UK oil and gas producers reject calls for windfall tax

UK oil and gas producers have hit back at calls for a windfall tax on their profits, saying they are already paying more tax as a result of price rises.   Offshore Energies UK (OEUK), which represents the sector, said producers are on course to pay £7.8bn in UK tax this year.   That is […]

Read More

China’s unemployment near pandemic peak

China’s jobless rate rose to 6.1% in April, the highest level since the 6.2% peak seen in the early part of the Covid-19 pandemic in February 2020.   It comes as widening lockdowns led to a sharp slowdown in activity for the world’s second largest economy.   Official figures also show retailers and manufacturers were […]

Read More

Saudi Aramco posts highest profits since 2019

Saudi Aramco has posted its highest profits since its 2019 listing as oil and gas prices surge around the world.   The state-owned energy giant saw an 82% jump in profits, with net income topping $39.5bn in the first quarter.   In a press release, the firm said it had been boosted by higher prices, […]

Read More

Ukraine calls for embargo on Russian energy

Ukraine’s finance minister has called for a complete embargo on Russian energy   Sergeii Marchenko said although he did not think it would necessarily end the war, it would make it harder for Russia “to finance their military needs”.   He said the invasion of Ukraine had pushed up energy prices, tipping the scales in […]

Read More

UK government threatens energy companies with windfall tax

The UK chancellor, Rishi Sunak, has threatened to hit energy companies with a one-off “windfall” tax if they don’t invest enough in new projects.   Mr Sunak added that he wanted to see investment “soon” to boost energy security, and “no options are off the table” if not.   Opposition parties want to tax oil […]

Read More

Shell to sell Russian retail business to Lukoil

Energy giant Shell has agreed to sell more than 400 of its petrol stations in Russia to the country’s second largest oil producer, Lukoil.   Shell Neft, the firm’s subsidiary in Russia, will be sold for an undisclosed sum.   Many Western oil and gas firms have been looking to offload their Russian businesses following […]

Read More

Doubling of BP profits prompts further calls for windfall tax

BP’s profits for the first three months of this year have more than doubled after oil and gas prices soared.   The energy giant reported an underlying profit of $6.2bn compared to $2.6bn in the same period last year, ahead of expectations.   BP said the increase was due in part to “exceptional oil and […]

Read More