London-listed supermajor BP (LON:BP) has confirmed plans to cut 8,000 jobs as it continues its plans to “simplify and focus” the company. The oil giant plans to reduce its internal headcount by 4,700 while reducing contractor numbers by 3,000. It is understood that staff were told about BPs plans on Thursday morning as CEO Murray Auchincloss issued a statement to employees. He said: “I understand and recognise the uncertainty this brings for everyone whose job may be at risk, and also the effect it can have on colleagues and teams. “We have a range of support available, and please continue to show care for each other, be considerate, and keep putting safety first – especially during times of change.” Last year the company boss announced plans to cut costs by $2 billion (£1.64bn) by the end of next year and this move is set to play a part in the penny-pinching drive. In the third quarter of 2024, BP saw profits slump by 18% to $2.3 billion (£1.8bn). Analysts had expected the drop in net income which was 30% less than the same period last year. © Supplied by BPWorkers from the Seagull tieback project on the BP’s ETAP platform. The supermajor employs 90,000 people across its global operations. BP was asked what number of the 7,700 job cuts will come from the UK. This comes as Unite the Union announced that its No Ban Without a Plan campaign received the backing of more than half of MSPs. The union initiative which aims to save the jobs of offshore workers as the UK transitions to renewable energy has received the backing of 65 MSPs and 6 MPs on a list with 71 political backers. However, Unite has shared that none of its supporters are representatives of the Green or Liberal

The U.S. Energy Information Administration (EIA) revealed its latest Brent spot price forecasts in its January short term energy outlook (STEO), which was published this week. According to the STEO, the EIA sees the 2025 Brent spot price averaging $74.31 per barrel and the 2026 Brent spot price coming in at $66.46 per barrel. The EIA’s previous STEO projected that the 2025 Brent spot price would average $73.58 per barrel. That STEO did not offer a Brent spot price projection for 2026. The EIA expects the Brent spot price to average $76.34 per barrel in the first quarter of this year, $75 per barrel in the second quarter, $74 per barrel in the third quarter, $72 per barrel in the fourth quarter, $68.97 per barrel in the first quarter of 2026, $67.33 per barrel in the second quarter, $65.68 per barrel in the third quarter, and $64 per barrel in the fourth quarter of 2026, the January STEO showed. In its December STEO, the EIA forecast that the Brent spot price would average $74 per barrel in the first quarter of this year, $74.33 per barrel in the second quarter, $74 per barrel in the third quarter, and $72 per barrel in the fourth quarter. The EIA highlighted in the STEO that its forecast was completed before the United States issued additional sanctions targeting Russia’s oil sector on January 10. “For all of 2024, the Brent price averaged $81 per barrel and in 2023 averaged $82 per barrel,” the EIA noted in its latest STEO. “Following some initial upward price pressure in early 2025, we expect that crude oil prices will generally decline from mid-2025 through the end of 2026 as growth in global oil production outpaces growth in oil demand,” it added. “In our forecast, increases in oil prices

President Ferdinand Marcos Jr. has signed legislation to establish a downstream gas industry in the Philippines by increasing the share of gas in the domestic energy mix and positioning the country as a transshipment hub for liquefied natural gas in the Asia-Pacific. While climate and environmental campaigners opposing such a measure have called for expanding renewable energy instead, the new law insists it only promotes gas as a transition fuel and does not contradict existing policy for the shift to a lower-carbon future. The Philippine Natural Gas Industry Development Act seeks to “develop natural gas as a reliable fuel for power plants capable of addressing the peaking, mid-merit, and baseload demand of the country to help achieve energy security, while progressively transitioning to renewable energy sources”, according to the text published Wednesday on the government’s Official Gazette and the Senate. Marcos signed it January 8. The government shall also facilitate the development of “non-power end-uses of natural gas which include commercial, industrial, residential, and transport applications that promote fuel diversity”, states the law, codified as Republic Act 12120. “In all cases, the State shall ensure the safe, secure, reliable, transparent, competitive, and environmentally responsible operation of the PDNGI [Philippine downstream natural gas industry] value chain, and ensure alignment with the State’s policy on transitioning to a low-carbon future, consistent with the sustainable development goals on increasing the share of renewable energy in the country’s energy mix”, the law says. The law prioritizes locally-produced gas over imports so long as this restriction “is consistent with the State’s policy of ensuring energy security and consumer welfare”. However, the coal-reliant Southeast Asian country has only one active gas field out of two commercial discoveries, according to the Philippine Department of Energy (DOE). And Malampaya, offshore Palawan island, is depleting. Co-developer Shell PLC exited the

