Norwegian energy giant driving oil, gas and renewables in 36 countries
The government has signaled it will approve the Jackdaw gas field and Rosebank oil field after consultations, with Energy Secretary Miatta Fahnbulleh preparing to issue a recommendation and push the North Sea program forward to support jobs and energy security despite climate concerns.
Adura’s Jackdaw gas field is undergoing a final public consultation after a court overturned ministerial consent. The 159‑page Environmental Impact Assessment says the project would contribute less than 0.02% of global greenhouse gases over its lifetime and could meet a portion of the UK’s gas needs this winter, while opponents warn it will have little impact on bills or energy security.
Growing pressure surrounds North Sea developments as Labour’s Burnham weighs policy changes. Rosebank and Jackdaw face regulatory reviews and environmental scrutiny, while the EPL windfall tax looms over investment. Officials caution against early approvals as consultations wrap up, with debates centring on energy security, jobs, and climate impacts.
Oil prices have risen this week after U.S. officials narrowed a waiver to the Jones Act for energy shipments and data showed U.S. crude stocks have fallen to multi-decade lows. Traders are parsing mixed statements from Washington and Tehran about talks to reopen the Strait of Hormuz while reparations demands have emerged, keeping markets volatile on 11 Aug 2026.
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.