Royal Dutch Shell still owes Iran US$2.3bn for oil purchases, having traded in Iranian crude almost up until a European Union embargo was imposed in 2012

Iraq’s fifth licensing round for oil exploration is expected to be held within the next few months and contracts set to be amended to attract more oil firms, according the countrys oil ministry

Ezion Holdings Limited has announced that it has secured a charter contract worth US$48.2mn over a three-year period to provide a service rig in the Gulf

The total oil and gas export earnings of the six-member GCC countries collectively increased to US$737.5bn in 2012 from US$695.9bn the previous year, according to the Institute for International Finance (IIF)

China Petroleum and Chemical Corporation (Sinopec) has announced that it would borrow more than US$500mn to build an oil storage facility at Fujairah Port, outside the Strait of Hormuz