Genel Energy will spend US$175 million to acquire a 23 per cent stake in the Bina Bawi exploration licence in Iraqi Kurdistan as it looks to expand its growing presence in the region
Exploration & Production
Iraq oil production set to surpass Iran
Iraqs oil production has surpassed three million bpd as the country prepares to overtake Iranian production by the end of the year
DNO reserves estimate hits 502 million barrels
Norway-based DNO International has updated its estimate of proved and probable working interest reserves to 502 million barrels of oil and 165 billion cubic feet of gas at March 31, 2012, up from a total of 372 million barrels of oil at December 31, 2011
Saudi focus on energy projects increasing in 2012
Saudi Arabia is implementing energy projects worth US$37 billion during the current fiscal year as it attempts to meet the increasing demand for refined oil products
Lukoil starts drilling first oil well in Iraq's West Qurna-2
Lukoil has started production drilling and construction of an oil processing unit at the West Qurna-2 field, which has estimated reserves of 14 billion barrels
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