International

Masdar, Cepsa form renewable energy JV for Spain, Portugal projects

Masdar, a subsidiary of Mubadala Investment Company, and Spain’s Cepsa, owned by Mubadala and The Carlyle Group, announced an agreement to establish a joint venture company to develop renewable energy projects in Spain and Portugal.

SNC-Lavalin to Work on UAE’s Haliba Field

SNC-Lavalin won an engineering services contract to work on Haliba field in Al Dhafra Petroleum’s concession area in Abu Dhabi, according to Pipeline Oil and Gas News.

ADNOC, ENI Ink Strategic Agreement for CCUS

The Abu Dhabi National Oil Company (ADNOC) signed a strategic framework agreement with the Italian giant, Eni, to cooperate in carbon capture utilization and storage (CCUS), according to Khaleej Times.

More than £15bn to be spent on North Sea decommissioning

More than £15bn will be spent on decommissioning work in the North Sea oil and gas industry over the next decade, according to a new report.

Oil rises as news of US-China trade deal gains traction

Oil gained after an American official hinted that the U.S. and China are close to locking down a partial trade deal, offsetting rising global oil supplies.

ADNOC invests $489 million to upgrade Bab onshore field, sustaining long-term production capacity

Abu Dhabi, UAE – ADNOC announced a significant investment to upgrade its giant Bab onshore field, one of its largest onshore producing assets, located 160 kilometers southwest of Abu Dhabi city. The investment will re-energize ADNOC’s first field producing Murban grade crude to sustain long-term crude oil production capacity and reinforces ADNOC’s commitment to maximizing value from Abu Dhabi’s vast hydrocarbon resources as it delivers its 2030 smart growth strategy.

Aramco sees oil demand falling after 2040, per IPO prospectus

(Bloomberg) - Global oil demand may peak within the next 20 years, according to an assessment included in the prospectus for Saudi Aramco’s initial public offering, suggesting views are slowly changing in the kingdom where officials long dismissed the notion as overblown.

OPEC+ risks sub-$50 oil without deeper supply cuts

LONDON (Bloomberg) - With their next meeting just weeks away, OPEC and its partners are showing no impetus for stronger action to support oil prices. But without intervention, some influential forecasters say a new supply glut could send the market crashing early next year. Crude prices, trading at about $62/bbl in London, may tumble almost 30% to $45/bbl if the Organization of Petroleum Exporting Countries and its allies don’t announce deeper production cutbacks, according to Morgan Stanley. Citigroup Inc. and BNP Paribas SA predict a slide to the low $50s. That would intensify the strain on group members like Venezuela, Iran and Iraq, which are already reeling from economic crises and political unrest. It would also ripple through the rest of the industry, hitting the shale boom that has transformed the U.S. into the world’s biggest oil producer. “The prospect of oversupply looms over the market in 2020,” said Martijn Rats, global oil strategist at Morgan Stanley. “Either OPEC deepens its cuts, or prices will fall to about $45/bbl, and force a slowdown in U.S. shale that balances the market.”