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.
ConocoPhillips unveiled the company name of the pending spinoff of its downstream oil and petrochemicals business, which will now be known as Phillips 66 and will be headquartered in Houston.
