Bidders in Iraq’s landmark first upstream bidding round on 30 June were left shell-shocked by Baghdad’s aggressive terms.

Algeria launched its eighth upstream bid round on 30 June, in an effort to revive international interest in the country’s exploration potential, following the distinctly subdued tender concluded in December last year.

The Abu Dhabi National Energy Company (TAQA) terminated its relationship with Standard & Poor’s Ratings Service (S&P) on 1 July after the international credit ratings agency ushered in changes – across the globe – to the way in which it rates government-related entities (GREs).

Iraq is aiming to add around 250,000 b/d to its current effective refining capacity by the end of next year and over the longer term Baghdad has plans to build five new refineries with a total throughput capacity of 640,000-840,000 b/d.