Weighed down by Opec+ cuts and years of seemingly unstoppable natural decline, Cepsa, the Spanish subsidiary of Abu Dhabi state investment company Mubadala, saw its crude output collapse to just 70,700b/d in the third quarter – little more than half decade ago levels (see chart 1).

The continued slide in output from not only Algeria, but also South America and Southeast Asia, has more than wiped out the output boost that Cepsa received from the late-2018 start up of output from Abu Dhabi’s Sarb & Umm Lulu concession where it has a 20% stake (MEES 28 September, 2018). (CONTINUED - 874 WORDS)