Oil and gas giant Shell is to attempt to break into the UK domestic energy market by entering into a purchase agreement for independent supplier First Utility.
Workers on Royal Dutch Shell’s Brent oilfield platforms in the North Sea voted overwhelmingly in favour of strike action over disagreements about the terms of new contracts they are being offered.
Prices for crude oil have exceeded $50 a barrel for the first time in more than half a year, while many large oil companies increase their net debt in order to recover from recent low commodity prices.
Oil giant Shell will be creating a new division dedicated to investing in green energy in order to avoid the “nasty, brutish and short” end predicted for oil companies by Chatham House.
A report has been released, which suggests that the largest oil and gas companies in the world may lose around £1.5tn ($2.2tn) because they have overestimated the future level of demand for the resources that they produce.
A string of Western oil groups have sent out a warning to the Nigerian government over their plans to make radical alterations to the contracts that they hold regarding the nation’s deepwater fields.
Less than a week after Shell announced that it would be abandoning its Arctic oil drilling project in the Chukchi Sea, Italian oil company Eni has come forward saying their own plan to dig for oil in the Norwegian Arctic has got the full green light.