BP warns of up to $5 billion in impairments due to energy transition and weak oil trading
BP said that it expects to book between $4 and $5 billion of impairments during the fourth quarter. These are mainly related its energy transformation businesses. It also noted a weak oil trading. Under the new leadership, Chair Albert Manifold has said that BP’s portfolio needs to be simplified. Meg O'Neill, the new CEO, will replace interim Chief Carol Howle after Murray Auchincloss's sudden departure last month. BP stated in its trading statement on Wednesday that the impairments will not impact underlying replacement costs profit, their version of net income. A spokesperson declined to provide further information on the?projects that were affected by impairments.
EIA: US natgas production to reach record highs in 2026 while demand declines
The U.S. Energy Information Administration said Tuesday that the U.S. Natural Gas output will reach a record high by 2026 while demand is expected to decline. EIA predicted dry gas production would rise from a record of 107.4 billion cubic feet per day (bcfd) in 2025, to 108.8 in 2026, and 109.7 in?2027. The agency also predicted that domestic gas consumption would decline from an all-time high of?91.5 billion cubic feet per day (bcfd) in 2025, to 90.3, bcfd by 2026, and then 90.9 bcfd by 2027. The EIA's January 2026 projections were higher than the December forecast of 90.8 bcfd but lower than their production forecast?of 109.1bcfd. The agency forecast that average U.S.
EIA: US oil drilling will slow down as prices fall, Venezuela's growth could increase pressure
Lower oil prices will likely reduce?U.S. The Energy Information Administration reported on Tuesday that drilling activity will reduce production by 1% in the top producing country this year, and a possible increase of supply from Venezuela may 'add pressure. The Department of Energy’s statistical arm echoes concerns from some U.S. producers regarding President Donald Trump’s request that domestic oil companies enter Venezuela to help increase its production after President Nicolas Maduro was captured. U.S. oil producers are already struggling with low oil prices. They say that the demand for more Venezuelan oil will only make them worse.
Trump revises Biden's tweak to the clean water rule
The Trump administration proposed on Tuesday a rule that would revise pollution protections from the Biden era?for waterways. According to the Environmental Protection Agency, this move?would accelerate permitting for energy and artificial intelligence infrastructure. The rule is a result of the former administration of Joe Biden's 2023 completion of the Clean Water Act's 401 section. This reversed the 2020 rule of President Donald 'Trump's First Term and gave states and tribes authority to?protect waters in their reviews for projects requiring federal permit. Jess Kramer is the EPA's assistant administrator for water.
EIA: US oil drilling will slow down as prices fall, Venezuela's growth could increase pressure
Energy Information Administration reported on Tuesday that lower oil prices will reduce U.S. drilling activity and reduce production by 1% in the United States this year, while a possible increase in Venezuelan output could add to the pressure. The Department of Energy's statistics arm's comments add to the concerns expressed by some U.S. producers regarding President Donald Trump's call for domestic oil companies to enter Venezuela to help increase its production after President Nicolas Maduro was captured. U.S. oil producers are already struggling with low oil prices. They say that the demand for more Venezuelan crude oil will only make them worse.
Norway awards 57 drilling licenses in offshore oil and gas exploration round
Norway's Energy Minister told an industry conference that the country awarded shares in 57 offshore oil exploration licenses to 19 companies as part of its annual licensing round. The number of permits awarded to oil and gas companies has decreased from 20. Norway's plan to extend oil and gas production in Norway for decades is centrally based on the?annual predefined areas (APA) round of new offshore exploration acres. However, activity will?decrease in the next few years. Norway is Europe's largest energy supplier, but production will begin to fall in a few short years. We need to develop new projects which can slow down the decline and increase production.
