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Asset Management
Industry News

Attitudes shifting in purchasing approach for oil companies

The price of products and services trails other significant factors, such as value, life cycle, and durability as a purchase priority, according to a recent independent survey of oil and gas professionals making procurement decisions, conducted on behalf of Trelleborg’s oil and marine operation. Despite challenging times for the industry, when asked to rank different factors affecting their decision to purchase an oil hose, respondents listed ‘durability and life cycle’ as ‘vital’ over 80% of the time. The next most ‘vital’ factors were ‘aftersales support and service’, and ‘ease of installation’ at 32% and 28% respectively.

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Software & IT

Connected-learning solution improves access to operator training simulation

Honeywell Process Solutions (HPS) announced a new connected-learning solution based on its industry-leading UniSim Competency Suite platform. Part of the Honeywell Connected Plant intiative, UniSim eLearn is hosted in the cloud and revolutionizes access to operator training simulation (OTS). It’s a key tool in delivering effective operator competency management. 

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Shell remains most valuable oil and gas brand worldwide

Every year, leading valuation and strategy consultancy Brand Finance values the brands of thousands of the world’s biggest companies. Brands are first evaluated to determine their power / strength (based on factors such as marketing investment, familiarity, loyalty, staff satisfaction and corporate reputation) and given a corresponding letter grade up to AAA+. Brand strength is used to determine what proportion of a business’s revenue is contributed by the brand, which is projected into perpetuity to determine the brand’s value. The world’s most valuable oil & gas brands are ranked and included in the Brand Finance Oil & Gas 50 2017. 

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Drilling & Production
Industry News

Extraction still in survival mode despite price increases, according to Conference Board

Although Canada’s oil producers are expected to benefit from both higher prices and rising production, profitability will remain elusive for the industry—with losses expected for the third year in a row. Pre-tax losses in Canada’s oil extraction industry are projected to reach just over $1.1 billion this year, according to The Conference Board of Canada’s latest outlook for the industry.

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Shell to divest oil sands interests

Royal Dutch Shell plc has signed two agreements that will see Shell sell all its in-situ and undeveloped oil sands interests in Canada while also reducing its share in the Athabasca Oil Sands Project (AOSP) from 60 to 10 percent. The company will remain as operator of AOSP’s Scotford upgrader and Quest carbon capture and storage (CCS) project. 

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Pipelines

Towerbirch pipeline expansion gets federal nod

Canadians have told the Government that we must protect our environment for future generations while growing the economy and creating good, middle-class jobs. The Government is making responsible decisions about moving Canadian energy to markets while investing in clean technology and supporting the long-term transition to a lower-carbon energy mix. 

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Drilling & Production

OPEC nations reach 98.5% compliance on cuts

The 10 Organization of the Petroleum Exporting Countries (OPEC) members moved closer to full compliance with the landmark production cut agreement signed late last year, as output in the month fell from January levels to average 32.03 million barrels per day, according to an S&P Global Platts survey of analysts. In all, taking an average of January and February production, the 10 members obligated to reduce output under the deal have achieved 98.5% of their total combined cuts, according to the survey, up from 91% in January.

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Environmental

Provincial and federal funds support carbon dioxide conversion technologies

Minister Carr and Minister Bilous sign a memorandum of understanding between Natural Resources Canada and the Government of Alberta on February 13, 2017 in Ottawa.

Alberta will attract the world’s most innovative companies to the province through $10 million in provincial funding to help build a test facility for technologies that convert CO2 emissions into usable products.

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Drilling & Production

Survey sets record for seismic traces in Montney

Explor Geophysical Ltd. announces that it has just completed acquisition of a high-density 3D seismic survey that attained trace densities ranging from 2.5 million to 5 million seismic traces per square kilometer, a new record.  Over 115,000 source points were acquired on a single 120 km2 3D seismic survey.  This trace density was achieved in each of the three components recorded, enabling processing and interpretation of both pressure waves and shear waves. 

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Pipelines

Towerbirch Expansion Project receives B.C. environmental assessment certificate

British Columbia Environment Minister Mary Polak and Natural Gas Development Minister Rich Coleman have issued an environmental assessment certificate to NOVA Gas Transmission Ltd. for the Towerbirch Expansion Project, an 87-km-long interprovincial natural gas pipeline between British Columbia and Alberta. Approximately 69 km would be in the Peace River Regional District in northeast British Columbia.

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Pipelines
Industry News

TransCanada offers to sell interest in two lines to TC Pipelines

TransCanada Corporation has offered to sell a 49.3 per cent interest in Iroquois Gas Transmission System, LP (Iroquois), together with its remaining 11.8 per cent interest in Portland Natural Gas Transmission System (PNGTS), subject to satisfactory negotiation of terms, compliance with any applicable regulatory requirements, and Partnership Board approval, to its master limited partnership, TC PipeLines, LP. TransCanada's Board of Directors has approved the sales of Iroquois and PNGTS.

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