Exploration & Production

Afren acquires two Kurdistan oil fields in Iraq

Afren_Kurdistan

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

oil_barrel

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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IEA report shows Saudi increased oil production in June

oilfield

The latest International Energy Agency (IEA) monthly oil market report showed that Saudi Arabia increased its June crude oil production but a supply gap for Q3 still remained.   

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