It may be that oil markets have not yet made up their mind whether the new U.S. administration is inherently bullish or bearish for oil prices. That’s what analysts at Standard Chartered Bank, including the company’s Commodities Research Head Paul Horsnell, said in a report sent to Rigzone late Tuesday by Horsnell, adding that recent price action has been extremely cautious. “Brent stands almost on the origin in our summary of week on week changes, with two successive weeks of only limited price changes,” the analysts stated in the report. “April Brent settled at $75.87 per barrel on 10 February, a week on week fall of $0.09 per barrel; in the previous week the April contract also trod water, falling by just $0.22 per barrel,” they added. The analysts noted in the report that volatility has also moved sideways. “The 30-day realized annualized Brent measure has spent the past three weeks within in a narrow 21.2-22.8 percent range,” they said in the report. “However, underneath these signs of tranquility we think there is a bullish market trying to get out,” they added. In the report, the Standard Chartered Bank analysts said they think the oil market will move higher for three main reasons. “First, we think the market narrative of an impending imminent supply glut that dominated sentiment in the latter half of last year is showing signs of weakening,” they said. “The glut narrative is still very easy to find in analyst and media reports; however, it appears to us that the surpluses being predicted are both getting smaller and moving further back in time,” they added. “Our own model continues to show no surplus this year, even if OPEC+ increases output according to the current schedule,” they continued. “Second, we think last year’s steady erosion of demand growth

Various energy industry apprenticeship programmes have been announced to coincide with National Apprenticeship Week, taking place from February 10-16. These include the APTUS programme, which is now open for applications for 2025, as well as a new apprenticeship programme launched by John Crane and the 400 apprenticeship roles available this year announced by British Gas. APTUS was formerly known as the Oil and Gas Technical Apprenticeship Programme (OGTAP) and has been running since 1999. The programme is managed by OPITO and the Engineering Construction Industry Training Board (ECITB). Under the programme, technical apprenticeships are offered across four disciplines – electrical maintenance, instrument and control maintenance, mechanical maintenance and process operations. Apprentices are taught how to operate, maintain and repair critical infrastructure required for energy production. APTUS is open to all British residents over the age of 16 with four National 5s or GCSEs, including Maths and English. The four-year programme comprises 20 months in further education, followed by two years on a work experience placement. Applications are open until March 16, with successful applicants beginning the programme in September this year. There are 17 energy industry employers participating in the programme – including BP, Shell, Petrofac, Semco Maritime and Bilfinger – offering 300 apprenticeship places per year. In their announcement about the opening of applications for 2025, OPITO and ECITB said that 95% of APTUS apprentices go on to secure employment with their sponsor company following completion of the programme. The two organisations pointed to growing demand for skilled workers across both existing and emerging energy industries, saying that education and upskilling must be scaled up. OPITO’s director of products and services, Ewen Hay, said there had been £140m invested in APTUS to date and more than 2,000 apprenticeships completed since the programme’s inception. John Crane launches five-year programme Meanwhile,

A spokesperson for the UK’s Department for Energy Security and Net Zero (DESNZ) told Rigzone that details of the Great British (GB) Energy CEO role “will be published in due course”. “Details of the role will be published in due course, and we will update when the job advert is live,” the spokesperson told Rigzone when asked if DESNZ had an update on when GB Energy will appoint a CEO. The UK government website notes that GB Energy “will be a new, publicly owned, clean energy company”, adding that it “works with the Department for Energy Security and Net Zero”. “Great British Energy’s mission will be to drive clean energy deployment to create jobs, boost energy independence, and ensure UK taxpayers, billpayers and communities reap the benefits of clean, secure, home-grown energy,” the UK government site states. “This mission will be delivered through the following five functions: Project investment and ownership; Project development; Local Power Plan; Supply chain; Great British Nuclear,” it adds. A statement posted on the UK government’s website on January 17 announced that five non-executive directors had been appointed to GB Energy’s start-up board, “in another step forward for the new, publicly owned energy company that will own and invest in clean energy projects across the UK”.     The statement revealed that the five new start-up non-executive directors joined GB Energy’s board on initial contracts of between 18 months and two years. The directors comprise Frances O’Grady, Frank Mitchell, Kate Gilmartin, Nina Skorupska, and Valerie Todd, the statement showed. O’Grady was general secretary for the TUC between 2013 and 2022, as well as former deputy general secretary from 2003, a bio section included in the statement noted, adding that O’Grady is a member of the House of Lords and has previously held positions at the Transport and General Workers Union. Mitchell is the

