Industry Trends ///

SNC-Lavalin awarded engineering contract by Ecopetrol in Colombia

SNC-Lavalin has announced that it has been awarded a contract by Ecopetrol in Colombia for conceptual, basic and detailed engineering on high and medium-complexity projects through to 2020.

Caterpillar acquires ultrasonic impact technology capabilities

Through its recent acquisition of Applied Ultrasonics, Progress Rail, a Caterpillar company, now offers ultrasonic impact technology (UIT).

Petrobras reports oil and gas production from October

Petrobras reports that its total oil and natural gas production in October was 2.77 MMboed, with 2.67 MMboed produced in Brazil and 104,000 boed produced abroad.

Africa Oil Corp. acquires shares of Eco Oil & Gas

Africa Oil Corp. today announced that it had acquired 29,200,000 common shares of Eco (Atlantic) Oil and Gas Ltd. for CAD$0.48 per common share.

Gazpromneft-Khantos establishes Upstream Control Centre using digital twin technology

Gazprom Neft subsidiary Gazpromneft-Khantos has launched an Upstream Control Centre as part of its “Digital Field” program.

Oil climbs as Saudi Arabia seeks to dispel doubts over Russia

Oil climbed, paring losses earlier this week, as Saudi Arabia moved to dispel doubts over Russia’s readiness to extend output curbs.

Caution urged on potential investors in Venezuela

Jay Newman, the former hedge fund manager who helped billionaire Paul Singer win a 15-year fight against Argentina, has a word of caution for investors looking to replicate his success amid the chaos unfolding in Venezuela.

Sonangol's ex-chair said to leave $2 billion in reserves

Isabel dos Santos, Africa’s richest woman, said Sonangol will be left with a financial reserve of $2 billion after she leaves as chair of Angola’s state-owned oil company.

For sale: $20 billion of unwanted oil shares seek new owner

Major oil companies are under pressure, unloved and on sale.

Noble Group default now “probable,” says Fitch as rating cut

A default by Noble Group now “appears probable,” according to Fitch Ratings, which cut the commodity trader’s credit rating, adding pressure on executives to restructure terms with their lenders.

Norbit acquires field monitoring specialists Aptomar

Norwegian technology group Norbit has acquired field monitoring specialist Aptomar.

Oil trades near $55 as investors wait for clarity on OPEC action

Oil slid toward $55/bbl as traders who were once certain OPEC and Russia would extend their output cuts beyond March aren’t so sure anymore.

Norway's $1-trillion wealth fund wants out of oil and gas stocks

Norway’s $1 trillion sovereign wealth fund proposed dumping about $35 billion in oil and gas stocks, including Shell and Exxon Mobil, to protect the economy of western Europe’s biggest petroleum producer.

Santos seen luring more bids after rejecting $7.2-billion offer

A bid for Santos Ltd. may trigger counter offers for the Australian oil and gas producer that has stakes in some of the world’s cheapest liquefied natural gas.

Shale goal in sight: Pump with a profit, without hurting growth

Shale drillers are promising to add a new wrinkle to their world-shaking oil boom: they may finally make money.

BSEE director: Deepwater Gulf of Mexico is key to energy dominance

Oil and gas production from deepwater projects play a significant role in the Nation's energy program. Bureau of Safety and Environmental Enforcement Director Scott Angelle stressed the substantial contribution from deep water and how future exploration and development will be critical to the achievement of energy dominance.

Industry bodies strengthen partnership with new agreement

The leading trade body for the UK’s offshore oil and gas industry, Oil & Gas UK, have signed a Memorandum of Understanding with the Society of Petroleum Engineers’ Aberdeen branch.

OPEC meeting approaches with no clear plan on how to extend cuts

Fifteen days from now, nations that pump more than half the world’s oil gather in Vienna to discuss extending the production cuts that helped lift prices to two-year highs. The outcome is far from certain.

With Arctic drilling under attack, Norway oil chiefs fight back

The man overseeing western Europe’s biggest crude spigot is fighting back against the oil doubters.

Oilman Harold Hamm set to talk crude outlook with EIA—the agency he blasted

The U.S. Energy Information Administration is set to discuss trends in crude production, and it’s invited one of its most vocal critics to join the party.