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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New wells to be drilled in Iraq field

The initial development plan agreed by Royal Dutch Shell, Malaysian partner Petronas and Iraqi oil officials includes inviting oil service firms to drill 15 new wells, an Iraqi oil official said recently.

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Crescent signs regional co-operation pact

Crescent Petroleum has signed a co-operation agreement with Russia's Rosneft, in which the companies will seek deals jointly in the Middle East and North Africa (MENA) region. State-dominated Rosneft is Russia's largest oil company, and has in recent years started to expand internationally, and Crescent Petroleum - together with affiliate Dana Gas - is the region's largest privately owned oil and gas company.

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