Iraq Denies Asking For Exemption From OPEC+ Cuts
Iraq rejects stories that they are seeking an exemption from OPEC+ cuts, with Oil Minister Ihsan Abdul Jabbar maintaining that an increase in production would cause crude prices to fall.
News / International
BP Pledges Oil, Gas Investments in the Middle East
BP has affirmed it will continue it will invest more money into Iraq’s, Oman’s, and the United Arab Emirates’ (UAE) oil and natural-gas fields despite the company’s transition to renewable energy and tries to lower emissions.
Nigeria to Embark on Mini-Refineries Project
Nigeria, Africa’s top oil producer, has given the green light to construct a series of mini-plants with the government licensing a total of 40 mini-refineries in an effort to help end its dependency on fuel imports.
Wintershall Dea Lays Out Ambitious Climate Change Plan
Europe’s leading independent oil and gas company, Wintershall Dea, has announced its ambitious climate change plans with targets of achieving net-zero operations by 2030.
Angola Plans to Disassemble NOC Sonangol
Angola’s finance minister, Vera Daves de Sousa, has announced plans to start partial disposal of the national oil company (NOC) Sonangol by the end of 2021 or early 2022.
Saudi Aramco Completes Issuance of $8 B International Bonds
Saudi Aramco, the world’s largest oil company, has completed the issuance of $8 billion worth of senior international bonds.
Iraq Revises Price Mechanism for 2021 Shipments
Iraq’s Oil Marketing Company (SOMO) has introduced a new look pricing mechanism used to compensate buyers for fluctuations in the density of its crude exports, which will commence with shipments in 2021.
Iraq Seeks Negotiation with OPEC+ If Cuts Extended
Iraq’s Member of the Parliamentary Oil and Energy Committee, Ghalib Muhammad, is seeking to negotiate with the Organization for Petroleum Exporting Countries and its allies (OPEC+) a reduction in Iraq’s percentage of production if the group goes ahead with extending production cuts.
ADNOC Announces Discovery of 22 B bbl, Pledges $122 B in Capex
Abu Dhabi National Oil Company (ADNOC) announces the discovery of 22 billion barrels of unconventional oil which is made up of unconventional reserves including shale oil as the company pledges $122 billion in capital expenditure (Capex) over the next five years.
Acwa Power Set to Raise $1 B in Sukuk Sale
Acwa Power International, a developer, investor, and operator of a portfolio of power generation, is planning to raise about $1 billion by selling Islamic bonds early next year.
