Oil exploration and production activity is growing fast in southern Iraq.
Industry
Baker Hughes seals US$640mn Iraqi drilling contract
Iraq awarded a three-year contract valued at US$640mn to Baker Hughes to drill 60 wells in Iraqs southern Zubair oilfield, government spokesman Al Al-Dabbagh said.
Iran admits oil production hit by falling investments
Iran says its crude production has dropped due to a lack of investments in its oilfields.
Exxon considering US$10.9 billion bid for Gulf Keystone
Exxon Mobil is looking into the possibility of taking over the UKs Gulf Keystone Petroleum (GKP) in a deal that would value the group at US$10.9 billion. (Update)
IEA oil demand forecast for 2012 remains unchanged
The International Energy Agencys (IEA) monthly report for November saw its estimate for oil demand in Q4 2011 fall to 0.7mn bpd (down by 0.2mn bpd), but the watchdog left its forecast for 2012 unchanged at 1.3m bpd.
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