As the balance of power in the oil industry shifts from large international oil companies (IOCs) to national oil companies (NOCs), business models for players throughout the industry are shifting in response.

The second most valuable industry to the Norwegian economy after oil and gas production is the Norwegian oil service sector. Making a standing start in the 1970s, this sector today generates $63 billion in revenues with 40 percent ($26 billion) of that figure coming from the sale of Norwegian technologies to foreign markets.

Ahead of the annual SPE London Conference, Alejandro Primera, senior reservoir engineer and continuing education chair for SPE London examines the uncertainties surrounding sub-surface characterization and how it impacts on an oil and gas firm's future performance.

PLS reports that global upstream oil and gas M&A activity in Q1 2013 slowed to $20.6 billion in 106 deals with values disclosed (176 total deals) compared to a record $140.9 billion in Q4 2012 with 208 deals with values disclosed (306 total deals).

Kenneth R. Peak, oil and gas visionary and founder, chairman, and former CEO of Contango Oil & Gas Co., passed away April 19 at the age of 67 after a courageous battle with an inoperable brain tumor.

Barclays Corporate Banking has appointed Colin Couchman as a relationship director within its Oil & Gas Team.