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☆ Perenco UK says oil leak occurred at well site in Southern England
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: +1 min

March 26 (Reuters) - Anglo-French oil company Perenco's UK unit said on Sunday that a limited oil leak occurred at one of its well sites in Wytch Farm in Dorset, southern England. Perenco UK said the spill was being contained and an investigation will be launched. BBC reported that a major incident was declared after about 200 barrels of reservoir fluid leaked into the water at Poole Harbour. Perenco UK produces about 40,000 barrels of oil equivalent a day, of which about 14,000 barrels is from Wytch Farm. Poole Harbour Commissioners (PHC) has activated an oil spill plan and the pipeline had been shut down, with booms placed on either side of the leak, BBC said.

☆ Oil drops as oversupply concerns overshadow demand hopes
▼ + stars: | 2023-03-23 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Brent crude futures fell 46 cents, or 0.6%, to $76.23 a barrel by 2:15 p.m. EDT (1815 GMT), while the U.S. West Texas Intermediate crude futures slid by 57 cents, or 0.8%, to $70.33 a barrel. Oil benchmarks were slightly higher before the news on hopes that a lower dollar and higher gasoline prices would spur more demand for the commodity. A weaker greenback makes dollar-denominated oil more attractive to holders of foreign currencies, lifting demand. Higher gasoline demand will encourage refiners to use more crude oil to turn it into the road transportation fuel, Mizuho analyst Robert Yawger said. Also supportive, Goldman Sachs on Thursday said demand from China, the world's biggest oil importer, continued to surge across the commodity complex, with oil demand topping 16 million barrels per day.

☆ Oil crawls up as dollar weakens, gasoline demand surges
▼ + stars: | 2023-03-23 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Brent crude futures rose 15 cents, or 0.2%, to $76.84 a barrel by noon EDT (1600 GMT), while the U.S. West Texas Intermediate crude futures were up by 6 cents, or 0.1%, to $70.96 a barrel. A weaker greenback makes dollar-denominated oil more attractive to holders of foreign currencies, lifting demand. Further support for crude oil came from RBOB gasoline futures trading at a 10-day high on Thursday after the U.S. Energy Information Administration said stockpiles of the product fell by the most last week since September 2021. Higher gasoline demand will encourage refiners to use more crude oil to turn it into the road transportation fuel, Mizuho analyst Robert Yawger said. Also supportive, Goldman Sachs said on Thursday that demand from China, the world's biggest oil importer, continued to surge across the commodity complex, with oil demand topping 16 million barrels per day.

[1/2] A tug boat pushes an oil barge through New York Harbor past the Statue of Liberty in New York City, U.S., May 24, 2022. Weighing on prices, U.S. crude oil stockpiles rose unexpectedly last week to their highest in nearly two years, latest data from the Energy Information Administration (EIA) showed. Crude inventories (USOILC=ECI) rose in the week to March 17 by 1.1 million barrels to 481.2 million barrels, the highest since May 2021. Also supportive, Goldman Sachs said on Thursday that demand from China, the world's biggest oil importer, continued to surge across the commodity complex, with oil demand topping 16 million barrels per day. The bank forecast Brent to reach $97 a barrel in the second quarter of 2024.

☆ Britain to announce energy security measures by month-end
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 15 (Reuters) - British government measures to support energy security will be announced later in March, a budget document said on Wednesday without mention of any fresh incentives for oil and gas or renewable energy producers. "In addition to the measures in the spring budget, the government will set out further action later this month to ensure energy security in the UK and meet our net zero commitments," the government said in a budget document. "The Government has repeatedly ignored warnings from the renewable sector as it bulldozes through its tax raid on green electricity generators," said Rod Wood, managing director at wind energy developer Community Wind Power. "We are disappointed that it has not removed obstacles for offshore energy firms and the homegrown oil and gas producers." Reporting by Shadia Nasralla and Susanna Twidale Editing by David Goodman, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Oil prices dropped alongside a continued slide in equities markets (.MIWD00000PUS). A lower rate rise could mean the dollar weakening which in turn is a bullish signal for oil prices. A stronger-than-expected U.S. consumer inflation outcome could put further downward pressure on oil prices. Meanwhile, consumer inflation in China, the world's biggest oil importer, slowed to the lowest rate in a year in February. IEA/SOn the supply side, the American Petroleum Institute is expected to release industry data on U.S. oil inventories at 1630 ET/2030 GMT.

