Saudi authorities have announced the discovery of a new oil field in the eastern region of the kingdom on the southern edge of the giant Alghawar oil field.
Flow rates of 5,100 barrels per day of very light oil and 4.7 million cubic metre of gas per day have been recorded at the Yerbin Field.
Positive developments in the peace process in Sudan have seen a consortium comprising of Lundin Sudan, OMV (Sudan) Exploration GmbH, Petronas Carigali Overseas Sdn Bhd and Sudapet carry out repair work on existing infrastracture in Block 5A.
A deterioration of the security situation due to a civil war in the country has seen drilling suspended in the block since January last year.
Shell has resumed production from its Soroosh Field, offshore Iran, after last month shutting down production due to US-led military action in Iraq. Production is expected to rise to 100,000 barrels per day by end of this year. Workers have also returned to the Nowrooz field with first production slated for this year's fourth quarter.
Finally, Turkmenistan and Iran are close to reaching a formal agreement on the division of the southern sector of the Caspian Sea and on the joint development of resources in the sea, according to the Iranian Foreign Ministry.
