Oil trading companies are dramatically expanding their footprint in Dubai, opening new offices or increasing staff numbers as they attempt to capitalize on the growing refining activity and new products being developed in the Gulf Arab region.
Iraq will need to build some 7,000 km of new pipeline if it is to meet its target of exporting more than 10 Mbpd by 2017, according to David Stanley, Chief Executive of the Penspen Group.
Renaissance Services (SAOG), Omani multinational oil and gas services provider, released strong 3Q results with revenue rising by 6 per cent to US$486.5mn in the nine-month period ending September 2010, up from $457.4mn last year.
Bahrains new oil and gas statistics revealed soaring exports over the first half of this year, according to a report released by the National Oil and Gas Authority. By-product sales also rose by 10 per cent. Production of crude from the Bahrain and Abu Saafa fields dropped slightly to 32.659mn barrels from 32.922mn barrels last year.
Wood Mackenzie released a new report that revealed that global upstream capital spending in 2010 will return to higher growth and is set to exceed US$380 billion.