☆ BP recommends vote against climate activist resolution at April 27 AGM
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 13 (Reuters) - BP's (BP.L) board recommended on Monday that shareholders vote against a climate activist resolution asking for more emissions cuts by 2030 at its April 27 shareholder meeting. BP called the Follow This resolution "unclear", "simplistic" and "disruptive" and said it encroached on the board's responsibility to set the firm's strategy. As a result, BP reduced its ambitions to cut emissions from fuels sold to customers to 20%-30% by 2030, from 35%-40%. Last year, shareholder support for Follow This' resolution fell to around 15% of BP shareholders from around 21% the previous year. BP said its board did not consider the activist resolution to be in the company's or its shareholders' best interests.

Representatives of the renewable energy sector say those goals could be missed without policy changes, especially as other countries are doing more to attract investment in green power. Rod Wood, managing director at wind energy developer Community Wind Power, is among those seeking changes to the EGL in Britain's March 15 budget. OIL AND GAS SECTOR UNHAPPY TOOOil and gas producers, which have been subject to a windfall tax since May 2022, also want change. Finance Minister Jeremy Hunt, in a meeting in December, rebuffed calls from the oil and gas industry to amend the windfall tax. Meanwhile, Britain's biggest oil and gas producer Harbour , has announced job cuts and shunned the latest licensing round.

Looney's base salary of 1.3 million pounds was topped up by retirement benefits and performance-related elements including an annual bonus and shares to 10.03 million pounds ($11.99 million), more than double the 4.46 million pounds he was awarded in 2021. The ex-CEO of energy rival Shell (SHEL.L), Ben van Beurden, saw his pay package rise 53% to 9.7 million pounds after Shell reported record profits of $40 billion. EMISSIONSBP's emissions in 2022 were broadly unchanged from the previous year at around 340 million tonnes of CO2 equivalent, according to its annual report and Reuters calculations. Unlike Shell, BP in its figures excludes emissions from fuels it sells that are derived from crude oil it does not produce. This measure includes all energy BP sells including fuel originally produced by other companies.

Last month he applied the brakes, slowing BP's planned cuts in oil and gas and scaling back planned renewables spending in the wake of the war in Ukraine. The oil major isn't backing away from renewables though, its green chief Anja-Isabel Dotzenrath stresses, it's simply changing the terms of the relationship. "I'm (now) just reviewing the onshore renewables part - so the onshore wind and solar part." BP's head of renewables and gas didn't elaborate on the nature of the latest review. The green stakes are high, though, given solar alone comprises more than half of BP's 43-gigawatt renewables project pipeline.

LONDON, March 3 (Reuters) - Oil prices slumped on Friday after the Wall Street Journal reported that the United Arab Emirates had an internal debate about leaving OPEC and pumping more oil, but retraced some losses after a source told Reuters this was not true. Oil prices this week had been boosted by strong Chinese economic data, underpinning hopes for oil demand growth, but those gains were all but erased on Friday. "The driver was the WSJ story, with concerns that this might impact the OPEC+ production (cut) deal. China's seaborne imports of Russian oil are set to hit a record high this month. The world's top oil importer is becoming increasingly ambitious with its 2023 growth target, aiming as high as 6%, sources told Reuters.

LONDON, March 3 (Reuters) - Oil prices slumped on Friday after the Wall Street Journal reported that the United Arab Emirates had an internal debate about leaving the Organization of the Petroleum Exporting Countries and pumping more oil. Oil prices this week had been boosted by strong Chinese economic data, underpinning hopes for oil demand growth, but those gains were all but erased on Friday. China's seaborne imports of Russian oil are set to hit a record high this month. "Those betting on higher oil prices are basking in the afterglow of the positive macro data out of China," said PVM analyst Stephen Brennock. Russia's plan to deepen oil export cuts in March also helped to buoy prices.

