The North Sea oil industry has been in transition for some years following the collapse of oil prices in late 2014. Large cost reductions have been painfully achieved. Production has increased due to a combination of new fields coming on stream plus a substantial increase in production efficiency to around 75%. But new field investment expenditure has fallen dramatically since 2015 and exploration remains at a relatively low level reflecting principally the maturity of the province as well as oil and gas prices far below their pre-2015 levels.
Exxon Mobil Corp. won a closely watched securities-fraud trial that delved into its internal accounting for the financial risks of climate change, a striking rejection of New York state’s claim that the company misled investors for years.
You’d expect most companies accused of a longstanding fraudulent scheme to be thrilled if the government dropped those claims against them. Not so for Exxon Mobil Corp. -- at least not today.
Exxon Mobil Corp. was sued by Massachusetts for allegedly hiding its early knowledge of climate change from the public and misleading investors about the future financial impact of global warming, two days after a trial started on similar claims in New York.
Exxon Mobil Corp.’s lawyer slammed New York’s securities-fraud case as the trial opened, saying the state “twisted” reality by conflating two internal metrics the company uses to account for the financial impact of climate change on its business.
Climate concerns could prompt more investors to move their money to ethical funds which support the positive changes they want to see, a survey suggests.
By Tom Baxter, former senior lecturer in chemical engineering at Aberdeen University.
In my position as a university lecturer, a parent and as a friend to many younger people, it is clear that a large portion believe that fossil fuels are bad.
One of the opening events of Climate Week in New York offered a rare sight -- nine bosses of some of the world’s largest oil and gas companies in one room.
The world is losing the race against climate change, "but it is a race we can win", UN secretary general Antonio Guterres has warned a summit on tackling the issue.
Green MSPs have said they will not back climate change legislation going through Holyrood unless ministers set tougher targets for curbing greenhouse gases.
BP’s CEO plans to sell some oil projects and curb the development of others to align its business with the Paris accord, the latest sign climate concerns are starting to impact the investment decisions of the world’s largest fossil fuel producers.
While it is becoming commonplace to hear the names of investors reported alongside the names of their investee companies who have acquired UKCS assets, obtaining investment in oil and gas projects remains a complex area for independent oil and gas companies looking to grow their presence, or international organisations hoping to invest in the UKCS.
The Offshore Europe conference chairman has said there is a “strong likelihood” that climate change protesters will target the biennial showcase in Aberdeen this week.
