Baker Hughes: the number of oil and gas drilling rigs in the world increased in February

Norway's natural gas production in November decreased by 1.4% compared to the same month last year, amounting to 10.8 bcm. According to the Norwegian Offshore Directorate (NOD), production in October was 10.6 bcm. Norway also reduced its oil and condensate production by 3.5% in November, reaching 1.975 million barrels per day (bpd),  a 1.3% decrease compared to October.

BP hopes to secure a more favorable profit-sharing model for its operations at the oil fields of Kirkuk from Baghdad, compared to the terms previously offered to foreign companies in Iraq, Reuters reports.

The average price of Azeri Light oil, based on CIF contracts (which include shipping and insurance costs for marine delivery), decreased by $0.55 (0.72%) compared to the previous week, reaching $75.58 per barrel. The highest price during this period was $76.42 per barrel, while the lowest was $75 per barrel.

The oil field we have been developing for 30 years has seen its estimated reserves increase from 500 million tons to 1.5 billion tons, according to the new assessments, the President of the Republic of Azerbaijan, Ilham Aliyev, said in an interview with the news agency "Russia Today."