FMC Technologies announced that second quarter 2011 revenue hit US$1.2 billion, a rise of 21 per cent from the prior-year quarter , thanks to higher than expected demand in the North American market.

Weatherford reported strong second quarter 2011 profits of US$110mn on the back of strong growth in international markets that helped the company post record revenues for the quarter.

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.