In contrast to record profits at Shell and Exxon, Profits at BP, the UK's largest company, fell 22 per cent to $17.29 billion last year. The oil giant confirmed it would cut 5,000 jobs and target a 20 per cent...
As the US government invites tenders for oil and gas leases in the Chukchi Sea, just days before a ruling on whether the polar bear should be added to the list of endangered species, it is facing a new scandal....
Interesting blog from the Canada’s Globe and Mail. Andrew Willis from the Globe looks at the recent criticism BP has gotten for investing in oil sands. Notice the dichotomy between the city investors that argue BP should invest in oil...
Venezuelan President Hugo Chavez has threatened to cut off oil supplies to the US if it continues what he calls an economic war. "Take note Mr Bush, Mr Danger," said Mr Chavez in his weekly televised address. "I will cut...
Climate change could lead to a heatwave in the south-east of England killing 3,000 people within the next decade, a UK government report has warned. Without preventative action, the report said that a nine-day heatwave, with temperatures averaging at least...
Russian state oil company Rosneft will increase output by a half by 2020 due to new assets and fields, according to its head as it aims to become the world’s top listed oil producer. Sergei Bogdanchikov said Rosneft will produce...
Venezuela has confirmed it has paid $1.8 billion in compensation to French, Norwegian and Italian oil companies for nationalizing key oil fields in the Orinoco basin in 2006. France's Total, Norway's Statoil and Italy's ENI gained the settlement after they...
The world's first commercial aircraft powered partly by biofuel took off from Heathrow yesterday to a storm of criticism from climate change experts, who insisted it was nothing more than Sir Richard Branson's latest "nonsensical" publicity stunt. The Virgin Atlantic...
Iraqi lawmakers across the political spectrum have criticized “overreaching” by Kurds, issuing a declaration yesterday opposing the self-ruled region's foreign oil deals. "There must be a formula for maintaining the unity of Iraq and the distribution of its wealth," said...
Biofuels have a limited ability to replace fossil fuels and should not be regarded as a "silver bullet" solution to reducing transport emissions, British scientists have warned. The report by Britain’s Royal Society warned that biofuels risk failing to deliver...
