Oil major navigating windfall profits, tax incentives, and energy volatility
The leadership contest accelerates as Andy Burnham is expected to enter the race to replace Sir Keir Starmer, with markets watching fiscal policy and the chancellor pick as gilts yields rise and sterling fluctuates.
A Paris court has ruled that TotalEnergies must disclose climate risks linked to emissions from its oil and gas products under France’s 2017 duty of vigilance law. The ruling recognises climate risks as part of corporate vigilance, but stops short of ordering production cuts or project halts. The case was brought by Notre Affaire à Tous, Sherpa and other groups, with the city of Paris joining the action.
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.
Since late May more than 160,000 foreign nationals have returned or been repatriated from South Africa, with governments reporting 115,000 back to Zimbabwe and 56,000 to Malawi; many returns have followed protests that have targeted migrants, sparked violent attacks and diplomatic rows across Africa. Petitioners have asked the ICC to examine whether the violence and state failures constitute crimes against humanity.
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.
Six of Europe’s biggest oil groups report profits surging year-on-year as turmoil around the Strait of Hormuz tightens supply and pushes prices higher. U.S. and European majors show windfall gains amid disruptions, even as lawmakers debate windfall taxes and consumer costs rise.
Forecourt Eye reports a 20% rise in fuel thefts and a 48% jump in the value of stolen fuel across 550 UK forecourts in the five months since the February conflict began. Average petrol and diesel prices have reached multi-year highs, with forecourt crime expanding to include abuse and intimidation. Retailers partner with Facewatch to improve reporting.
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.
Nigeria's government has unveiled a tax remission order to attract billions in deep offshore oil and gas projects, aiming to unlock stalled investments and finalise FIDs by 2029. Shell signals renewed commitment with potential $20 billion project; multi-national firms and local partners are weighing extensive offshore opportunities.