Oil and gas companies have approved US$50 billion of new investment in major projects since 2018, undermining climate change targets set out in the Paris Agreement and threatening shareholder returns. Think tank Carbon Tracker found that no major oil company is investing in projects that will...
UK energy supplier First Utility has switched more than 700,000 of its customers to renewable electricity after its owner Royal Dutch Shell renamed the firm Shell Energy. The move by the Anglo-Dutch oil and gas giant comes just over a year after first buying First Utility...
The world’s largest oil companies spent only around 1% of their budgets on clean energy in 2018, but European firms have made greater investments in low carbon technology compared to their US and Asian counterparts. A fresh study by environmental research organisation CDP found that Europe’s...
Royal Dutch Shell will sell its Danish upstream business to Norwegian Energy (Noreco) for US$1.9 billion, in a deal that completes its three-year $30 billion divestment plan. The payment from Noreco to Shell will be adjusted for the cash flow Shell has generated since the deal’s...
BP reported a 71% increase in profit during the first quarter of 2018, generating US$2.6 billion compared to $1.5 billion in the opening quarter in 2017. Underlying profit also grew by 23% in Q1, making the results BP’s best in three years. Meanwhile operating cash flow...
Brazil’s state-run oil firm Petrobras has revealed it will join the Oil and Gas Climate Initiative (OGCI) after it signed a letter of engagement to become a member of the global industry body. OGCI was launched in 2014 as a voluntary CEO-driven organisation which intends to...
Royal Dutch Shell and PetroChina have passed a significant milestone on the way to advancing a long-awaited gas development in Australia, signing a 27-year supply deal for the project. The agreement between Arrow Energy, a joint venture between the two oil majors, and Shell’s Queensland Curtis...
Royal Dutch Shell (LSE:RDSB) has restored its all-cash dividend in place of a scrip dividend programme, marking another significant turning point in the financial recovery of the oil industry. The Anglo-Dutch company initiated the scrip dividend scheme, which pays investors in shares rather than cash, at...
Royal Dutch Shell (LSE:RDSA) has cancelled a US$900 million deal for its shares in a gas field in Thailand, after Kuwait’s state oil company took too long to complete the purchase. The deal for Shell’s 22% stake in the Bongkot natural gas field and adjoining offshore...
Royal Dutch Shell’s Nigerian division has inked a US$300 million deal with Shoreline Energy to grow natural gas opportunities in Lagos. The Shell Petroleum Development Company Nigeria (SPDC) will develop gas pipeline infrastructure around Nigeria’s commercial capital in a deal which highlights the move from large...