than those that come
Forbes The U.K. government today announced it would adopt a much tougher climate target of slashing carbon emissions 78% by 2035, in a British bid to claim global leadership on climate action. Introducing the target as part of the U.K.’s Sixth Carbon Budget, Prime Minister Boris Johnson said: “We want to continue to raise the bar on tackling climate change,
From The Houston Chronicle An Iranian supertanker with $130 million worth of light crude oil that the U.S. suspects is tied to a sanctioned organization left Gibraltar and was heading east into the Mediterranean Sea on Monday, with its next destination reported to be Greece. The Iran-flagged Adrian Darya 1, previously named Grace 1, set course for Kalamata, Greece, with
From CNBC An Iranian oil tanker held in Gibraltar since early July has been officially released by local authorities, although it may not sail if a U.S. application to seize the vessel proves successful. On July 4, Gibraltar authorities with the help of the British Royal Marines, seized the Grace 1 oil tanker following suspicions it was delivering oil to
From Reuters The Panama Canal will continue authorizing vessels coming from Venezuela provided they present the necessary paperwork, the waterway’s chief said on Wednesday, suggesting a new round of U.S. sanctions on the South American nation should not make a difference to canal traffic. President Donald Trump’s administration last week issued an executive order freezing all Venezuelan government assets in
From The Houston Chronicle Iran expects an oil tanker seized by the U.K. in the Strait of Gibraltar in July will be released soon, the semi-official Fars News agency reported Tuesday, a move that could help to ease concerns about the safety of shipping routes in the Middle East. “Official and unofficial documents have been exchanged to resolve the matter
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