Exploration & Production

Baker Hughes wins LUKOIL drilling contract in Iraq

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LUKOIL has awarded Baker Hughes a two-year contract to provide full drilling and completion services for 23 wells in the West Qurna field in southeast Iraq.

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Afren acquires two Kurdistan oil fields in Iraq

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Afren, a British oil company, announced that it is making a strategic entry into the Kurdistan region of Iraq with acquisitions in two oil fields in Kurdistan worth US$588mn.

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Total Q2 earnings hit by lower production in Libya

Christophe-de-Margerie

Total posted a fall in second quarter profits by six per cent to US$4 billion compared to the pervious year, as the company was hampered by lower overall output and weaker refining margins.

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Venezuela overtakes Saudi's crude oil reserves – OPEC

OPEC

OPEC last week said Venezuela surpassed Saudi Arabia as the Group's largest holder of crude oil reserves in 2010.

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ADNOC to send greater exports of crude to CNPC

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Abu Dhabi National Oil Company (ADNOC) and China National Petroleum Corporation (CNPC) signed a head of terms agreement that will see CNPC receive greater imports of oil crude from ADNOC.

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