PDO's 2011 production reached the second highest level in its history with production levels hitting 1,206,000 barrels oil equivalent per day (boe/d).

Italy's Eni reported its 2011 net profit rose 9.1 per cent to US$9 billion thanks to higher oil prices and faster recovery of its Libyan output.

Total posted a 7 per cent increase in profit on higher crude prices and announced that its net income for 2011 was US$15.9 billion, a 17 per cent increase over 2010.

Kuwait Energy has made an oil well discovery in the Western Desert in Egypt.

Iran started preliminary production in the Yadavaran oilfield in the southwest that is shared with Iraq, with the opening of a first well.