Shell and China National Petroleum Company (CNPC) signed a Global Alliance Agreement emphasising their shared intent to pursue mutually beneficial cooperation opportunities internationally as well as in China.

In the last year, the pace of development in the southern Iraq oilfields has been remarkable.

Goldman Sachs stated that Saudi Arabias abundance of spare oil capacity could be wiped out if the kingdom ramps up its production to 10mn bpd.

Shoaibi Group signed a distribution agreement with Emerson Process Management to offer a complete line of multi-phase flow meters and products for reservoir management and production optimisation in Saudi Arabia.

Chevron discussed its strategy and spending plans for 2011 and revealed the extent of the restructuring programme the company introduced in 2010.