According to Iran’s Oil Minister Rostam Qasem the country is ready to offer contracts for 21 oil and gas fields to domestic and foreign investors.

Khalid A. Al-Falih, President and CEO of Saudi Aramco, delivered a keynote address "Resetting the Energy Conversation: The Need for Realism" at The King Abdullah Petroleum Studies and Research Center's Inaugural Energy Dialogue.

Technip has announced the formation of a new and enhanced worldwide consultancy, subsea and offshore engineering services company.

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.