BP chief executive Meg O'Neill has urged UK Prime Minister Andy Burnham to prioritize domestic oil and gas resources, even as BP prepares to sell its North Sea business after reporting quarterly profits of $5.73bn.
BP reported a profit jump to $3.91 billion in the April-June period as fossil fuel prices soared amid the US-Iran conflict. CEO Meg O'Neill announced plans to sell several assets, including the North Sea business, as part of a strategic pivot back to oil and gas.
BP reports quarterly profits more than doubling to $5.73bn, driven by rising oil and gas prices from the Middle East crisis, as new CEO Meg O'Neill plans a major company overhaul.
UK manufacturing output grew for the fourth consecutive month at its fastest rate in nearly two years, driven by new domestic and export orders. However, the sector faces uncertainty from the Middle East conflict, rising energy costs, and subdued employment growth, despite optimism from some industry figures.
India's Union Cabinet approved the Rs 84,084 crore Samudra Manthan National Offshore Exploration Scheme, funding 50% of deepwater drilling costs to reduce import reliance. The initiative aims to attract global companies, unlock hydrocarbon reserves, and create shared infrastructure, marking a significant shift in energy security strategy.
Two tankers reported attacks near the Strait of Hormuz, with one damaged, as US-Iran tensions escalate. The incidents follow renewed US strikes on Iran and President Trump's threats, raising concerns about maritime security in the critical oil transit chokepoint.
BP has initiated a formal process to sell its North Sea oil and gas business, ending six decades of production from the basin. CEO Meg O’Neill stated the move is to simplify the company and focus on high-value opportunities, despite the North Sea's importance to UK energy.
BP announced plans to sell its North Sea oil and gas business, which employs 1,100 people across five production hubs, to focus on high-value opportunities. The move follows declining production, tax changes, and similar divestments by other energy majors, despite recent UK government signals for a pragmatic approach to North Sea resources.
Oman and Iran held talks on ensuring safe shipping through the Hormuz Strait, respecting both nations' sovereign rights, with progress made and ongoing technical/political consultations.
US considers retaliation against Iran, new anti-Russian sanctions face uncertain Congressional approval, and Russia enhances drone attack defenses in Kaliningrad.
New UK Energy Secretary Miatta Fahnbulleh faces immediate pressure from climate activists to halt new North Sea oil and gas drilling, particularly at the Jackdaw and Rosebank fields. Her appointment, following Ed Miliband, signals a continuation of decarbonization efforts, despite internal party and trade union lobbying for new fossil fuel expansion.
Norway's state oil company Equinor reported nearly doubled profits of $11.5bn in Q2, exceeding predictions, driven by increased oil and gas production and soaring prices due to the war against Iran and a blockade in the Strait of Hormuz.
The European Commission is betting that fossil fuel companies will continue exporting to Europe despite new methane emission rules, offering a three-year grace period for penalties. Industry warns of supply diversion, but the Commission believes high profits and new guidelines will ensure compliance, amidst rising energy prices from the Strait of Hormuz closure.
The U.S. Bureau of Land Management announced a September 15, 2026, lease sale for 2,840 acres in Wayne National Forest, opening it to fracking for the first time. This move, aligning with past administration policies, faces environmental opposition and legal challenges, while the government initiates a 30-day public protest period.
US President Donald Trump claimed Aberdeen residents would celebrate reports that incoming UK PM Andy Burnham might back new North Sea oil and gas drilling, despite Burnham not confirming the reports. Trump also criticized wind power.
Andy Burnham, expected to become Prime Minister, faces internal Labour opposition over potential new North Sea oil and gas drilling licenses. While his team hasn't confirmed details, "tieback" arrangements could allow drilling without breaching manifesto pledges, angering climate campaigners and some MPs.
Ahead of entering Downing Street, new UK Prime Minister Andy Burnham is expected to announce a pragmatic approach to North Sea oil and gas, honoring existing licenses while adhering to the 2024 manifesto pledge against new ones. This comes amid ongoing legal challenges to fields like Rosebank and Jackdaw, and industry calls to address the Energy Profits Levy.
Iraqi Prime Minister Ali al-Zaidi will visit the US for a week-long trip to meet President Donald Trump. The visit aims to strengthen economic ties, with expected oil and gas deals and memorandums of understanding to boost Iraq's production capacity.
Traffic through the Strait of Hormuz has sharply declined, with only 23 ships crossing on Wednesday, down from 47 a week prior, following tit-for-tat strikes between the US and Iran. The conflict erupted after attacks on tankers using a US-recommended route, leading to the collapse of a recent deal to reopen the strait.
Traffic through the Strait of Hormuz has dropped significantly following a series of tit-for-tat strikes between the US and Iran. Ship transits fell from 47 to 23 in a week, with Iran insisting on its own routes as safe and the US recommending Omani waters.
Traffic through the Strait of Hormuz has dropped significantly following recent tit-for-tat strikes between the US and Iran. Only 23 ships crossed on Wednesday, down from 47 a week prior, as Iran insists on controlling passage through its waters.
Russia's budget saw a 22.7% year-on-year decrease in oil and gas revenues for January-June 2026, totaling 3.66 trillion rubles ($48 billion). The Finance Ministry cited declining oil prices as the primary reason, while non-oil and gas revenues rose by 16.3%.
Traffic through the Strait of Hormuz has dropped significantly following retaliatory strikes between the US and Iran after an attack on three tankers. Ship transits fell from 47 to 23 in a week, with Iran insisting on its own routes as safe, while the US and allies advocate for free passage.
International news snippets reveal a complex geopolitical landscape: Trump signals continued US commitment to NATO and arms sales to allies, while the Kremlin accuses the US and Europe of direct participation in the war against Russia. Iran vows retaliation against the US, and tensions rise in the Strait of Hormuz amid US strikes. Meanwhile, Serbia faces pressure over sanctions, and a South Korean court sentences a former president.
