OPEC countries plan to add a total of 21mn bpd of new oil capacity over the next five years, according to the organizations secretary-general Abdalla el-Badri.

Gulf Keystone Petroleum has unveiled plans to build a pipeline through Turkey to export oil from its giant Shaikan discovery in Iraqi Kurdistan by 2013.

International Energy Agencys (IEA) latest oil market report said global oil consumption is slowing down as questions marks over the state of the global economy resurface.

Technip has agreed to acquire the entire share capital of US firm Global Industries in a deal that helps the French firms push into the fast-growing subsea segment of oil services.

Vallares will merge with Turkeys Genel Energy International Ltd. in a US$2.1 billion deal that will see Vallares gain access to oil fields in Iraqs Kurdistan region.