Global upstream spending estimated to reach US$380 billion in 2010


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.

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Additional oil supplies found in Ghawar


Saudi Arabia is hoping to extract more crude from the world's largest oilfield using new technology, the country's biggest oil producing company has said.

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Saudi Arabia ‘must tame energy use’


Saudi Arabia's central bank governor has warned that the kingdom must tame growth in its domestic oil and gas consumption, which are too big for both its population growth and the size of its economy.

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Iraq’s proven oil reserves to rise


Iraq has increased the official size of its proven oil reserves with new data suggesting that they have reached 143.1 billion barrels of oil, up from a previous 115 billion barrels, the country's Oil Minister Hussein al-Shahristani has said.

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Oilfield services to 'bounce back'

Schlumberger, the world's largest oilfield services company, has posted a profit that edged out market forecasts and forecast a quicker industry recovery outside North America.

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