Estimated Iraqi oil production surpassed 3 million bpd in July, the highest level since the end of the Gulf War in 1990. Increased investment in Iraq's petroleum industry and export infrastructure underpin these production gains. However, many factors still constrain the Iraqi oil industry from reaching its full production potential.

Argentina's state-controlled YPF energy company has reached a strategic accord with Gazprom.

Development of the vast Shtokman gas field are on hold indefinitely until a more cost-effective plan can be worked out, Gazprom said. The firm agreed with partners Total and Statoil that the project was unfeasible at current costs. No new decision will be made until 2014.

Testing company Exova said it will invest £3 million to develop a new world-class corrosion facility to service increasing global demand.

Increased activity in the exploration and production sector will be the primary driver in pushing oil and gas capital expenditure to an enormous $1,039 billion for 2012, according to GlobalData.

The Unique Maritime Group announced a project involving Seaflex WaterLoad Test Weights in Victoria, Australia.

The CX-15 buoyant tower, designed by a joint venture between GMC and Horton Wison Deepwater for BPZ Energy and completed at Wison Offshore & Marine’s yard in Nantong China, was transported to Peru.

Turkey is revisiting the trans-Caspian gas pipeline project, aligning with the European Union, Azerbaijan and Turkmenistan, to support transportation of Turkmenistan’s gas to Turkey and onward to Europe.

Competition from lower-cost LNG in North America and East Africa will favor expansion of existing LNG projects in and around Australia over costly new developments, Bernstein Research analysts said Sept. 6.

Technip, in a consortium with National Petroleum Construction Company (NPCC), was awarded by Zakum Development Company (ZADCO) a lump sum engineering, procurement, fabrication, installation, commissioning and start-up contract for the Upper Zakum 750K project in Abu Dhabi, UAE.

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