Oil giant Shell and China’s semi-state oil firm CNPC will share their Chinese shale gas activity including exploration and production after a deal announced yesterday. Shell said it will be the first shale gas Production Sharing Contract (PSC) ever signed in China. Covering the Fushun-Yongchuan block in the Sichuan Basin, the contract area is roughly […]

BP will begin exploring an oil well at North Uist off the coast of the Shetland Islands after winning permission from DECC late yesterday. The British oil explorer, which was plunged into controversy after the blowout at its Gulf of Mexico well in 2010, said safety had been an “absolute priority” when it was submitting […]

Eleven countries are “significantly” cutting the oil they buy from Iran, US Secretary of State Hillary Clinton announced in a statement of support yesterday. Japan joins the UK in cutting oil from Iran, alongside EU stalwarts France, Germany and Spain, as well as the Czech Republic, Greece, Italy, the Netherlands, Poland and Belgium. Secretary of […]

Green charity Greenpeace is predicting a “hammer” blow for the environment in tomorrow’s Budget. The gloomy forecast from the campaign group warns planning reforms could “drop important provisions protecting local green space” and wants these reforms to be scrapped. John Sauven, executive director of Greenpeace said: “The Chancellor appears determined to wield an ideological hammer […]

The world’s leading coal exporter Australia passed an “historic reform” which will place a 30% tax on its coal and iron ore mining industry, it was announced this morning. Wayne Swan, Deputy Prime Minister and Treasurer said the decision made last night by Australia’s Senate “will help spread the benefits of the mining boom to […]

The UK Government has hit back after Argentina’s Foreign Minister threatened British oil exploration firms working in the Falklands with legal action. Yesterday Argentina’s Foreign Minister Hector Timmerman reportedly said “the resources of the South Atlantic are the property of all the Argentines” and claimed oil development in the Falklands was “illegal”. The comments follow […]

The offshore oil and gas industry has renewed its pledge to halve the number of hydrocarbon releases – often a precursor to major leaks – by the beginning of 2013. This was the consensus at a seminar in Aberdeen yesterday run by trade body Oil & Gas UK and safety group Step Change in Safety, […]

Ireland’s first commercially viable oil well is flowing at double the amount previous estimates suggested, according to the oil and gas firm which operates it. Providence Resources announced its successful tests at the well in the North Celtic Sea Basin off the coast of southern Ireland, brought up 4,000 barrels of oil equivalent a day. […]

Negative employment figures in Germany and US industry weaknesses affected gas prices, according to npower’s fortnightly market report. Magali Hodgson, npower Optimisation Desk Manager said “poor German employment data, disappointing US manufacturing data and low UK demand” meant gas prices finished down. In contrast oil prices “continue to make strong gains”, trading consistently above $120/bbl, […]

The Kent coal plant which was temporarily shut down by Greenpeace campaigners in a publicity stunt in 2008 will close for good next year. E.ON announced yesterday it is closing the coal-powered plant to fall in line with EU emissions rules. The Kingsnorth power station will go offline in March 2013 as set out by […]