Equinor landed a record third-quarter profit on Friday

BP has revealed record annual profits, just days after rival Shell also reported a bumper profit.

Norwegian state-owned energy giant Equinor on Friday announced a long-term gas sales agreement with its Polish counterpart PGNiG, which will result in the strengthening of the energy security of the latter.

Oil and gas giant BP joined its peers in posting record quarterly profits on the back of higher oil and gas prices and strong refining margins. The company also announced a 10 per cent dividend increase and net debt reduction.

While Norway recorded a slight increase in gas production in June 2022 compared to the figures from last month and the same period last year, the oil output took a downturn compared to figures from May 2022 and fell yet again behind the Norwegian Petroleum Directorate’s predictions.

The EuroAsia Interconnector electricity link, connecting Israel, Cyprus and Greece, will help reduce the European Union’s energy dependence on Russia, according to European Commission president Ursula von der Leyen.

Almost four months after Russia’s invasion of Ukraine, Russian crude oil, Urals, has seen a switch in flow from its traditional market of Europe to Asia, energy intelligence group Rystad Energy has revealed.

Britain's competition watchdog has been asked by the government to review the retail fuel market to see whether a cut in duty has been passed onto consumers as prices at the pump hit unprecedented highs.

Europe’s plan to double down on renewable fuels in response to rising fuel costs could have the unintended short-term effect of increasing prices and slow down the energy transition, Chevron Corp Chief Executive Michael Wirth said on Tuesday.

The UK’s representative body for the offshore energy industry, Offshore Energies UK (OEUK), has revealed that oil and gas operators are expected to pay £7.8 billion (over $9.7 billion) in taxes to the country’s government in 2022, which constitutes a 20-fold increase worth £279 (around $346) per household.