Industry

Iran oil and gas reserves rise by half a billion barrels

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Iran's oil and gas reserves have risen by half a billion barrels and five trillion cubic feet respectively with the discovery of new onshore oil and gas fields in the south and west of the country, an Iranian daily quoted a senior oil official as saying.

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Dow Q1 results show strong growth

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The Dow Chemical Company announced that sales in Q1 of 2011 hit US$14.7 billion, a 20 per cent increase compared with the same period last year.

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Oil majors launch Subsea Well Response Project

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Nine of the world's leading oil and gas companies – BG Group, BP, Chevron, ConocoPhillips, ExxonMobil, Petrobras, Shell, Statoil and Total – announced the launch of the Subsea Well Response Project (SWRP), an initiative designed to enhance the industry's capability to respond to subsea well control incidents.

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IEA sees global oil demand to recede

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The International Energy Agency (IEA) cut its global oil demand growth forecast for this year, due to persistent high oil prices and lower growth projections for developed economies.

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Oil prices to drop below US$100 in second half of 2011

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A new report by Bank of America Merrill Lynch forecasts that oil prices could drop below US$100 per barrel in the second half of 2011.

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