UK Faces Legal Action over New North Sea Oil, Gas Licences

A general view of a section of a gas platform in the North Sea, June 17, 2024. Leon Neal/Pool via REUTERS/File Photo Purchase Licensing Rights
A general view of a section of a gas platform in the North Sea, June 17, 2024. Leon Neal/Pool via REUTERS/File Photo Purchase Licensing Rights
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UK Faces Legal Action over New North Sea Oil, Gas Licences

A general view of a section of a gas platform in the North Sea, June 17, 2024. Leon Neal/Pool via REUTERS/File Photo Purchase Licensing Rights
A general view of a section of a gas platform in the North Sea, June 17, 2024. Leon Neal/Pool via REUTERS/File Photo Purchase Licensing Rights

Britain's decision to issue dozens of new oil and gas exploration licences is being challenged in court by a marine conservation organisation, which argues ministers unlawfully failed to consider the impact on marine life.

Oceana UK is taking legal action over 31 licences issued under Britain's previous government in May this year as part of the North Sea Transition Authority's latest oil and gas licensing round.

An exploration licence does not necessarily result in a producing field, though environmental groups argue that expansion of oil and gas production is inconsistent with the government's target to become a net-zero carbon economy by 2050, according to Reuters.

Oceana and other members of the Ocean Alliance Against Offshore Drilling this week wrote to Britain's Energy Secretary Ed Miliband, asking him to concede Oceana's legal challenge.

"By conceding the case, the government can make good on promises made to the public and signal a clear departure from the previous administration's continuing reliance on fossil fuels," they wrote.

Britain's Department for Energy Security and Net Zero declined to comment.

Oceana's case is the latest challenge over fossil fuels as campaigners increasingly turn to the law to force governments to move more quickly on tackling emissions, with mixed success.



Turkish Central Bank Total Reserves Fell Nearly $6 Bln Last Week, Bankers Say 

People walk with the Suleymaniye Mosque in the background ahead of the holy month of Ramadan in Istanbul, Wednesday, Feb. 18, 2026. (AP)
People walk with the Suleymaniye Mosque in the background ahead of the holy month of Ramadan in Istanbul, Wednesday, Feb. 18, 2026. (AP)
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Turkish Central Bank Total Reserves Fell Nearly $6 Bln Last Week, Bankers Say 

People walk with the Suleymaniye Mosque in the background ahead of the holy month of Ramadan in Istanbul, Wednesday, Feb. 18, 2026. (AP)
People walk with the Suleymaniye Mosque in the background ahead of the holy month of Ramadan in Istanbul, Wednesday, Feb. 18, 2026. (AP)

The Turkish Central Bank's total reserves are expected to have decreased by around $5.8 billion last week to $206 billion, due to a eurobond redemption, bankers ‌said.

Three bankers ‌consulted by ‌Reuters ⁠calculated that net reserves ⁠decreased by $7 billion to $89 billion in the week ending February 20.

Bankers estimated that ⁠an increase in ‌gold ‌prices in the week ‌to February 20 ‌had an upward impact of around $1 billion on reserves. According to ‌the calculations, the central bank sold $3 ⁠billion ⁠in the market last week.

The reserve calculations are based on preliminary data from the central bank. Official data will be released on Thursday.


Despite Drop in 2025, Russian Oil Exports Exceed Pre-war Volumes

Russia relies on a shadow fleet of tankers to get past Western restrictions on its oil exports. Damien MEYER / AFP/File
Russia relies on a shadow fleet of tankers to get past Western restrictions on its oil exports. Damien MEYER / AFP/File
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Despite Drop in 2025, Russian Oil Exports Exceed Pre-war Volumes

Russia relies on a shadow fleet of tankers to get past Western restrictions on its oil exports. Damien MEYER / AFP/File
Russia relies on a shadow fleet of tankers to get past Western restrictions on its oil exports. Damien MEYER / AFP/File

While Russian oil exports dropped last year, Russia is still exporting higher volumes than before its invasion of Ukraine in 2022, researchers said Tuesday, calling for stricter sanctions enforcement.

The volume of Russian crude oil exports remained six percent above pre-invasion levels in the fourth year of the war, despite Western sanctions aimed at curbing Russia's "shadow fleet," according to a report by Finnish think tank Center for Research on Energy and Clean Air (CREA).

Russia's shadow fleet consists of ageing tankers, with often opaque ownership, used to circumvent sanctions imposed by the European Union, the United States and the G7 group of nations.

However, oil revenues, which are fueling Moscow's war chest, have dropped below pre-invasion levels, as Russia has been forced to adopt price discounts, the report said.

"We've seen a significant drop in Russian fossil fuel export earnings as a result of new measures and greater enforcement," Isaac Levi, a CREA analyst and co-author of the report, told AFP.

But he added that "there are still significant loopholes and areas that have been unaddressed by sanctioning countries", allowing volumes to remain high.

Loopholes include the false flagging of ships but also the issue of re-exportation of refined fuels made from Russian crude oil to sanctioning countries.

"We propose a ban of imports from any refinery or storage terminal that has received a shipment of Russian oil in the previous six months," Levi said.

- Crude to China, India, Türkiye-

Russian revenues from crude oil exports -- one of Russia's main exports -- decreased by 18 percent to 85.5 billion euros in the 12 months leading up to February 24, compared to the year before, according to the report.

Meanwhile volumes fell by six percent to 215 million tons, for the same period, according to the report.

Ninety-three percent of Russian crude was exported to China, India and Türkiye.

The report urged the EU and UK to "detain Russian shadow fleet vessels that pose huge environmental and security threats to European and UK coastlines".

The European Union lists 598 vessels suspected of being part of the "shadow fleet" that are banned from European ports and maritime services.

It also called for an end to Hungary's and Slovakia's continued imports of Russian crude oil.

The two countries, which were exempted from EU sanctions on Russian oil imports, imported 11 percent more Russian crude oil in the first 10 months of 2025 compared to the same period a year earlier, the report stated.


European Oil and Gas Stocks Hit Record High, Surpassing 2007 Level

The chimneys of the Total Grandpuits oil refinery are seen just after sunset, southeast of Paris, France, March 1, 2021. REUTERS/Christian Hartmann
The chimneys of the Total Grandpuits oil refinery are seen just after sunset, southeast of Paris, France, March 1, 2021. REUTERS/Christian Hartmann
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European Oil and Gas Stocks Hit Record High, Surpassing 2007 Level

The chimneys of the Total Grandpuits oil refinery are seen just after sunset, southeast of Paris, France, March 1, 2021. REUTERS/Christian Hartmann
The chimneys of the Total Grandpuits oil refinery are seen just after sunset, southeast of Paris, France, March 1, 2021. REUTERS/Christian Hartmann

The European oil and gas stocks index hit a record high on Monday, surpassing a previous record hit in 2007, helped in recent weeks by a rise in the price of oil, Reuters reported.

At 1450 in London the basket was up 1.5%. Oil and gas names have added 17% year-to-date versus a 6.5% rise for the pan-European STOXX 600 index.

Brent rose as high as $72.44 a barrel on Monday a six month high. It has risen nearly 19% so far in 2026 as investors worry about US military action in Iran.