New research from DNV GL suggests that the UK oil and gas sector’s resilience to volatile market conditions will be put to the test in 2019, as business leaders expect the industry to commit to greater investment to meet hydrocarbon demand.
According to ‘A test of resilience,’ DNV GL’s ninth annual report on the outlook for the industry, confidence in the outlook for the UK sector has increased nearly fourfold in two years, from 18% to 71%. Two-thirds (67%) of its senior oil and gas professionals also believe that more large, capital-intensive oil and gas projects will be approved this year.
A similar percentage (68%) plan to increase or maintain capital expenditure in 2019 – more than double 2017’s figure of 33%. And the proportion of industry leaders who expect to raise or sustain operating expenditure has also grown over the two-year period, from 37% in 2017 to 72% for 2019. Read more…
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