Industry

ConocoPhillips, the first of the three largest U.S. oil companies to reveal third-quarter results, reported earnings of US$2.6 billion which is a 16 per cent fall compared with third-quarter 2010 earnings of US$3.1 billion.

Weatherford posted third quarter revenues of US$3.3 billion which is an increase of 33 per cent compared to the same period last year and 11 per cent higher than the previous quarter. In the MENA region, revenues dipped slightly due to a fall in activity in Algeria.

Schlumberger, boosted by strong growth in Iraq and Saudi Arabia, posted third-quarter 2011 revenue of US$10.2 billion against US$9.6 billion in the second quarter of 2011, and US$6.85 billion in the third quarter of 2010.

A new Deloitte report looks at the opportunities for private sector investment in the oil and gas sector