Lukanyo Mnyanda

Sector at standstill as levy on profits and plans to close tax loopholes creates uncertainty

Last week’s wipeout in prices prompted a flurry of forecast changes from analysts

Brent crude has fallen 13% since late August on concerns over slowing demand

Harbour Energy chief says sector will be vital for decades as Wintershall deal completes

Brent drops 5% on global oversupply concerns

UK engineer divests divisions for $165mn as it faces pressure to mount turnaround

Boom for traders that followed Russia’s full-scale invasion of Ukraine may be coming to an end

Policy uncertainty and Labour’s levy plans threaten fall in production and jobs in ageing oil basin, executives warn

Brent prices slip as watchdog predicts slowing demand growth in 2024

Sidara walks away from deal because of ‘geopolitical risks and financial market uncertainty’ as broader market sells off

Electrification of Rosebank field will be more ‘challenging’ under new government’s fiscal regime, says oil and gas chief

Italian group aims to use the transaction to fund diversification from oil and gas to renewable energy

Private equity group Carlyle has announced plans to build an oil and gas company focused on the Mediterranean after agreeing to buy a portfolio of projects in Italy, Egypt and Croatia from London-listed Energean for up to £945mn. The acquisition is the latest foray into the upstream oil and gas sector by the US-headquartered fund, which has continued to buy and sell producing assets even as most of its competitors have backed away from such investments. The new company will be chaired by forme…

Andrew Cunningham, chief executive of ‘green’ hydrogen company GeoPura, likens the challenge of scaling up the sector to a stand-off. “It’s about breaking that ‘chicken and egg’,” he says. There is a “cycle of people not building hydrogen production capability because they are not sure who is going to be using it . . . and [of] people not building capabilities that need hydrogen [because of the lack of supply]”. GeoPura, in collaboration with Siemens Energy, has developed green — or renewable-…

Oil prices extended their losses to a second day on Tuesday, as traders fretted about weak US economic data and news that Opec+ members were ready to raise production. Brent crude, the international benchmark, fell 1.4 per cent to $77.29 per barrel on Tuesday, adding to a 4 per cent drop the previous day. If maintained, the two-day losses would be the biggest since the start of May. The US benchmark West Texas Intermediate fell 1.2 per cent to $73.35. Members of the cartel agreed at the weeken…

Country’s independent Competition Commission vows to assess any takeover on ‘public interest’ grounds

The 107-year-old South African mining group, long resistant to change, has now rejected a takeover offer from BHP

Legal & General and Abrdn criticise offer as undervaluing UK-listed miner

Oil markets shrugged off Israel’s retaliatory strikes against Iran after a shortlived price spike on Friday, in a sign of investors’ confidence that the action will not escalate into a broader conflict in the Middle East. Brent crude, the international benchmark, was little changed on the day at $87.20 in late afternoon trading, having jumped as high as $90.75 earlier in the session. Prices retreated after Iranian state media played down the damage from the attacks. Oil is currently below the…

The former head of Shell has said the oil major is “massively undervalued” in London and may benefit from switching its listing to the US, in another blow to sentiment surrounding the UK stock market. Ben van Beurden, who oversaw Shell’s move from The Hague to London in 2022 and the removal of its dual-class share structure, said the company’s board had previously decided that a move to the US was “a bridge too far”. But he told the Financial Times on Tuesday that US-listed oil companies benef…