ExxonMobil may have record a whopping $11 billion profit yesterday, but its share still fell nearly 4 per cent as analysts warned that the company might fail to grow at all in the next five years.
The bottom line is the world’s biggest energy group’s oil production fell almost 10 per cent in the first three […]

Most people believe oil is running out and governments need to find another fuel, an international poll has found.
On average, 70 percent of respondents in 15 countries said they thought oil supplies had peaked. Only 22 percent of the nearly 15,000 respondents in nations ranging from China to Mexico believed enough new oil would be […]

The Russian government will double state spending on oil exploration to 2020 to $23 billion with the focus on oil in eastern Siberia to ensure a “good” replenishment of reserves, the country’s Natural Resources Minister Yury Trutnev said yesterday.
Trutnev told reporters that the Cabinet had approved his proposal to increase state spending on mineral resources […]

Tony Hayward, BP’s chief executive, yesterday gave the market a strong signal that he wants to realise value from the company’s loss-making investments in renewables.
BP has invested billions of dollars in solar energy over the past decade but the business still does not deliver a profit.
The Alternative Energy unit, which comprises BP’s solar cell manufacturing, […]

Known oil, gas and coal reserves may already contain a quarter more carbon than mankind can emit and still avoid dangerous climate change, putting the value of new oil exploration in doubt, a former oil major executive has said.
Reiterating a line put forward by environmental groups for over a decade, Jan-Peter Onstwedder, formerly BP’s most […]