As per reports from Algeria oil and gas industry, a seventh round of licensing was held during December. Four major deals were signed in this round by major oil and gas companies from around world. However, there were 11 concessions, which were unable to draw attention of any company, which attended that round of licensing.
Iraq Oil Industry has got one of the biggest reserves of oil in the whole world and the economy is very much dependent on the export of Oil. But in spite of this favorable condition Iraq Oil Industry is going through a very lean patch because of the political turmoil that is taking place in Iraq which includes the wars and that has caused a kind of depression in the Iraqi economy.
Otto Energy, a major independent Australian oil and gas company has decided to formalize its 32 percent farm agreement with Oromin Explorations, which is a big company of Argentina oil and gas industry. It had previously examined Cuyana Basin in July 2008 and had declared that this area would have recoverable resources amounting to almost 131.6 million barrels.
Pakistan oil and gas industry is going through a process of transition as IT is experiencing a new wave of privatization. Government of Pakistan has announced its intention of privatizing 37% of its 75% stake in Qadirpur gas field and also transferring management responsibility to private companies. Aware of rich oil and gas reserves, oil and gas industry of Pakistan is putting in steady efforts to make best utilization of resources and build a strong production base.
