End of Petrofac investigation will unlock ‘lucrative’ Saudi and UAE markets
An investigation into allegations of bribery at Petrofac, which wrapped up yesterday, “will unlock the lucrative” Saudi Arabia and United Arab Emirates (UAE) markets.
Iraq
Petrofac fined £77 million for failing to prevent bribery
Petrofac (LSE: PFC - 192.4p) has been ordered to pay £77 million over seven separate counts of failure to prevent bribery between 2011 and 2017.
Updated: Petrofac charged with seven separate offences of failing to prevent bribery, intends to plead guilty
Energy services giant Petrofac has been charged with seven separate offences of failing to prevent bribery between 2011 and 2017.
Sonangol takes loss but presses ahead with IPO plans
Sonangol intends to go ahead with an IPO in the coming years, although the company did report a $3 billion net loss for 2020.
TotalEnergies signs up to $10bn gas, solar plan in Iraq
TotalEnergies has signed a number of major deals in Iraq’s Basra area, to develop local resources and support power generation.
BP, PetroChina spin out Iraq’s Rumaila field to new company
BP and PetroChina formed a joint venture to manage the giant Rumaila field in Iraq, an operating structure the British oil major has adopted in other parts of the world as it focuses on the energy transition.
Proserv to provide control systems at Majnoon
Proserv Controls has won a “significant contract” to provide wellhead control panels (WHCPs) to the Basra Oil Co. (BOC), at Iraq’s Majnoon oilfield.
TotalEnergies exits Kurdistan with ShaMaran sale
ShaMaran Petroleum has struck a deal to buy an 18% stake in the Sarsang licence, in Kurdistan, from TotalEnergies.
Iraq says BP and Lukoil want to sell down oil stakes
BP Plc and Russia’s Lukoil PJSC want to sell down their assets in Iraq, according to the country’s oil minister.
IFC signs off on Shell-backed BGC flare work in Iraq
The International Finance Corp. (IFC) has arranged a $360 million for Basrah Gas Co. (BGC), which will be one of the largest gas flaring reduction schemes in the world.
Former Unaoil executive ordered to pay £402k in confiscation
A former Unaoil executive has been ordered to pay almost half a million pounds in confiscation or face more time behind bars.
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.
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.