Industry Trends ///

$1.8-billion Tenaris mill in Bay City targets Permian operators

Tenaris recently opened a new $1.8-billion pipe manufacturing mill in Bay City, Texas, and with the new mill, it is targeting service for U.S. shale operators—in particular, those operating in the Permian basin—according to a local Houston newspaper.

WTI holds near $56/bbl after surging on Saudi cut-extension plea

Oil held near $56/bbl after surging the most in almost two weeks as Saudi Arabia’s energy minister said OPEC should announce an extension to supply cuts when it meets at the end of the month.

Investors key on geopolitics over crude in Saudi Arabia

Investors in Saudi Arabia’s stock market are more concerned with political headlines coming out of Riyadh than oil prices.

Nigerian economic growth quickens as oil output increases

Nigeria’s economic growth accelerated in the third quarter as oil output rose to the highest since the start of last year.

Abu Dhabi oil giant pushes ahead with IPO

Abu Dhabi National Oil Co. plans to sell as much as 20% of its fuel-distribution unit weeks after Saudi Arabia’s corruption crackdown deterred investors from the Middle East’s biggest share sale of the year.

UAE sees logic for OPEC to extend oil-output cuts accord

OPEC needs to extend limits on oil output to help cut global supply, but isn’t considering making deeper cuts.

Oil short-sellers return as doubts loom on OPEC's horizon

After bullish bets on Brent crude hit a record and futures surged to two-year highs, hedge funds are pulling back with a sense that the rally reached its limit for now. Wagers on lower prices rose by the most since June as Middle East tensions took a backseat, while uncertainty looms over Saudi Arabia’s push to extend OPEC’s output curbs this month.

Norway's oil bosses insist end isn't nigh after $35-billion shock

Can Norway dump $35 billion in oil and gas investments, and simultaneously convince that same industry to throw money into the country’s own fossil-fuel future? After the initial shock of learning that Norway’s $1 trillion wealth fund wants nothing to do with it, the petroleum industry says both are in fact possible.

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 for 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.