Exploration & Production

Venezuela overtakes Saudi's crude oil reserves – OPEC

OPEC

OPEC last week said Venezuela surpassed Saudi Arabia as the Group's largest holder of crude oil reserves in 2010.

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ADNOC to send greater exports of crude to CNPC

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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.

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IEA report shows Saudi increased oil production in June

oilfield

The latest International Energy Agency (IEA) monthly oil market report showed that Saudi Arabia increased its June crude oil production but a supply gap for Q3 still remained.   

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ConocoPhillips to split upstream and downstream business

oil-production

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.

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PDO aims to produce 1.1mn BOE per day for 2011

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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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