Commodity traders should start paying more attention to India, according to the country’s oil and gas minister, as the world’s most populous nation moves into a new phase of growth that will require increased raw material consumption. “No matter which angle you look at India from, it’s a growing economy,” Hardeep Singh Puri said in an interview, predicting it would become the world’s third-largest economy — overtaking Germany and Japan — within a couple of years. His message for commodity traders, he added, was simple: “It’s good to start looking at India.” Though vast, and one of the top food exporters in the world, India has long been overshadowed as a commodity consumer by China, the world’s largest buyer of everything from copper to soybeans. Still, thanks to growth in the years after the coronavirus pandemic and hefty government investment in infrastructure, overall demand expanded — even if the economy has cooled a little since. Puri said that an anticipated surplus of global gas in the next few years should result in lower prices that would increase demand in India and bring the country closer to a government goal of lifting the fuel’s share in the energy mix from about 6% to 15%.  He was speaking on the sidelines of the India Energy Week conference, where companies from Abu Dhabi National Oil Co. to TotalEnergies SE struck deals to supply liquefied natural gas to India. His comments come as India’s Prime Minister Narendra Modi visits the US, with Indian companies discussing additional purchases of US LNG. Puri’s optimism on India was echoed by international commodity executives. “We see massive growth, particularly in India” for gas and LNG over the next 25 years, said Andrew Barry, vice president for LNG marketing at Exxon Mobil Corp. “There’s quite a juxtaposition between India and Europe,” said Russell Hardy, chief executive officer

US oil major Chevron (NYSE: CVX) has announced that it will cut 15-20% of its workforce as it looks to make $3 billion worth of savings by 2026. With a global workforce of around 40,000 people across all its operations, this could potentially mean 8,000 people will lose their jobs. The company was hit by weak margins at its refining and gasoline sectors, while its operations in Kazakhstan have been fit by cost overruns and delays. In addition, it has struggled to close a $53b deal to acquire oil producer Hess and enter the growing Guyanese oil industry, adding to its woes. Chevron vice chairman Mark Nelson said in a statement: “Chevron is taking action to simplify our organisational structure, execute faster and more effectively, and position the company for stronger long-term competitiveness. “We do not take these actions lightly and will support our employees through the transition.” Industry sources have added that Chevron will reorganise its business as part of the cost-cutting measures, including announcing a new leadership structure in the next two weeks. The company will also hold an internal town hall meeting for employees where they can begin opting for buyouts now through April or May. Chevron has a limited presence in the UK, including a 19.4% non-operated stake in the Clair Field. However, it has already floated plans to sell this, marking an end to company’s presence in the North Sea after more than 55 years. Chevron would also sell its interests in the Sullom Voe oil terminal, along with stakes in the Ninian and SIRGE pipeline systems. The potential asset sale spread rumours that it may affect up to a dozen of the company’s workers in the UK. Chevron is the latest oil and gas company looking to make job cuts. BP announced plans this year

The UK government has announced an initiative to deliver up to £200 million of investment to offshore wind developers in this year’s bidding round for renewable energy. The Labour premiership has opened applications for its “clean industry bonus” which will support offshore wind developers, on the condition they prioritise their investment in places “that need it most”. The government said areas that would attract extra investment include “traditional oil and gas communities”, as it looks to back “good jobs” under its plan for change. The cash will be available to all offshore wind projects that come through the next auction, this year is allocation round 7 (AR7). This offers successful bidders a contract a for difference (CfD), a fixed contract price on the energy produced. In prior allocation rounds, the government has chosen the lowest bids. But this year’s clean industry bonus is designed to encourage investment in the supply chain most deem necessary for the industry to flourish. © Supplied by Neart na GoitheTurbines blades at Siemens Gamesa in Hull. The bonus will come with an initial £27 million per gigawatt (GW) of offshore wind projects. “That means if developers commit to 7-8GW of offshore wind, up to £200m of funding could be made available,” the government announcement explained. The government funding will support developers who build sustainable low-carbon factories, offshore wind blades, cables and ports, and reduce industrial emissions across the energy supply chain. This comes as part of a move to drive investment in the UK’s manufacturing capabilities. © Supplied by Ross Creative CommunA floating offshore wind turbine at the Port of Nigg. On Wednesday HMRC granted the Port of Nigg in the north-east of Scotland customs site status to incentivise suppliers to set up shop in the region. The awarded status allows the port to sit