More than 2,500 business figures have called for an “immediate end” to the UK government’s Energy Profits Levy (EPL) in an open letter, which was posted on the Aberdeen & Grampian Chamber of Commerce (AGCC) website. “Dear Prime Minister, it is almost exactly a year since you publicly insisted that your party’s plans for the North Sea would not cost jobs,” the letter, signed by several chairs, directors, and chief executives, including AGCC Chief Executive Russel Borthwick, reads. “On 7th May, the largest independent operator in the UK Continental Shelf, Harbour Energy, announced plans to cut its workforce by 25 percent with 250 roles in Aberdeen being placed at risk,” it states. “This is a devastating blow for the economy across the region, and the government should be concerned that with continued job losses in the North Sea the UK’s long-term energy security is threatened,” it adds. “Harbour Energy has been clear that they have come to the decision as a direct result of the punitive Energy Profits Levy. For years oil and gas companies have argued that it is hemorrhaging investment in the sector, a policy that OEUK analysis shows has, so far, cost 10,000 jobs since its inception, whilst in the same period the price of Brent Crude oil has nearly halved,” the letter continues. “This, along with the fact that in the last 10 days a further 300 jobs have been lost across our region at subsea engineering supply chain firms, serves as an important reminder that our energy sector is highly integrated,” it notes. “In short, we are at grave risk of losing the world-class company and skills base that will be required to deliver offshore wind, green hydrogen, and carbon capture projects at pace at such time they are available commercially at scale,” the letter

The UK urged its Group of Seven allies to agree a cut to the price cap on Russian oil, saying the move is necessary to put further pressure on President Vladimir Putin to end Russia’s war in Ukraine. “Pressure on Russia’s war machine is needed now more than ever,” the UK’s Treasury said in a statement on Wednesday, after Chancellor of the Exchequer Rachel Reeves chaired a session on Ukraine at the G7 finance ministers’ meeting in Banff, Canada. “Putin has failed to engage in good faith with proposals from Zelenskiy to meet directly and attempts to broker a ceasefire from his illegal and brutal war.” The G7 countries, which comprise the UK, US, Germany, France, Italy, Canada, and Japan, have been exploring ways to toughen the price cap to better degrade Moscow’s ability to fund its war in Ukraine. Under the current terms of the price cap, which is set at $60, western operators can insure and transport oil from Russia only when it’s purchased below the price threshold. At the G7 meeting on Wednesday, Reeves stated “an ambition to move quickly in lowering the $60 price cap on Russian crude oil at this opportune time,” according to the UK statement. She also “called on G7 allies to be united in their work to ensure a just and lasting peace is secured,” the statement said.  Russia has responded to the price cap and a wider US and EU embargo on most Russian oil imports by using a covert fleet of tankers, often operating with unknown insurers or owners, which move its crude to new markets, especially in Asia. This shadow fleet has helped Russia work around the restrictions. It remains to be seen whether the G7 will agree to a reduced oil price cap at the Banff meeting. France’s

Johnson Matthey, the London-listed industrial group, has confirmed plans to sell a unit involved in the production of sustainable aviation fuel (SAF) as its board fends off pressure from an American activist investor. The London-based company, founded in 1817, has been exploring the sale of all or part of its businesses over the past couple of years to compensate for its underperformance. In its annual results the group confirmed it had agreed sale of Catalyst Technologies to Honeywell International at an “attractive” value of £1.8 billion on a cash and debt-free basis, with net proceeds expected to come in at £1.4bn. The deal includes its involvement in a sustainable aviation fuel project in Teesside. The Willis Sustainable Fuels’ (WSF) sustainable aviation fuel project was listed amongst nine “new large scale projects in our sustainable technologies portfolio” in its catalysts business. In March, WSF announced a partnership with Johnson Matthey to use its FT CANS feedstock technology, developed in partnership with BP,  as well as its testing facilities located in Teesside as part of the project which is expected to be operational by 2028. WSF, part of aviation giant Willis Lease Finance Corporation, had its plans for its Carbonshift  SAF refinery on the Teesworks site approved by Redcar and Cleveland Borough Council. Recently, the project was awarded a £4.7m grant from the UK Department for Transport Advanced Fuels Fund competition. Johnson Matthew technology is also being deployed in Kellas Midstream’s H2NorthEast hydrogen scheme and BP’s H2Teesside plans. Johnson Matthey said profits in the year to end of March were hit by a £329m impairment and restructuring charges with the biggest hit taken in its hydrogen business. The firm’s Stockton base is where the firm’s scientists and engineers created and continue to develop its low carbon hydrogen technology. The firm said development of green

