Any hope that global demand would provide a floor for oil’s free fall was dashed as the leading energy forecaster cut its outlook for the fourth time in five months and crude extended its tumble.
Canada’s ambition to become a top LNG exporter is on track even with oil’s plunge as investment decisions on two megaprojects are set to come next year, British Columbia Premier Christy Clark said.
Samsung Heavy Industries and Hyundai Heavy Industries are in the final showdown for the multibillion dollar prize of engineering and building the giant FPSO vessel planned for one of Shell’s flagship deepwater West African fields.
JIPs may be the solution as the program struggles without federal funding.
Venezuela is experiencing a growing exodus of skilled oilfield workers as real wages for engineers have fallen to about 9% of the global average, dragging down oil production at a time when slumping crude prices threaten the country’s export revenue.