Neo Energy slows down £900m North Sea project due to windfall tax September 2, 2024 One of the North Sea’s largest oil and gas project has been plunged into uncertainty after its operator announced it was slowing down investment in light of “fiscal and regulatory uncertainty”. Neo Energy had planned to start work on the £900m Buchan project – expected to produce a peak of 35,000 barrels of oil a [...]
Future of Rosebank in doubt as UK drops challenge to judicial review August 29, 2024 The future of Britain’s largest untapped oil field, Rosebank, has been thrown in to doubt after the new government said it would not challenge a judicial review. The decision affects the field which is just off the Shetland Islands, as well as Jackdaw, another untapped site 150 miles east of Aberdeen. Legal challenges against the [...]
Drax: Renewable power operator agrees to pay £25m as Ofgem shuts probe August 29, 2024 Power station operator Drax has agreed to pay £25m after an investigation by energy watchdog Ofgem found it failed to report data adequately. Drax, which receives hefty Government subsidies from burning biomass wood chips, lacked the necessary data governance and controls in place, according to Ofgem. This meant it did not give the regulator accurate [...]
Ofgem’s energy price cap to increase by 10 per cent from October August 23, 2024 Households will pay £12 a month more for their gas and electricity bills starting in October after Ofgem announced it would lift its price cap. The energy price cap for the final quarter of 2024 will rise 10 per cent to £1,717 for a typical household in the UK, the energy regulator confirmed today. That [...]
Revenue slides at Wood Group after Sidara snub but guidance kept August 20, 2024 Engineer Wood Group maintained its full year guidance despite sliding into the red after a dip revenue in its first set of results since Emerati competitor Sidara pulled out of a deal for the firm at the eleventh hour. The Aberdonian firm, which generates much of its revenue providing engineering services to the oil and [...]
Swiss authorities order Glencore to pay £119m over to resolve bribery probe August 5, 2024 Energy giants have been ordered by the Swiss authorities to pay a fine and compensation totalling around £119m, in regards to the bribery of a Congolese public official by its business partner in 2011
SFO charges five former Glencore employees in bribery probe August 1, 2024 SFO has charged five former Glencore employees over allegations of conspiring to make corrupt payments in order to benefit mining giant Glencore
Shell kicks off £2.74bn share buyback as earnings beat expectations August 1, 2024 Shell kicked off a new share buyback programme today as it posted better-than-expected numbers for the second quarter despite a previously announced $2bn (£1.6bn) impairment and a slide in revenues.
Rio Tinto profit edges higher as miner eyes copper takeover July 31, 2024 Rio Tinto's profit edged up 1.8 per cent during the first half of the year, as the miner has begun to eye a takeover in the copper space.
BP: Oil giant lifts dividend as it beats expectations in second quarter July 30, 2024 Oil giant BP reported a stronger-than-expected net profit for the second quarter and raised its divided despite earlier warnings of lower refining margins.