Gas prices in Europe reach 10-week high amid Iran tensions
Early trade on Europe's benchmark contract for gas reached a 10-week-high, continuing the bullish trend from?the last session amid forecasts of increased demand, short covering and geopolitical tensions regarding Iran. According to LSEG, the benchmark Dutch front-month 'contract' at the TTF hub increased by 0.80 euros to 31.27 Euro per Megawatt Hour (MWh) as of 0905 GMT. Earlier trades reached a contract price of 32.23 Euros, its highest since November 4, last year. The March contract was up 0.88 euros at 30.43 euro/MWh. The British gas day-ahead price rose 4.20 pence to 84.00 pence a therm.
After nearly a decade, the Canadian Prime Minister visits China
Mark Carney, Canada's prime minister, will depart for China on February 2nd to discuss trade and security issues. This is at a time when Canada is facing uncertain relations with the U.S. because of a trade conflict and threats by President Donald Trump regarding annexation. The visit is the first by a Canadian Prime Minister to 'Beijing since 2017. It could be a turning point in the relationship between Canada and China as Canada looks for 'new?trade partnerships and security alliances. Carney accepted to visit China in October last year when he met with Chinese President Xi Jinping in South Korea.
Diamondback Energy reports lower oil prices in the fourth quarter
Diamondback Energy, the U.S. producer of shale oil, announced on Monday that its oil prices were lower in 'the fourth quarter' compared with 'the previous three months. The price of oil fell 9.2% in the three-month period ending December 31 as fears about tariffs and oversupply outweighed geopolitical risk. The average realized price, or 'price received' for the total production of oil, fell to $58.00 a barrel during the fourth quarter, down from $64.60 a barrel over the previous three-month period. After hedging, the average realized price for natural gas was $1.03 per 1…
US oil lobby group supports repeal of climate rule for vehicles but not power plants
According to its president, the American Petroleum Institute supports EPA's proposal to repeal greenhouse gas regulations for vehicles. However, it does not support the proposal for power plants and stationary industrial facilities. API President Mike Sommers' told reporters that "we would not support the repeal of the endangerment findings for stationary sources". He added that the trade -group believes it has the "best standing" in terms of regulatory stance and that it is obvious the EPA can regulate?greenhouse gases emissions from these sources.
API chief: US oil industry needs to reform its Venezuela policy on security in order to enter the country.
American Petroleum Institute President Mike Sommers said that the U.S. Oil Industry must have in place a number of prerequisites in Venezuela, including a workforce security policy and contract sanctity. He made this statement during a phone conference with journalists on Monday. He said that the U.S. Oil Industry had welcomed the move to remove Nicolas Maduro earlier this month, and added that the energy assets in the country are large enough to attract significant investment. Sommers said that "most of the reforms will have to be done in Venezuela by Venezuelans.
Sources say that BP's interim CEO has pledged to continue focusing on costs after Auchincloss' departure.
According to a pair of people who attended the meeting, BP's interim CEO Carol Howle said that the company is focusing on cost -cutting and maintaining its current strategy. Howle was appointed interim chief after BP abruptly replaced Murray Auchincloss, its former CEO with Meg O'Neill of Woodside Energy last month. He will remain in the role until O'Neill assumes his position in April. Sources?said that executives at the 'town hall' stressed the importance of keeping costs under control. BP has pledged to reduce costs by between $4 and $5 billion a yearly from a baseline of?2023 by the end 2027. As of mid-2025, it had already achieved $1.7 billion.
Venture Global lowers its profit forecast for 2025 due to volatile LNG prices and transport problems
Venture Global, an LNG company, cut its "full-year core profit forecast" for 2025 on Monday. This was lower than Wall Street expectations, due to price volatility and shipping restrictions. Venture Global stated that changes in Henry Hub prices and international LNG were affecting volume and pricing, as well as the limited availability of vessels in the Atlantic basin. The company said it had 'advanced scheduled maintenance late in quarter, and used its fleet of owned and chartered ships 'to reduce some of the impact on shipping markets. The LNG firm stated that the forward price for these factors in February or March is better than what it was at year-end 2025.
