Category: Oil Industry

Oil producer and lubricant manufacturer Royal Dutch Shell appears to be open to a change to its Anglo-Dutch structure, wherein it is incorporated in the UK but headquartered in the Netherlands. Instead, it would become one Continue reading Shell mulls possible move to the UK

Workshop waste and oil recycling company Slicker Recycler has acquired Re:Group, another oil recycling specialist based in Hull.

While advanced lubricants like Continue reading Slicker Recycling acquires Re:Group

Oil major BP, which produces the Castrol range of lubricant products, has formalised an agreement to sell its petrochemicals business to UK-based chemicals company INEOS in a deal worth $5bn (approximately £4bn).

The sale will Continue reading BP sells petrochemicals business for $5bn

Bloomberg reports that oil companies are again eying hydrogen as a way to remain relevant during a future of uncertain oil demand and the transition to net-zero emissions.

Hydrogen as a Continue reading Oil giants look to hydrogen in post-COVID era

Trade association UK Oil & Gas (OGUK), which represents the UK’s offshore oil and gas industry, has committed to halving emissions from North Sea facilities by 2030. The target will act as a milestone for the longer-term goal of Continue reading UK Oil and Gas commits to halving emissions

US-based technology giant IBM and the Anglo-Dutch energy and lubricant company Shell have jointly launched Oren, a new online marketplace to connect mining companies with other companies Continue reading Shell and IBM set up online marketplace for mining services

Oil production decreased substantially in May, with total liquids production averaging just 89.89 million barrels per day Continue reading Global oil production down in May

Oil major Shell is set to undertake a widespread review of its business operations with the aim of “adapting to a different future.”

Shell has already set itself the target of becoming a net-zero-carbon business by 2050. Back in April, Ben van Beurden, Shell’s CEO, said about this:

“Society’s expectations have shifted quickly in the debate around climate change. Shell now needs to go further with our own ambitions, which is why we aim to be a net-zero emissions energy business by 2050 or sooner. Society, and our customers, expect nothing less.”

When Shell was asked about reports in the oil and gas industry publication Upstream that an autonomous renewables unit was in the works, a spokesperson said the company would review its operations, and where necessary, it will adapt them to better suit the conditions in future.

While the move towards renewables was already inevitable, the coronavirus pandemic has emphasised this further, with many analysts doubting if the demand for oil will ever fully return to pre-COVID-19 levels. The demand for oil as a fuel is expected to decrease further over time, although it will still be needed to provide the raw materials for products like gear oil and cutting fluid for industrial use.

Shell already has a presence in the renewables industry, such as stakes in the Egmond aan Zee and Borssele III and IV offshore wind farms in the Dutch waters of the North Sea, as well as four operational onshore wind farms in the US.

Energy player Total has added its support for decarbonisation in the maritime sector by joining the Getting to Zero Coalition, which has members from the finance, energy, maritime, and Continue reading Total joins marine decarbonisation coalition

Canary Drilling Service’s CEO, Dan Eberhart, has put forward the possibility that oil prices could hit the $70 per barrel price by the autumn, citing the possibility that US producers have maybe gone too Continue reading Drilling CEO floats prospect of $70 oil price by autumn