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Stay informed with free updatesSimply sign up to the Oil & Gas industry myFT Digest — delivered directly to your inbox.The UK government has called for an investigation into the owners of the Lindsey oil refinery after the facility fell into insolvency, putting hundreds of jobs at risk.The refinery in north-east England, owned by the privately held Prax Group since 2021, filed for insolvency over the weekend, a UK government spokesman said on Monday. The facility processed about 96,600 barrels of oil a day in 2024 from the site on the river Humber, where about 400 people are employed. Those workers…
Current Climate brings you the latest news about the business of sustainability every Monday. Sign up to get it in your inbox. Getty Images Asthe Senate struggles to pass its version of President Trump’s “Big Beautiful” budget bill that squeaked through the House of Representatives by a single vote, it’s increasingly likely that tax credits and programs for clean energy projects won’t survive. Fossil fuel industry lobbyists and fringe political figures have argued that the policies that helped create the fastest increase in renewable electricity generation in U.S. history are wasteful and unnecessary, even as oil and gas drillers continue…
Current Climate brings you the latest news about the business of sustainability every Monday. Sign up to get it in your inbox. Getty Images Asthe Senate struggles to pass its version of President Trump’s “Big Beautiful” budget bill that squeaked through the House of Representatives by a single vote, it’s increasingly likely that tax credits and programs for clean energy projects won’t survive. Fossil fuel industry lobbyists and fringe political figures have argued that the policies that helped create the fastest increase in renewable electricity generation in U.S. history are wasteful and unnecessary, even as oil and gas drillers continue…
The U.S. Energy Information Administration (EIA) revealed its latest U.S. crude oil and natural gas proved reserves figures in a report posted on its site recently. According to the report, which includes data up to 2023, U.S. crude oil and lease condensate proved reserves decreased 3.9 percent year over year from 2022, from 48.3 billion barrels to 46.4 billion barrels. North Dakota crude oil and lease condensate reserves decreased 12.3 percent from 2022, the report showed, highlighting that, at 611 million barrels, this was the largest annual net decline reported among all states. The second largest net decline of oil…
The Green Claims Directive, a new proposed regulation aimed at protecting consumers from greenwashing claims about the environmental attributes of products and services, has not been withdrawn by the European Commission, according to a statement provided by a Commission spokesperson to ESG Today. The clarification followed an earlier statement from the Commission just prior to scheduled trilogue negotiations, which were subsequently cancelled, that it intended to pull the new regulation after it lost support of major political parties. Despite clarifying that the Directive has not been withdrawn, however, the spokesperson clarified that the Commission did intend to withdraw it if…
TotalEnergies SE said it has signed an agreement to acquire the 25 percent interest held by Spanish integrated energy firm Moeve, formerly known as CESPA, in Block 53 offshore Suriname. The interest is held by CEPSA Suriname S.L., an affiliate of Moeve. TotalEnergies will join APA, the operator of the license with a 45% interest, and Petrona, which owns 30 percent, the company said in a news release. Block 53 lies directly east of Block 58, where TotalEnergies and its partners announced a final investment decision for the GranMorgu development in October 2024. Block 53 contains the Baja-1 discovery, drilled…
Hedge funds dumped energy stocks last week, according to Goldman Sachs, which said the fall of oil prices as tensions eased in the Middle East spurred the second fastest exit in the last 10 years. The price of crude slumped by over $10 last week following a ceasefire between Israel and Iran, with prices slipping on Friday on reports of increased supply from oil-producing group OPEC+ and staying well under the recent peak of around $81 a barrel. Hedge funds, starting June 23, sold the stocks of energy-related companies across every major region, the Goldman note seen by Reuters…
MEXICO CITY (AP) — Tropical Storm Flossie strengthened off Mexico’s southwestern Pacific coast on Monday as the remnants of what was Tropical Storm Barry dumped rain on eastern Mexico.Flossie strengthened with maximum sustained winds of 60 mph (95 kph). It was centered about 160 miles (255 kilometers) south-southwest of Zihuatanejo and was moving northwest at 10 mph.Mexico’s government issued a tropical storm warning along the southwestern coast from Punta San Telmo to Playa Perula.A tropical storm watch remained in effect for the southwest coast from Zihuatanejo to Cabo Corrientes. A watch means tropical storm conditions are possible in the area…
Meta spent $14.3 billion to acquire nearly half of Scale AI and level up in the AI race — but the startup’s rivals spy an opportunity as well.Executives at five Scale AI competitors told Business Insider that they have seen a big uptick in client inquiries and job interest since the Meta deal was announced on June 13.Meta now holds a 49% stake in a company handling AI training data for many of its competitors, like Google, OpenAI, and xAI. In response, those three companies paused at least some of their work with Scale AI. Independence from Big Tech has…
In a release sent to Rigzone recently, Wood Mackenzie revealed that ExxonMobil was crowned the “most admired upstream explorer” in Wood Mackenzie’s latest Annual Exploration Summit Survey. “ExxonMobil’s win as the most admired explorer for 2025 is well deserved”, Andrew Latham at Wood Mackenzie, said in the release. “Based on its decade long exploration and development success in Guyana in particular, ExxonMobil has created almost $30 billion in value and already surpassed 700,000 barrels per day of new oil production,” he added. “The company has set a new benchmark in opening up a deepwater frontier at pace. Congratulations to John…