Ghana pays $1.47 billion to settle energy debts
Ghana's Finance Ministry announced on Monday that the government will pay $1.47 billion to settle legacy energy sector debts in 2025, including restoring a depleted World Bank guarantee, and paying arrears to power producers. Ghana's?sector of power? has been struggling with unpaid debts, which have caused a dramatic increase in blackouts. Last year, John Dramani Mahama pledged to reduce the $2.5billion owed to independent gas and power suppliers. The ministry announced that the era of uncontrolled debt accumulation in the energy sector was over. It added that disciplined financial management enabled payments to be made while also ensuring provisions for future obligations.
EUROPE GAS - European benchmark hits 7-week-high on low storage, cold and geopolitics
The benchmark European gas contract reached a seven-week high due to colder weather forecasts and low storage levels, as well as increased geopolitical risk for LNG shipments. LSEG data revealed that the benchmark 'Dutch front month contract' at TTF hub had risen?0.93 euros to 29.35 euro per megawatt-hour (MWh) or $10.05/mmBtu by 0902 GMT. According to data, it briefly reached 29,69 euros/MWh - its highest level since 25 November. The Dutch day-ahead contracts was up 0.60 euro to 29.60 euros/MWh. The British gas day-ahead price increased by 3.65 pence to 77.00?pence per thermo. The recent cold weather has also led to a greater volume of storages being drained, they said.
Commonwealth LNG receives US approval to export non-FTA products for 20 years
Commonwealth LNG, a U.S. company, has been granted a 20-year export license from the Department of Energy for liquefied?gas to be exported from its proposed Louisiana plant to countries that do not have free trade agreements. The company also received approval for 25 years of exports to FTA countries. The authorizations become effective either when the facility begins exporting commercially, or after seven years from the date of the grant. Commonwealth is attempting to build the first integrated LNG facility in the country, with its largest shareholder Kimmeridge supplying?gas produced from Eagle Ford shale to this plant.
Trump calls on US oil companies to fix Venezuela's rotting energy industry
Donald Trump, the U.S. president, began a meeting at the White House on Friday to discuss Venezuela. He said he wanted executives from some of the largest oil companies in the world to invest $100 billion to expand Venezuela's production. The meeting reflects Trump's importance for oil in his strategy towards the OPEC nation, after U.S. troops seized Nicolas Maduro as the leader of the South American nation during a brazen raid overnight on the capital on January 3. He said: "We will be making the decisions as to which oil firms are going to enter…
Exxon CEO: We are ready to assess reentering Venezuela and will send a team within a few weeks.
Exxon Mobil CEO Darren Woods stated?on Friday that the U.S. 'oil major could start from the ground up in Venezuela, and was prepared to evaluate the possibility of returning to the country. Woods stated that it was "absolutely critical" to have a technical team in place for the purpose of assessing the state of 'the industry. He added that a team could be on the ground in a matter of weeks. The remarks?were?made during a meeting at the White House with U.S. president Donald Trump and other oil executives, to discuss the future oil industry of the OPEC country. U.S.
Trump meets with oil companies in Venezuela
Donald Trump, the U.S. president, began a meeting at the White House with executives of some of the largest oil companies in the world on Friday. He said that increasing crude production from Venezuela will benefit the United States. The meeting reflects Trump's importance for oil in his strategy towards the OPEC nation, after U.S. troops?seized South American leader Nicolas Maduro during a brazen raid overnight on the?capital of the country January 3. Officials in the Trump administration have stated that they must control Venezuela's revenue and oil sales for as long as possible to ensure it acts "in America's interest".
Trump's "drill baby, drill" agenda in Venezuela hurts producers at the home
Trump wants $50 oil but it's below the profit level of U.S. Venezuelan oil redirected to squeeze U.S. Venezuelan oil to benefit U.S. HOUSTON, January 9 - U.S. Oil Producers already struggling with low oil prices face renewed pressure as President Donald Trump presses them to increase output in Venezuela – a move which would weaken oil markets, reduce revenues and hurt the industry at home. Trump's policies, he claims, will unleash American energy while lowering prices at the pumps. This promise would benefit U.S. customers but would squeeze revenues from the oil industry. Lower profits means oil companies will drill less and not more. Trump has asked U.S.