Exploration & Production
Baker Hughes wins LUKOIL drilling contract in Iraq
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.
Afren acquires two Kurdistan oil fields in Iraq
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.
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.
OPEC last week said Venezuela surpassed Saudi Arabia as the Groups largest holder of crude oil reserves in 2010.
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