Exploration & Production

Arab refineries have boosted production by nearly 633,000 barrels per day (bpd) over the past four years as they are pushing ahead with projects to expand capacity to meet growing domestic consumption and external demand.

Statoil expects to raise production from around 1.9mn bpd of oil equivalent in 2010 to more than 2.5 million boepd in 2020.

Saipem has been awarded new E&C Offshore contracts in Egypt, in the North Sea and in Russia, worth in excess of US$1 billion.

The development and exploration program on Blocks 3 and 4 onshore the Sultanate of Oman accelerated after a second drilling rig has been contracted.