BP has suffered its biggest shareholder protest for at least a decade in a snub that overshadowed an emotional send-off for Lord Browne in his final AGM in charge of BP. More than 17% of those BP investors who voted opposed a “golden goodbye” estimated by some to be worth up to £72m to the … Read More
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ConocoPhillips Calls For Mandatory Caps on Emissions
ConocoPhillips has become the first major US oil company to urge Congress to require mandatory limits on greenhouse. The company says it has joined the U.S. Climate Action Partnership, an alliance of big business and environmental groups that in January sent a letter to President Bush stating that mandatory caps are needed to reduce carbon … Read More
Gazprom Targets UK Expansion
The Russian gas monolith, Gazprom, is making a concerted effort to increase its influence in Britain by targeting landmark buildings as customers. The energy company, whose chairman is Dimitry Medvedev, the first deputy prime minister of Russia and a presidential hopeful, has also stepped up its lobbying efforts in the UK with the appointment of … Read More
Shell Settles Reserves Issue for $700m
Oil giant Shell is expected to pay out more than $700m in fines and compensation to settle the reserves fiasco that has dogged the company for the last few years. The figure was revealed by Shell after it offered to settle damages claims of $352m with European investors and hoped to find a similar solution … Read More
Carbon Cost of “Live Earth” Criticised
It is being billed as the concert that will awaken the world to the dangers of climate change. It took Bob Geldof’s persuasive powers to rally support in aid of Africa. Now, over twenty years after the first Live Aid concert, Al Gore is hoping to help to save the planet with a day of … Read More
Iraq: World’s Largest Oil Reserves
In a little reported development, Iraq’s Oil Minister has claimed that Iraq has over 300 billion barrels of oil reserves, which would mean the country top’s Saudia Arabia. Hussain al-Shahristani made the claim to a Lebanese newspaper at the weeek, although there remains confusion as to whether he was talking about confirmed reserves or a … Read More
Halliburton Leaves Iran
Halliburton has said that its subsidiary in Iran had completed all its commitments and was no longer working in the country. In January 2005, the company said that it would not accept new work in Iran but that it would complete existing contracts there.
Gas Cartel Ruled Out
The world’s largest gas exporters have ruled out launching an Opec-style cartel that would control 70 per cent of the world market. Instead they promised “collaborated efforts” on issues such as pricing. Energy ministers from the 13 largest gas exporters have met in Doha, Qatar, to discuss proposals from Iran and Venezuela to develop the … Read More
Chavez On Collision Course Again
President Hugo Chavez has set a May 1 deadline for an ambitious plan to wrestle control of several major oil projects from American and European companies. So a showdown seems inevitable, with officials warning that they might sell American refineries meant to process Venezuelan crude oil.
The Geopolitics of Climate Change
The CIA, National Security Agency, the Pentagon and FBI should undertake a comprehensive review of the national security threat posed by climate change, according to two US Senators Dick Durbin and Chuck Hagel. Last week, Durbin, an Illinois Democrat, and Hagel, a Republican from Nebraska, introduced bipartisan legislation that would require a National Intelligence Estimate … Read More