All articles tagged with #oilfields
The Syrian government and the Kurdish-led SDF agreed to a phased integration of Kurdish forces into state institutions, with SDF troops joining the army, civil and educational rights for Kurds guaranteed, and control of oil fields and other assets transferred to Damascus, following a ceasefire and shifts in northeast territory after months of clashes.
Libya's largest oilfield, Sharara, and the El Feel oilfield have been fully halted due to protests, reducing global oil supply at a time when Saudi Arabia and Russia are cutting production. The protests were sparked by the kidnapping of a former finance minister. The stoppage, along with an outage in Nigeria and announced cuts by Saudi Arabia and Russia, has shifted market focus to supply disruptions. Brent Crude prices have risen above $80 per barrel for the first time since May, and temporary output disruptions could further boost prices in the short term.
Kazakhstan has initiated arbitration proceedings against the companies developing its Kashagan and Karachaganak oilfields over $13 billion and $3.5 billion, respectively, in costs deducted as part of profit-sharing deals. The two oilfields are the second and third biggest producers of oil in the Central Asian nation, whose economy relies heavily on energy exports. The companies involved in the dispute include Eni, Shell, TotalEnergies, ExxonMobil, KazMunayGas, Inpex, CNPC, Chevron, and LUKOIL. The claims cover the period from 2010 to 2018 for Kashagan and from 2010 to 2019 for Karachaganak.