While this strength in "downstream" businesses limits its exposure to oil-price fluctuations, the company must still solidify its upstream operations.

In the upstream operations, slightly weaker commodity prices may be offset in some cases by recovering volumes post 2Q maintenance programmes.

He was appointed deputy minister of oil in charge with the upstream operations in 2009, and was in office until 2010.

The company retained the Suncor Energy name for the merged corporation and its upstream operations.

Agoco has upstream operations in eight oil fields, including Sarir, Messla, Nafoora, Beda and Hammada.

But other Saudi officials and industry executives said the entrenched state oil sector lobbied hard, and successfully, to reduce the scope of the upstream operations opened to foreign companies.

Its upstream operations are located primarily in Siberia and Volga-Urals region.

Sam Laidlaw brought significant experience of 'upstream' operations, securing supplies of energy which can then be sold on through Centrica's consumer business.

In addition, the economics of multiphase production is attractive to upstream operations as it leads to simpler, smaller in-field installations, reduced equipment costs and improved production rates.

In 1992; British Petroleum sold off its 57% stake in BP Canada (upstream operations), which was renamed as Talisman Energy.