Royal Dutch Shell has revealed plans to cut up to 9,000 jobs, or over 10% of its workforce, as part of the oil giant’s strategy to transition towards lower carbon energy production. Last month the company launched a broad review of its business, which focused on...
Saudi Aramco has reported a 73% plunge in profit for the second quarter of 2020, when the COVID-19 pandemic precipitated a collapse in demand for oil as economies around the world went into lockdown. However, the Saudi state-owned energy giant maintains it will pay out US$75...
Royal Dutch Shell has announced it will work with Dutch gas infrastructure group Gasunie to deliver Europe’s biggest green hydrogen project in the Netherlands, powered by up to 10GW of offshore wind in the North Sea. The partners signed off on the NortH2 project in conjunction...
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...