Norwegian energy company navigating oil, gas and renewables
UK ministers have approved Jackdaw gas production, arguing it will bolster energy security and create thousands of jobs while funding a new 2bn Energy Wealth Fund. Campaigners warn the decision undermines climate commitments as other projects await decisions and Roebank remains unresolved.
Brent crude has climbed near $90 a barrel after renewed US strikes on Iran and retaliatory attacks have disrupted shipping through the Strait of Hormuz and threatened alternate routes. Market risk has increased as Houthi moves against Saudi-linked shipping and US warnings and strikes have depleted spare reserves, pushing prices and fuel costs higher.
Energy majors have reported bumper profits as Middle East conflict drives oil and gas prices higher. ExxonMobil, Chevron, and Shell show sharp year‑over‑year gains amid volatile supply routes, while traders warn against overreliance on geopolitics for long‑term gains.
Oil majors have reported bumper profits for Q2 as volatility from Iran-related tensions sustains high crude prices. Executives say they are boosting reliability and refining where needed while returning cash to shareholders. Trump has criticized profits and urged lower prices at the pump.
The BP windfall is driving renewed calls for a windfall tax as profits soar amid Middle East conflict. Campaigners say households face higher bills while governments weigh potential measures to curb corporate gains and accelerate the transition to cleaner energy.
Ministers have received final consultations on the Rosebank oil and Jackdaw gas fields and are preparing a decision that will balance jobs and energy security against climate concerns. Labour figures, industry groups and environmental campaigners are pressing ministers from different angles as the regulator and Energy Secretary complete their reviews.
Libya’s oil infrastructure remains disrupted as the Sharara to Zawiya pipeline stays shut or is threatened by protests. The National Oil Corporation warns that continued shutdowns are reducing Sharara output, threatening state revenues and domestic fuel supplies amid ongoing instability.
The government has weighed final consent for the Jackdaw gas field and the Rosebank oil field, amid pressure from climate advocates and industry groups. Officials say a decision is imminent, with Jackdaw potentially delivering gas this winter, and Rosebank’s fate tied to environmental assessments.