☆ Shell reviewing oil output reduction targets, CEO tells the Times
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 3 (Reuters) - Shell (SHEL.L) is reviewing its current plan to reduce oil output by 1% to 2% per year by 2030, Chief Executive Officer Wael Sawan told the Times, against the backdrop of rival BP recently rowing back from hydrocarbon output reduction aims. The CEO nevertheless indicated that Shell could revise its current goal of reducing its oil output by 2030. "We're reflecting on what is the right guidance to the market," Sawan told the Times in an article published on Friday. Shell expects its oil and gas output to reach between around 1.8 million and 2 million barrels of oil equivalent per day this quarter. In contrast to BP, Shell never set a target for the reduction of its gas output.

Methane is the main component of natural gas, so captured emissions can be sold as fuel. The energy sector accounts for about 40% of all methane emissions from human activity, second to agriculture. Dozens of oil companies have also voluntarily committed to reduce emissions through the Oil and Gas Methane Partnership, and the Oil and Gas Climate Initiative. Altogether, the coal industry was responsible for about 40 million tonnes of methane emissions in 2022. Coal-related methane emissions in China are equivalent to total CO2 emissions from the whole of sub-Saharan Africa," Gould said.

☆ Oil falls as earthquake impact on crude eases, rate hike fears rise
▼ + stars: | 2023-02-09 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

Brent crude settled at $84.50 a barrel, losing 59 cents, or 0.7%. U.S. crude stocks rose last week to 455.1 million barrels, their highest since June 2021, the Energy Information Administration reported on Wednesday, which also pushed oil prices lower. The prospect of stronger demand from China provided some support to oil prices, as the world's second largest oil consumer ended more than three years of stringent zero-COVID policy. "Overall, this should push global demand up by 2.1 million barrels a day in 2023." A weaker U.S. dollar, which typically trades inversely with oil, also helped limit losses in crude prices.

LONDON, Feb 9 (Reuters) - Oil prices dipped in U.S. trading hours on Thursday after the country's oil inventories hit their highest in months and on signs that the Federal Reserve could keep raising interest rates. "Relentlessly rising U.S. commercial inventories and potentially entrenched inflation limit any immediate upside potential," said PVM analyst Tamas Varga. He said recovering Chinese demand and falling inflation were set to support oil prices in the second half of the year. Crude oil stocks in the United States rose last week to their highest since June 2021, helped by higher production, the Energy Information Administration said. read more GLOB/MKTSBut the prospect of stronger demand from China provided some support to oil prices, as the world's second largest oil consumer ended more than three years of stringent zero-COVID policy.

LONDON, Feb 9 (Reuters) - Oil prices were steady on Thursday, as optimism over recovering Chinese demand was offset by U.S. oil inventories hitting their highest in months and signs the U.S. Federal Reserve could keep raising interest rates. He said recovering Chinese demand and falling inflation were set to support oil prices in the second half of the year. Crude oil stocks in the United States rose last week to their highest since June 2021, helped by higher production, the Energy Information Administration said. read more GLOB/MKTSBut the prospect of stronger demand from China lent some support to oil prices, as the world's second-largest oil consumer ended more than three years of stringent zero-COVID policy. "We expect Chinese oil consumption to increase by around 1.0 million barrels a day this year, with strong growth emerging as early as late in Q1," analysts from ANZ bank wrote in a note.

SummarySummary Companies ClientEarth files novel UK case to hold directors accountableUK, Swedish, Danish, Belgian and French funds support lawsuitClaim alleges Shell board mismanaging climate risk, breaches lawLONDON, Feb 9 (Reuters) - A group of European institutional investors is backing a novel London lawsuit against energy giant Shell's (SHEL.L) board over alleged climate mismanagement in a case that could have far-reaching implications for how companies tackle emissions. Shell rejected the allegations, saying its climate targets were ambitious and on track and that its directors complied with their legal duties and acted in the company's best interests. "ClientEarth's attempt ... to overturn the board's policy as approved by our shareholders has no merit," a spokesperson said. London CIV said its Shell stake was a "primary hotspot of risk and exposure within our portfolio". The case comes two years after Shell was ordered to slash carbon emissions in a landmark Dutch climate case.

