OPEC last week said Venezuela surpassed Saudi Arabia as the Groups largest holder of crude oil reserves in 2010.
Exploration & Production
ADNOC to send greater exports of crude to CNPC
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.
IEA report shows Saudi increased oil production in June
ConocoPhillips to split upstream and downstream business
ConocoPhillips announced that it would separate its upstream and downstream business arms that will see the US oil firm focus firmly on exploration and production.
PDO aims to produce 1.1mn BOE per day for 2011
Petroleum Development Oman (PDO) has stated that the firm aims to produce 1.1 million barrels of oil equivalent (BOE) per day this year.
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