Weatherford International Ltd announced that its US subsidiary has reached agreement with BP to settle any claims that may have arisen between the companies relating to the Deepwater Horizon incident and oil spill.
Industry
Shell and CNPC to develop Well Manufacturing System
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.
Iraq - Security still a concern for service companies
In the last year, the pace of development in the southern Iraq oilfields has been remarkable.
Saudi oil capacity to fall: Goldman Sachs
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 signs deal with Emerson Process Management
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.
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