Technip has announced the formation of a new and enhanced worldwide consultancy, subsea and offshore engineering services company.

Oil income in the GCC (Gulf Cooperation Council) will hit US$608 billion in 2011 due to a big rise in oil prices and higher crude output – nearly 30.7 per cent above the oil export revenue of US$465 billion earned by the six-nation GCC in 2010 – according to a new report by the government-run Emirates Industrial Bank (EIB).

Taqa and Rak Petroleum have announced record net profits for the third-quarter.

Dana Gas posted strong third-quarter results which saw net profit jump fourfold due to a 20 per cent increase in total production and higher oil prices.

DNO International announced its third-quarter operating profit of US$3.06mn - from a US$21.8mn loss a year ago - and stated it would be expanding its operations in the region.