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.
Exploration & Production
Total Q2 earnings hit by lower production in Libya
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.
Venezuela overtakes Saudi's crude oil reserves – OPEC
OPEC last week said Venezuela surpassed Saudi Arabia as the Groups largest holder of crude oil reserves in 2010.
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
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