The European Union plans to ban Russian crude oil over the next six months and refined fuels by the end of the year as part of a sixth round of sanctions to increase pressure on Vladimir Putin over his invasion of Ukraine.
Before any discussion of how the invasion of Ukraine by Russia is impacting our sector, we must first acknowledge the devastating effects on the people of Ukraine of the indiscriminate shelling of civilian targets, the war crimes being perpetrated by Russian troops and the massive displacement of the population both within and beyond Ukraine, which is something most of us have never seen in Europe in our lifetimes, as well as the enormous courage and resilience of the Ukrainian nation.
CNOOC has brushed aside recent media reports that the firm is considering withdrawing from oilfield investments in the UK North Sea, the US and Canada.
Italian energy giant Eni is preparing to open ruble accounts at Gazprombank JSC, allowing it to potentially comply with Russian demands that gas must be paid for in local currency, according to people familiar with the matter.
ExxonMobil said Wednesday that it has declared force majeure for its Sakhalin-1 operations in Far East Russia after it became too difficult to ship crude oil due to sanctions, reported Reuters.
TotalEnergies took a $4.1 billion write-down on its flagship Russian gas project and indicated that it may belatedly join its peers in pulling back from the country two months after the invasion of Ukraine.
Cnooc Ltd jumped as much as 44% in its first day of trading in Shanghai as mainland investors leaped at the chance for exposure to soaring oil and gas prices.
US president Joe Biden has told Indian Prime Minister Narendra Modi that increasing oil imports from Russia is not in India’s interest.
China’s top liquefied natural gas (LNG) importers are cautiously looking to purchase additional Russian shipments that have been shunned by the market in a bid to take advantage of cheap prices.
About 650,000 barrels per day (b/d) of Russian crude oil are to be relocated from advanced economies, and the solution could be ‘crude swapping’, says Wood Mackenzie. Significantly, Russia’s key market China not shoring up large volumes yet.
The company behind the low-cost district heating scheme in Aberdeen is to terminate its contract with Russian state-owned Gazprom.
The UK has imposed sanctions on the chief executives of Russian energy giants Rosneft and Gazprom.
Crown Estate Scotland is seeking “formal assurances” that winners in the ScotWind auction adhere to sanctions being imposed on Russia.
The former deputy country chair of Shell Ukraine has hit out at TotalEnergies over its “toothless, useless and highly disappointing" position on Russia's invasion.
Oil pushed higher in Asian trading following a wild session in which prices spiked above $100 a barrel before giving up gains after Russian energy supplies were spared from sanctions.
Isles MP Alistair Carmichael said he is at a loss as to how to answer constituents wondering why a Russian state-owned oil tanker is allowed to load at Shetland on the same day Russia has invaded Ukraine.
BP, Wintershall DEA and IOG are among the North Sea firms which are monitoring UK Government sanctions against Russia, and could be impacted as tensions escalate.
The US has announced sanctions on a number of Angolan officials, including Isabel dos Santos, the former head of Sonangol and daughter of former president José Eduardo dos Santos.
The chief executive of the OGA has said he is frustrated by companies “mucking around in commercial disputes” while a climate emergency is ongoing.
The US government has sanctioned an Omani businessman for his participation in oil smuggling for Iran, with the proceeds going to destabilise the region.
The Oil and Gas Authority (OGA) has launched its third sanctions investigation on North Sea companies of this year.
Energy giant BP has been fined £50,000 by the Oil and Gas Authority (OGA) over a North Sea licence breach.
Alfa Laval has settled a complaint from the US about exporting storage tank cleaning units to Iran.
A United Nations (UN) human rights investigator has urged countries to impose economic sanctions on Myanmar’s oil and gas sector to cripple the military junta that seized power in a coup five months ago, reported Reuters.
The expected return of Iranian oil to the market as US sanctions are likely to be lifted over the next year will offer new opportunities for former buyers in Asia to reshuffle their oil import mixes. Significantly, the return of Iranian barrels will trigger a fierce battle among global suppliers for market share raising the risk of price drops, reported Fitch Solutions.