Energy transition ‘nightmare’ for traditional exporters
The energy transition is a “political risk nightmare” for hydrocarbon-export reliant states, a new report from Verisk Maplecroft has said.
Iraq
Petrofac ‘cut off from key markets’ after Adnoc suspension
Petrofac has been cut off from three of its “largest and most promising” oil markets globally after being suspended from Adnoc tenders, according to new analysis.
Petrofac secures contract extension worth £57m for work in Iraq
Energy services giant Petrofac has secured a one-year contract extension worth around $80 million (£57m) with a “key client” in Iraq.
Former oil chief handed three and a half years in jail for part in Iraqi bribery case
An oil boss has been sentenced to three and a half years in prison for conspiring with others to bribe public officials to secure lucrative oil contracts in post-war Iraq.
Fourth oil boss convicted of bribery in war-torn Iraq
A former oil and gas boss has been found guilty of conspiring to bribe public officials to win contracts in Iraq following the collapse of Saddam Hussain’s regime.
OPEC won’t change policy at next meeting, says Iraq oil minister
Iraq said the OPEC+ oil cartel is unlikely to change its production policy at next month’s meeting and repeated promises to deliver overdue output cuts, even as the Arab nation’s economy reels.
Former senior Petrofac boss pleads guilty to further bribery charges
A former senior boss at Petrofac has pleaded guilty to further charges of bribery in a Serious Fraud Office (SFO) investigation related to contract wins worth billions of dollars.
SBM Offshore hit with fresh corruption suspicions from Swiss prosecutor
SBM Offshore is seeking clarity from the Swiss Federal Prosecutor after it brought fresh suspicions of corruption against the Dutch contractor.
BP to invest more in Middle East’s ‘world-leading’ oil fields
BP said it will invest more money in Middle Eastern oil and natural-gas fields even as it transitions to renewable energy and tries to lower emissions.
CNPC, CNOOC mull deal for Exxon’s Iraq oilfield stake
China’s oil giants China National Petroleum Corp. and CNOOC Ltd. are considering acquiring Exxon Mobil Corp.’s remaining stake in an oilfield in Iraq, which could fetch at least $500 million, according to people familiar with the matter.
Ex-Leighton exec arrested over Iraqi bribe claims
The Australian Federal Police (AFP) have arrested a man in Brisbane over corruption allegations tied to work carried out in Iraq.
Assessing energy merger and acquisition opportunities in a time of pandemic
Mergers and acquisitions have been slowed by the COVID-19 outbreak. But as companies embrace the energy transition opportunities will arise
Aberdeen oil boss bribery case ‘straddled lockdown like no other’ says SFO chief
The head of the Serious Fraud Office (SFO) has said a case that saw the conviction of an Aberdeen oil man for bribery “straddled the lockdown period like no other”.
DNO cuts Tawke emissions with reinjection scheme
DNO’s Peshkabir gas capture and injection project, in Kurdistan, has launched and already captured 1 billion cubic feet of gas injected, in a major move to reduce emissions.
Iraq to sign memorandum with Chevron to explore for oil
Iraq plans to sign a memorandum of understanding with Chevron Corp. to explore for oil in the country’s southern province of Dhi Qar, according to a person familiar with the matter.
JGC wins Basra refinery work
JGC Corp. has won a letter of award for the Basra refinery upgrading project, in Iraq.
Aberdeen oil man gets three years in prison for bribery
An Aberdeen oil chief convicted of paying £400,000 in bribes to win contacts in war-torn Iraq has been sentenced to three years in prison.
Oil advances after OPEC+ extends production cuts
Oil rose to trade near $43 a barrel in London after OPEC and its allies agreed to extend historic output curbs by an extra month, promising stricter compliance to ensure members don’t pump more than they pledged.
OPEC+ agrees to extend output cuts as cheats offer penance
OPEC+ agreed to a one-month extension of its record output cuts and adopted more stringent methods to ensure members don’t break their production pledges.
Updated: Oil’s climb continues as strong jobs data adds to OPEC+ optimism
Oil headed for a sixth weekly gain after OPEC+ reached a tentative agreement to prolong its record production cuts and U.S. jobs data were better than expected.
African rig count plummets, while Middle East holds up
Africa has been the hardest hit region in terms of rig numbers, according to Baker Hughes’ May data.
Oil slips with planned Opec+ talks stymied by Iraq obstacle
Oil declined as OPEC+ unity was threatened by a long-running feud over compliance with production cutbacks.
DNO warns of declines in North Sea, Kurdistan
DNO and Genel Energy have cut production estimates and spending this year in Kurdistan, although allowing that work could resume should prices strengthen.
SFO drops Unaoil probe into ABB
The UK’s Serious Fraud Office (SFO) has dropped its investigation into ABB linked to the Unaoil case.
MEA banks under oil price pressure
Middle East and African banks face mounting pressure from the gathering macroeconomic storm and oil price pressure, Fitch Ratings has said.