Trident Energy has announced the completion of a suite of transactions involving the acquisition of Chevron Overseas (Congo) Ltd. and a swap with TotalEnergies SE covering several fields in the Republic of the Congo. With the sale of its local subsidiary, United States energy giant Chevron Corp. transferred its 31.5 percent non-operating stakes in the Moho-Bilondo block and the Nkossa and Nsoko II fields, as well as a 15.75 percent operating stake in the Lianzi field, to London-based Trident Energy. Trident Energy also obtained TotalEnergies’ operating 53.5 percent stakes in Nkossa and Nsoko II, raising its ownership in the two fields to 85 percent. State-owned Societe Nationale des Petroles du Congo (SNPC) has the remaining 15 percent. In exchange the French energy major acquired an additional 10 percent stake in the Moho-Bilondo block, which consists of the Moho-Bilondo field and the Moho Nord field. Operator TotalEnergies now holds a 63.5 percent stake in the license. Trident Energy has 21.5 percent. SNPC owns the remaining 15 percent. Trident Energy expects the new acquisitions to add about 30,000 barrels of oil per day (bopd) to its production. In the Moho-Bilondo block, Moho Nord is producing with a capacity of 140,000 bopd, according to information on TotalEnergies’ website. Meanwhile the mature fields Nkossa and Nsoko II, located 70 kilometers (43.5 miles) off the coast, have a combined average output of 15,000 barrels of oil equivalent a day, according to TotalEnergies. The transactions are “significant” for Trident Energy, “which has proven expertise in extending field life and unlocking production from mid-life assets as demonstrated by their takeovers in Brazil and Equatorial Guinea”, Trident Energy said in an online statement announcing completion. Trident Energy chief executive Jean-Michel Jacoulot said, “We look forward to working with TotalEnergies Congo, the SNPC and the Congolese government to generate further

Crude oil’s strong start to the year was reinforced on January 10 with the announcement of the latest, and most extensive yet, round of U.S. sanctions on Russia. That’s what analysts at Standard Chartered Bank, including the company’s commodities research head Paul Horsnell, said in a report sent to Rigzone by Horsnell this week, adding that the new restrictions “roughly triple the number of directly sanctioned Russian crude oil tankers, enough to affect around 900,000 barrels per day”. “We do not expect Russia to be able to maintain the full extent of the flow, even with an increase in the use of shadow fleet tankers and ship-to-ship transfers, with perhaps an average 500,000 barrels per day of displacements over the next six months,” the Standard Chartered Bank analysts added in the report. “The global market had already tightened over the past three months, and the dislocation of Russian exports adds a further layer of prompt demand,” they went on to state. In a market analysis sent to Rigzone on Tuesday, Maria Agustina Patti, Financial Markets Strategist Consultant to Exness, said the U.S. sanctions “are expected to reduce Russian oil exports, potentially cutting up to 700,000 barrels per day from global supply”. “However, actual disruptions might be smaller, as Russia and its key buyers explore alternative shipping arrangements,” Patti added in the analysis. A research note sent to Rigzone late Tuesday by the JPM Commodities Research team said the estimated value of open interest across energy markets “increased by four percent week on week ($29 billion) to $668 billion”. “The increase was predominantly driven by crude oil and petroleum products which experienced healthy inflows of $12 billion during the week across all trader types,” the note added. “This was further supported by strong price action across WTI/Brent crude oil markets which rallied by

A group representing local councils who are building an energy-from-waste (EfW) incinerator in North East England has hit back after a local MP criticised the project and called for it to be halted. The Tees Valley Energy Recovery Facility (TVERF) is a joint venture between seven North East councils – Darlington, Hartlepool, Redcar & Cleveland, Stockton-on-Tees, Middlesbrough, Durham County and Newcastle City – which will burn over 400,000  tonnes of unrecyclable waste each year to generate electricity on the Teesworks site. Labour MP for Redcar Anna Turley wrote to the councils responsible stating her opposition to the project last week on the grounds that residents in Grangetown, adjacent to the planned incinerator, had expressed concerns about the health implications of the new facility being built. In response, the TVERF partners described recent media coverage and opposition to waste incineration as “scaremongering.” The project partners criticised a BBC investigation published in October, saying it was “highly selective” and did not “reflect the operational realities” of energy-from-waste facilities. They were also critical of local activists, who have been included in local press coverage. In September, healthcare professionals were among those who protested outside Newcastle Civic Centre against plans to send the city’s waste to Teesside. One of the protestors, Dr Matthew Keegan, said at the time: “This project will result in waste from across the whole region getting dumped on an area that has already been overburdened by pollution, inequality and government neglect.” His sentiments were echoed in Ms Turley’s criticisms. “Communities across Grangetown,” she wrote, “feel they are being asked to bear a disproportionate burden in the region’s waste management strategy.” She continued: “Grangetown, in particular, has shouldered more than its fair share of industrial developments. “It is time to explore alternative solutions that better balance the needs for the region