Spanish integrated oil firm Cepsa, which is owned by Abu Dhabi state-firm Mubadala, saw its working interest upstream output fall 17,000 b/d to just 75,800 b/d for 2020, the lowest in well over a decade. Whilst enforced Opec+ cuts in both Algeria and Abu Dhabi – its two key areas of upstream output – had an impact, this was far from the full picture.

More than 10,000 b/d was lost in Asia and Latin America. And it’s not coming back. Cepsa (Mubadala 61.5%, Carlyle Group 38.5%) last year walked away from Thailand/Malaysia assets it paid $2.2bn for in 2013 saying thay had “reached the end of their economic life” (MEES, 27 November 2020). In Colombia and Peru, natural decline persists with output falling 3,000 b/d in 2020. (CONTINUED - 904 WORDS)