Baker Hughes seals US$640mn Iraqi drilling contract

Baker_HughesIraq awarded a three-year contract valued at US$640mn to Baker Hughes to drill 60 wells in Iraq's southern Zubair oilfield, government spokesman Al Al-Dabbagh said.

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Iran admits oil production hit by falling investments


Iran says its crude production has dropped due to a lack of investments in its oilfields.

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Exxon considering US$10.9 billion bid for Gulf Keystone

ExxonMobil_GKExxon Mobil is looking into the possibility of taking over the UK's Gulf Keystone Petroleum (GKP) in a deal that would value the group at US$10.9 billion. (Update)

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IEA oil demand forecast for 2012 remains unchanged

IEA_2012The International Energy Agency's (IEA) monthly report for November saw its estimate for oil demand in Q4 2011 fall to 0.7mn bpd (down by 0.2mn bpd), but the watchdog left its forecast for 2012 unchanged at 1.3m bpd.

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Demand for oil to fall in 2012 : OPEC

OPEC__2012The Organization of Petroleum Exporting Countries (OPEC) in its monthly report has revised downwards its forecast for world oil demand in 2012 saying it would now reach 88.87mn bpd, down from its previous forecast of 89.01 million bpd.

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