Total global spending on the upstream oil and gas industry will reach US$1.23 trillion in 2012 and is expected to rise to $1.64 trillion in 2016, with the Middle East region playing a key role in terms of total spending, according to energy consultant IHS
Sharjah–based gas company Dana Gas has posted a record gross profit of AED 1.33 billion (US$362 million) for the year ended December 31, 2011
Weatherford International has reported that first quarter profit for 2012 more than tripled compared to the same period in 2011 to hit US$190 million
Baker Hughes first quarter profit for 2012 has fallen to US$379 million from $381mn for the same period in 2011
Oilfield services company Schlumberger has reported a 38 per cent increase in its first quarter profits from US$944 million for Q1 2011 to $1.3 billion for the same period in 2012
