BG Group reported second quarter 2011 pre-tax profits of US$2.06 billion an increase from US$1.5 billion a year ago, with the rise down to higher oil prices and increased production.

Baker Hughes announced solid second quarter earnings that saw profits rise to US$408mn, compared to US$93mn for the second quarter of 2010 and US$381mn, for Q1 2011.

The Ministry of Oil of Iraq has signed an Implementation agreement for the construction under BOO terms of the Refinery of Karbala with RKC (Refinery of Karbala Corporation Ltd) for an estimated US$6.5 billion.

Schlumberger reported Q2 2011 revenue of US$9.6 billion against US$8.7 billion in the first quarter of 2011, and US$5.9 billion in the second quarter of last year.

The IEA Secretariat completed its 30-day review of the Libya Collective Action launched on 23 June. The review concluded that “the Action served a market need by adding liquidity and bridging the gap to additional supplies from OPEC countries.”