Survey finds half of oil and gas professionals expect to vary their businesses

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31st January 2017 17:46 - Oil and Gas

Survey finds half of oil and gas professionals expect to vary their businesses: According to a recent survey of 723 oil and gas industry leaders, conducted by the technical advisor to the industry, DNV GL, approximately 50 per cent of respondents said that they expect their business to break into opportunities outside of the oil and gas industry.Survey finds half of oil and gas professionals expect to vary their businesses

The survey also revealed that oil and gas companies are looking to broaden and rebalance their asset portfolios, in order to secure long term sustainable expansion. As well as this, the survey revealed that there have been strategic changes, aside from cyclical trends and patterns, taking place within the oil and gas sector, in order to promote sustainable growth.

Of the survey respondents, more than 25 per cent said that they are anticipating their company to increase its investment in renewables this calendar year, with the risks associates with climate change becoming more visible.

The survey revealed that 80 per cent of respondents had seen long term opportunities for the gas sector, with a further 77 per cent saying that they think gas will be an increasingly vital component of the global energy mix in the next 10 years.

The research findings added that confidence levels in oil and gas growth for 2017 has plateaued at 32 per cent, in comparison with the 30 per cent seen this time last year. However, confidence levels in prospects for individual companies were found to be at 44 per cent, less than the 50 per cent seen in 2015.

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