The UK may be quietly inching toward an awkward admission: the windfall tax experiment on oil and gas has been a flop.
The UK Treasury is considering scrapping a windfall tax on North Sea oil and gas following persistent pushback from producers, according to a person familiar with the matter.
bp Plc is aggressively expanding shale drilling, bucking the conservative approach of many rivals, as the UK oil giant seeks to reverse years of anemic output.
Aramco has marked two major milestones in its gas expansion strategy with the start of unconventional production at the Jafurah field and the commissioning of the Tanajib Gas Plant, reinforcing its target to significantly expand Saudi Arabia’s gas production capacity by 2030.
Eni’s oil and gas production rose by 7% in the fourth quarter from a year earlier as the Italian energy major started up six major new projects in 2025.
Shell and Greek energy and metals firm Metlen have signed a cooperation deal for LNG supply and trading, which would boost deliveries to Greek import terminals and supply to southern and central Europe.
Asia’s weak LNG demand has prompted one of the biggest exporters, Australia, to ship a cargo of the fuel as far as East Canada on a 16,000-mile journey, vessel-tracking data compiled by Bloomberg showed
Storms in the Black Sea and alerts of potential drone attacks at a key loading terminal are slowing the ramp up of crude oil production at Kazakhstan’s giant Tengiz oilfield, industry sources told Reuters on Wednesday.
Saudi Arabia has started to increase its oil output as part of a contingency plan in the event the United States attacks Iran and oil flows are disrupted, Reuters reported on Wednesday, as OPEC’s biggest oil producer positions itself as a “reliable supplier” looking to take up its traditional role as a key swing producer ready to stabilize the markets if a conflict occurs.
Iran has restarted the exports of natural gas to its neighbor Iraq despite U.S. opposition to the exchange, which last year led to the cancellation of these supplies.