Good morning, this is the Oil Patch. We're like your Italian grandma. We gather up all the oil and gas news and serve them up as a tasty lasagna.

Here's what the Oilman has for you today:

• Battle of the Titans: Shell vs Greenpeace

• British Bank Goes "Green" with a Bang

• U.S. Treasury Pours Cold Water on Iranian Petroleum Sales in Asia

• Around the Digital Patch

• Tweet of the Day

The Battle of the Titans: Shell vs Greenpeace

Greenpeace and Shell are locked in an epic struggle, with activists scaling the oil and gas behemoth's platform in the North Sea. Undeterred by Shell's legal assaults, the protestors rallied their forces, with more activists joining the cause.

The rebels have a cause

Greenpeace is demanding that Shell step up to the plate and acknowledge its role in the climate crisis. The activists want the company to stop expanding its oil and gas production globally and start taking the environment seriously. In response, Shell hit back with a legal punch, threatening activists with up to two years of jail time and hefty fines.

Interestingly, the protesters used boats and vessels powered by diesel and gas to access the platform, exposing the irony of the struggle for environmental protection and fossil fuel production.

This latest demonstration follows Shell's announcement of a record-breaking profit of $39.9 billion, and protests in London and the Philippines, questioning where these profits will go in the fight against climate change.

A New Dawn for Shell

The White Marlin heavy-lift vessel carrying Shell's 34,000-ton oil and gas platform has arrived at the Penguins project in the North Sea. This platform is Shell's first new manned vessel in the northern North Sea in 30 years and marks a new chapter for the company.

At its peak, the Penguins project is expected to yield 45,000 barrels of oil per day. Furthermore, Shell has hinted that this redevelopment could lead to the discovery of new fossil fuel reserves, providing energy security and economic benefits for local communities.

Despite the challenges posed by Greenpeace and other environmental activists, the Penguins project shines a light on the continued importance of responsible and sustainable fossil fuel production in achieving an abundant future for all.

British Bank Goes "Green" with a Bang

In a shocking turn of events, Britain's largest business bank, NatWest, has thrown down the gauntlet and announced its intentions to immediately stop all reserve-based lending for new customers financing oil and gas exploration and extraction. This move is set to phase out completely by 2025 and is sending shockwaves through the energy sector.

The Green Grinch that Stole Energy Security

NatWest's decision to go green is driven by the increasing pressure from policymakers and investors to reduce carbon emissions and align with the global push towards a greener economy. This move is also in line with its rival, Lloyds, who has already stopped lending for new oil and gas projects.

However, NatWest's decision to end all credit to companies expanding production is where it gets serious. This move will leave many smaller oil and gas producers in a bind, as they heavily rely on reserve-based lending facilities to finance their operations. The lack of financing options could harm energy security and put pressure on other banks to follow suit.

NatWest's "green" move may be a bold step towards a "cleaner" future, but it could also have some serious consequences for energy security. The bank may have just become the Grinch that stole energy security!

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U.S. Treasury Pours Cold Water on Iranian Petroleum Sales in Asia

The U.S. Treasury dips its toes in the sanctions pool once again, this time cooling off nine companies heating up the Asian market with Iranian petroleum and petrochemicals.

OFAC Strikes Again

The Office of Foreign Assets Control (OFAC) dealt a blow to six Iran-based petrochemical manufacturers or their subsidiaries and three firms in Malaysia and Singapore, all of which were involved in facilitating the sale and shipment of petroleum and petrochemicals on behalf of Triliance Petrochemical Co. Ltd., a previously designated entity.

Crime Doesn't Pay

The Treasury accused these nine companies of playing a critical role in Iran's illicit trade of petrochemicals and petroleum worth hundreds of millions of dollars with Asian buyers, a clear violation of U.S. sanctions imposed on Iran's oil and petrochemical industry since 2018.

The U.S. isn't Messing Around

The Treasury warned that anyone engaging in transactions with these designated individuals and entities may also face sanctions or enforcement actions, as the U.S. remains committed to targeting Iran's sources of illicit revenue and enforcing its sanctions against those who knowingly facilitate trade with Iran.

Iran's Nuclear Dreams on Hold

Despite the talks between Iran and world powers about reviving the Iranian nuclear deal stalling last year, the U.S. remains steadfast in its stance against Iran's oil exports, most of which are covertly shipped to Asia, mostly to China, in evasion of U.S. sanctions.

Around the Digital Patch

💥 Did America take out the Nord Stream Pipeline? This journalist thinks so.🐄 Is carbon capture worth it?🌅 Adriatic pipeline expansion for Hungary and Croatia.🗼 Rig counts continue to fall.

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