Author Archives: Carla Sertin
Posted inExploration & Production

Oil up on supply tightness as demand set to rise

by Carla Sertin

Oil prices rose again today, with Brent exceeding $80 per barrel, as tight global supply faces growing demand, with some gas to oil switching expected in Asia

Brent prices climbing above $80 per barrel for the first time since the pandemic started is a significant market event and highlights how the balance has changed dramatically, from global demand destruction and negative prices to supply tightness as demand returns. It is only now that the market is feeling the supply damage the Covid-19 […]

Posted inEnergy Transition

GCC producers may be better placed than oil and gas majors during energy transition

by Carla Sertin

NOCs and other government-owned players could have an easier time navigating the energy transition, S&P Global Ratings says

S&P Global Ratings thinks the Middle East’s national oil companies (NOCs) and state-owned players in the energy sector are better placed than most global peers to weather the increasing and accelerating impact of the energy transition, according to a new report. “Notably, we believe regional shareholder structures, benefiting from government ownership and the expectation of […]

Posted inExploration & Production

Oil rises even further on tight global supply

by Louise Dickson, senior oil markets analyst, Rystad Energy

Oil prices continue to rise, with Brent approaching $80 per barrel, as global supply tightness keeps fueling the bullish rally

The rise of oil prices is continuing beyond what even most bullish traders would dream just months ago, and Brent hurtling towards the threshold of $80 per barrel is reflective of the extraordinarily tight crude market. However, upward space for price maneuvering could just as easily be extinguished, either as investors opt for profit taking […]

Posted inProducts & Services

Aramco’s Abqaiq facility added to WEF Global Lighthouse Network

by Carla Sertin

Abqaiq becomes Aramco’s third facility to be included in the World Economic Forum’s group of 4IR pioneers

The World Economic Forum has recognized a third Aramco facility, Abqaiq, for its pioneering adoption and integration of cutting-edge technologies of the Fourth Industrial Revolution (4IR). The Abqaiq oil processing facility, the largest oil processing plant in the world, joins Aramco’s Uthmaniyah Gas Plant and Khurais oil complex in the Forum’s prestigious Global Lighthouse Network. […]

Posted inDRILLING & PRODUCTION, Exploration & Production

China set to spend $120 bn on services and drill 118,000 wells through 2025

by Carla Sertin

The nation is aiming to meet its climbing domestic demand and reduce its share of imports

China is looking to pump up oil and gas production in the years ahead to meet climbing domestic demand and reduce the record-high share of imports in its oil consumption. A Rystad Energy report projects a surge in spending till 2025, which will be accompanied by a drilling spree totaling 118,000 wells that will create […]

Posted inNews

How the Petrofac hearing could impact business crime

by David Stern, Barrister and Joint Head of Business Crime at 5 St Andrew’s Hill

Commentary from a barrister in the field of business crime on how the Petrofac case could impact the future direction for the handling of business crime

This case is a departure from the recent practice of the SFO’s strategy of negotiating deferred prosecution agreements (“DPAs”) with companies avoiding any criminal convictions. Since the scheme was introduced in 2014, DPAs have been considered a welcome development for corporations in that they have enabled both sides to mitigate the risks and expense of […]

Posted inPartnership

Bentley Infraweek for the Middle East and Turkey highlights the value of digital twins

by Carla Sertin

Thought leaders and experts from the energy sector who attended the recently concluded Bentley Infraweek for the Middle East and Turkey agree that digital twins bring significant value to their organizations, changing the way that they operate. The event was an sponsored by Bentley Systems, the infrastructure engineering software company, to share emerging technologies, products, […]

Posted inProducts & Services

Petrofac to plead guilty to seven counts of bribery

by Carla Sertin

Former Petrofac employees made payments to influence the award of projects worth billions of dollars across the Middle East, the UK SFO says

Petrofac has reached a plea agreement with the UK Serious Fraud Office (SFO) and will plead guilty to seven bribery offences in relation to payments made for contracts across the Middle East. The SFO charged Petrofac with seven offences of failing to prevent bribery, as former employees who offered or made payments in relation to […]

Posted inNews

APICORP launches its inaugural Green Bond Framework

by Carla Sertin

Paves the way to the issuance of a Green Bond in the near future as one of the first energy focused institutions in the world to do so

The Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution focused on the energy sector in the MENA region, today announced that it has launched its inaugural Green Bond Framework (Framework). The Framework will serve as a means to raise Green Bonds/Sukuk which reinforce the institution’s commitment to projects that are aligned with its […]

Posted inEnergy Transition

Hydrogen must take centre stage at COP26

by Flor Lucia De la Cruz, Senior Research Analyst, Hydrogen and Emerging Technologies

Having net zero targets are increasingly common and hugely important, but COP26 must go far beyond setting new emissions targets

Hydrogen is likely to play a crucial role in the pursuit of energy transition over the coming years. However, the UN Climate Change Conference of the Parties (COP26) in Glasgow in November will be the acid test that determines whether involved players are now prepared to put their words into action. Having net zero targets are […]

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