US oil major National Oilwell Varco (NOV) will this year focus on targeted acquisitions and the establishment of a new training and development centre in Brazil, Reuters reports.

Loren Singletary, director and vice-president of global corporate accounts at NOV, told investors at a recent company conference that the recent shortfall in credit had left some firms wanting of liquidity, thereby presenting substantial acquisitions growth opportunities for companies with strong balance sheets.

The group was also looking to establish a new oil training centre in Brazil later this year in order to cut down on skilled labour costs.

Such a move would complement existing training and development centres in Houston, Norway and Singapore and would be well positioned to support the burgeoning demand for workers in the country's upstream deepwater industry.

The group also operates a mobile training and development facility, bringing tailored onsite courses to companies utilising NOV upstream technology.

5th Global Education and Training event for Oil and Gas: Exploration and Production