Oil price scenario for the period until 2020 anticipates a gentle decline to $90 a barrel. Given the budgetary pressures are already developing among GCC oil exporters, such a protracted decline would have negative credit implications for some countries of the GCC, Moody's stated yesterday.
"In such a scenario, sovereign credit quality in the GCC would be affected to varying degrees, with Bahrain and Oman most vulnerable to a potential downward adjustment of the sovereign ratings given their high fiscal break-even prices and declining oil production. The UAE and Saudi Arabia would, despite their large non-oil sectors relative to GCC peers, face reduced fiscal flexibility. Kuwait and Qatar have the most headroom and fiscal flexibility to withstand a protracted oil price decline",…
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BP and partners have sanctioned the Azeri Central East (ACE) project, the next stage of development of the giant Azeri-Chirag-Deepwater Gunashli (ACG) oilfield complex in the Azerbaijan sector of the Caspian Sea.
ConocoPhillips's gas-focused North Sea assets pumped 72,000 b/d of oil equivalent last year, and the acquisition will help boost Chrysaor's total production this year to over 185,000 boe/d, Chrysaor said in a statement.
Renewable energy sources generated approximately 33 per cent of Great Britain’s electricity over the first quarter of 2019, according to new figures published by energy consultancy EnAppSys, with wind energy accounting for over 60% of renewable generation.
To further explore opportunities for bilateral energy expansion, Turkish Energy and Natural Resources Minister Fatih Dönmez and German Federal Minister for Economic Affairs and Energy Peter Altmaier met in Ankara for the second Turkish-German Energy Forum in October last year to sign a letter of intent to enhance the Turkish-German energy partnership.