Aker Solutions second quarter consolidated revenue was US$ 1.42 billion, compared with US$1.47 billion in the same period in 2010. Profits in the quarter were negatively affected by operational challenges.

Iran has signed a contract worth US$1.5 billion with a consortium of local firms to develop the third phase of the south-western Darkhovin oil field, Oil Ministry website SHANA reported.

The International Energy Agency (IEA) warned that a double-dip recession could reduce global energy demand enough to push global oil markets into surplus next year and could see oil prices decline further.

Dana Gas posted very positive net profits for the second quarter of 2011 of US$34mn which is an increase of 276 per cent compared to the second quarter results last year.