☆ BP's shares hit 3-1/2-year high after it cuts emissions targets
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

LONDON, Feb 8 (Reuters) - BP's (BP.L) shares hit their highest in three and a half years on Wednesday, a day after it reported record profits and said it would produce more oil and gas for longer and cut its emissions reductions targets for this decade. BP's shares rose to as high as 533.7 pence early on Wednesday, their highest since August 2019, after rising 8% on Tuesday, when it reported record annual profits leading to hiked dividends and share buybacks. As a result, BP reduced its ambitions to cut emissions from fuels sold to customers to 20-30% by 2030, from 35-40%. BP will lean more into oil & gas for the remainder of this decade," Bernstein Oswald Clint said in a note. Surging energy prices in the wake of Russia's invasion of Ukraine have boosted profits in the sector, with BP rivals TotalEnergies (TTEF.PA), Shell (SHEL.L), Exxon Mobil(XOM.N) and Chevron (CVX.N) all reporting bumper earnings.

As a result, BP reduced its ambitions to cut emissions from fuels sold to customers to 20-30% by 2030, from 35-40%. BP's $4.8 billion fourth-quarter underlying replacement cost profit, its definition of net income, narrowly missed a $5 billion company-provided analyst forecast. The results were impacted by weaker gas trading activity after an "exceptional" third quarter, higher refinery maintenance and lower oil and gas prices. But for the year, BP's $27.6 billion profit exceeded its 2008 record of $26 billion despite a $25 billion writedown of its Russian assets. BP, whose trading operations further boost renewables returns, maintained plans to have 50 gigawatts (GW) of renewable projects under development and 10 GW operating by 2030.

The bumper earnings have prompted new calls to further tax the sector as households struggle to pay their energy bills. In a strategy update, BP said it will increase annual spending by $1 billion for both renewables and oil and gas with a sharper focus on developing low-carbon biofuels and hydrogen. That compared with $4 billion a year earlier and $8.2 billion in the third quarter of 2022. The results were impacted by weaker gas trading activity after an "exceptional" third quarter, higher refinery maintenance and lower oil and gas prices. But for the year, BP's $27.6 billion profit exceeded its previous record of $26 billion in 2008.

Companies Bp Plc FollowLONDON, Feb 7 (Reuters) - BP (BP.L) reported on Tuesday a record profit of $28 billion in 2022, lifted by a surge in energy prices since Russia's invasion of Ukraine as the company increased its dividend by 10% in a sign of confidence in the market's continued strength. BP's fourth-quarter underlying replacement cost profit, the company's definition of net income, reached $4.8 billion, compared with forecasts of a $5 billion profit in a company-provided survey of analysts. That compared with $4 billion a year earlier and $8.2 billion in the third quarter of 2022. BP boosted its dividend by 10% to 6.006 cents per share. It halved its dividend to 5.25 cents in July 2020 for the first time in a decade in the wake of the pandemic.

☆ UK PM Rishi Sunak may announce mini cabinet reshuffle on Tuesday -source
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 6 (Reuters) - British Prime Minister Rishi Sunak may announce a mini reshuffle of his Cabinet on Tuesday and is considering breaking up the government's business department into three separate ministries, a source familiar with the discussions said on Monday. The reshuffle of ministers comes just over a week after Sunak sacked Conservative Party chair Nadhim Zahawi over his tax affairs, and as the government has fallen further behind the main opposition Labour Party in opinion polls. Sunak's office declined to comment on the possible reshuffle, which was first reported by The Sun. The government's Department for Business, Energy and Industrial Strategy (BEIS) could be broken up to see a new energy department, with business and trade merged. The governing Conservative party is currently around 20 percentage points behind Labour in most polls.

REUTERS/Thilo SchmuelgenSummarySummary Companies Fourth-quarter profit of $10 bln beats estimatesShell to repurchase $4 bln in sharesLONDON, Feb 2 (Reuters) - Shell (SHEL.L) delivered a record $40 billion profit in 2022, the energy giant said on Thursday, capping a tumultuous year in which a surge in energy prices after Russia's invasion of Ukraine allowed it to hand shareholders unprecedented returns. Shell also posted record fourth-quarter profit of $9.8 billion on the back of a strong recovery in earnings from liquefied natural gas (LNG) trading, beating analyst forecasts for an $8 billion profit. Annual profit reached $39.9 billion, more than doubling from a year earlier and far exceeding the previous record of $31 billion in 2008. Shell said its capital expenditure in 2023 will reach $23 billion to $27 billion, in line with previous guidance. The surge in revenue helped Shell sharply reduce its debt to $44.8 billion at the end of 2022 from $52.6 billion a year earlier.

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