MB Group invested around US$240-US$250mn last year in order to acquire new equipment for oil services companies and to enhance crude oil production of Petrogas.

Iran has issued contracts worth US$2.6 billion to Khatam Al-Anbia, a company controlled by the Revolutionary Guards.

LUKOIL is looking into replacing its reserves over the medium term and is considering acquiring new assets to achieve this, including from the Middle East region.

Circle Oil PLC announced that the ADD-1 exploration well has been drilled, logged and successfully tested in the Sebou Permit, Rharb Basin, Morocco.

Shell released its annual report which set out new production targets at the end of the Q1 as the major oil giant looks to produce 3.7 million barrels of oil equivalent (boe) per day, which is 12 per cent more oil than it did produced last year.