Qatar Petroleum (QP) has signed a US$1.5bn joint venture agreement for the launch of the Laffan Refinery 2 (LR2) project in Ras Laffan to further optimise its condensate processing and enhance Qatar’s refining and export capacities

Strong oil prices, along with higher output, boosted the UAE’s export revenues to its highest income generation to date of US$125bn in 2012

The Kurdistan Region of Iraq has signed an agreement with Turkey to export its crude oil directly to international markets via Turkey once the construction of a connecting pipeline has been completed

Iran has started drilling four offshore wells as part of Phase 1 of the South Pars gas field development in the Gulf

Iraq has raised its estimated crude oil reserves to 150bn barrels from 143bn barrels, following the discovery of more oil in fields currently being upgraded, as well as from a new field in southern Iraq