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Shell’s net profit more than doubled to $9.8 billion in the second quarter as Middle East tensions drove up oil and gas prices, marking the company’s second-highest quarterly earnings on record.
BP’s chief executive urged UK Prime Minister Andy Burnham to prioritize domestic oil and gas production even as the company prepares to exit its North Sea operations after six decades.
UK households within 500 metres of new power pylons will receive £250 annual energy bill reductions as the government advances over 40 grid modernisation projects nationwide.
BP is developing an offshore Venezuelan gasfield with partners linked to the Trump administration, marking one of the first major foreign energy investments since the US-backed leadership change earlier this year.
UK inflation is forecast to rise to nearly 3% in July due to soaring energy bills, prompting concerns about renewed cost-of-living pressures and potential interest rate increases.
The UK faces potential gas shortages by the 2030s without urgent action to support aging infrastructure, according to government assessments, despite expanding clean energy capacity.
