British multinational oil and gas company, London-based, dual-listed
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.
BP has announced it is marketing its North Sea business for sale to slim down the group and focus on higher‑value opportunities. The five-hub operation employs about 1,100 staff and produced around 117,000 boe/d in 2025. The move comes amid political and policy pressure over North Sea drilling and windfall taxation, with potential proceeds around £2 billion.
Oil prices rise as talks over reopening the Strait of Hormuz remain unsettled. Brent nears $90, and U.S. inventories stay tight amid ongoing tensions and political maneuvering.
Oil prices have risen amid renewed tensions as talks over reopening the Strait of Hormuz face a stalemate. Iran demands compensation and sanctions relief, while US pressures persist. Brent near $90 and US crude around $82, with market participants watching for any breakthrough.
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.
The government has positioned itself as a partner for growth, hosting roundtables with business leaders and regional mayors to push a culture shift toward easier start-ups, reduced costs, and devolved power. Officials warn of a tough Budget environment amid rising borrowing costs and energy prices.
LNG Canada’s final investment decision to expand the Kitimat facility has been formalized, increasing capacity to 28 million metric tons a year. The project involves two processing units, an extra storage tank and a new loading berth, with large private investment and a major Coastal GasLink pipeline upgrade.
Global oil shipments through the Strait of Hormuz have recovered to roughly 80% of pre-conflict volumes, Shell CEO Wael Sawan has said, helping keep Brent below $100 and sending bullion near $4,165 an ounce. US equity futures are signalling further gains after the S&P 500 and Nasdaq 100 closed at record highs, driven by AI-related shares and Nvidia's surge.
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.