OMV AG Chairman and Chief Executive Officer Alfred Stern has decided to see his current term until August 31, 2026, out and not make himself available for reappointment. Stern has been the CEO of OMV Group since September 1, 2021, and also serves as Chairman of the Supervisory Boards of OMV Petrom and Borealis, and a member of the Board of Directors at Air Products and Chemicals, OMV said in a press release. “As CEO, Alfred Stern initiated the most extensive transformation in OMV’s corporate history. During his current term, he has pursued this path with consistency and remarkable success, achieving a series of historic milestones. I deeply regret his personal decision”, Lutz Feldmann, Chairman of the Supervisory Board of OMV, said. “With Alfred Stern, we are losing a CEO who has positioned the OMV Group for the future with a clear, forward-looking vision”. “Together with my Executive Board colleagues and our employees, we are pursuing the shared goal of reinventing essentials for sustainable living – always with a focus on our customers and their security of supply. Our transformation is on track, and we have reached significant milestones that enable long-term economic success and sustainable growth. I thank the Supervisory Board for their trust and the opportunity to lead OMV into a new era”, Stern said. OMV said that under Stern’s leadership, it has taken decisive steps to become an integrated company for sustainable chemicals, fuels, and energy, with a focus on innovative solutions in the circular economy. Amid a fluctuating geopolitical landscape, Stern effectively advanced the company’s strategic transformation and set the stage for future developments, OMV said. Stern played an important role in executing the significant deal with Borouge Group International, in equal partnership with ADNOC. The formation of a global polyolefin company, with an estimated enterprise value

KNOT Offshore Partners LP has reported a net income of $7.6 million for the first quarter of 2025, slipping from the $23.3 million for Q4 2024. The company said in its quarterly report that revenues stood at $84 million, down from $91.3 million for the previous quarter, and earnings before interest, taxes, depreciation, and amortization (EBITDA) landed at $52.2 million, versus $63.1 million for Q4 2024. Commenting on the Q1 results, Derek Lowe, Chief Executive Officer and Chief Financial Officer, noted that fleet utilization was above 99 percent during the quarter. “As of the date of this release and including contractual updates since March 31, 2025, we have now secured approximately 96 percent of charter coverage for the final three quarters of 2025, and approximately 75 percent for 2026”, Lowe said. He noted that the outlook for the Brazilian offshore oil market is improving with robust demand and increasing charter rates. “Driven by Petrobras’ continued high production levels and FPSO start-ups in the pre-salt fields that rely upon shuttle tankers, we believe the world’s biggest shuttle tanker market is tightening materially”, Lowe said. “Our secondary geography, in the North Sea, has taken longer to rebalance, but we welcome the news of the new FPSO production starts for both the UK North Sea-based Penguins and Barents Sea-based Johan Castberg”. KNOT Offshore believes that offshore oil production growth in shuttle tanker-serviced fields in Brazil and the North Sea will outpace shuttle tanker supply growth in the coming years, driven by the expansion of Brazilian deepwater production capacity as more shuttle tankers reach retirement age. The company has deployed 14 of its shuttle tankers in the Brazilian market. KNOT Offshore also expressed optimism about the shuttle tanker market’s medium and long-term prospects due to clear supply and demand dynamics, along with dedicated investments

Dive Brief: U.S. electricity demand could grow 25% from 2023 to 2030 and 78% by 2050, driven in the near term by artificial intelligence data centers, new manufacturing capacity and widespread electrification in the oil and gas sector, ICF said Tuesday. The new forecast is significantly higher than the international consulting firm’s September projection of 9% load growth by 2028 and 18% by 2033 as new data center and industrial loads materialize faster than anticipated, the consulting firm said. Residential electricity rates could rise 15% to 40% over the next five years and double by 2050, according to an ICF analysis of select U.S. utilities. Demand-side management efforts such as demand response programs, energy efficiency investments and behind-the-meter generation and storage deployments can relieve some of the expected pressure on the grid, ICF said. Dive Insight: ICF sees peak U.S. electricity demand increasing 14% by 2030 and 54% by 2050, marking a dramatic increase from last year’s forecast. ICF’s September projection called for a 5% increase in peak demand by 2028. The latest load growth forecast shows that the United States’ data center and manufacturing booms are already exerting pressure on the grid. Their impact comes as longer-term tailwinds like building and transportation electrification continue apace, ICF said.  While demand-side management can soak up at least 10% of U.S. electricity demand by 2030, the grid needs about 80 GW of annual capacity additions over the next 20 years — roughly double the current 40 GW annual pace, ICF said. ICF now anticipates an average annual load increase of 3.2% through 2030 and 2.2% through 2050. That’s more bullish than an outlook published last month by the National Association of Electrical Manufacturers, which said electricity demand would increase 2% annually and 50% by 2050. But ICF’s latest forecast is marginally less