Many senior oil and gas professionals want to expand business outside the industry

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21st February 2017 10:50 - Chemicals

Many senior oil and gas professionals want to expand business outside the industry: According to a recent oil and gas industry survey, approximately half of senior professionals in the sector expect that their companies will expand their opportunities outside of the oil and gas industry.Many senior oil and gas professionals want to expand business outside the industry

The 723 oil and gas industry leaders were surveyed by DNV GL, which is the technical advisor to the oil and gas industry, to reveal that companies within the industry are looking to broaden and rebalance their asset portfolios to ensure sustainable long term growth.

The survey also suggested that the industry is now looking for deep strategic changes in favour of sustainable growth which is happening within the industry, outside of cyclical trends and patterns.

Of the respondents, more than 25 per cent said that they anticipate that their business will increase its investments in renewables during 2017, with climate change risks becoming more and more obvious.

Approximately 80 per cent of the respondents said that they still see long term opportunities for gas and 77 per cent believe that gas will become an increasingly important aspect of the global energy mix in the next 10 years.

The survey uncovered that confidence levels in the oil and gas sector’s growth for 2017 has stabilised at 32 per cent, in comparison with 30 per cent in early 2016. These figures were said to be in line with the price of oil. However, despite of this, confidence levels in overall prospects for individual companies has fallen to 44 per cent, down from 50 per cent in 2015.

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