Survey of senior oil and gas professionals reveals optimism for year ahead

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10th April 2019 16:44 - Oil and Gas

Survey of senior oil and gas professionals reveals optimism for year ahead: According to the latest DNV - GL report, the oil and gas industry is feeling optimistic about its prospects and growth potential for 2019.

The Oslo-based company polled 791 senior oil and gas professionals around the globe for its annual industry outlook and found three quarters (76%) were feeling positive about the year ahead.

Respondents in Brazil were reportedly feeling the most confident with 95% asserting they were feeling optimistic, with China and the US also feeling positive (89% and 85% respectively).

Changing costs

The survey revealed fears about rising costs within the sector with 41% saying that 2018 had seen costs increase after a period of frozen supply-chain rates. It also found that those buying products were feeling more optimistic than those supplying them, with two thirds of suppliers feeling confident about achieving their set revenue targets compared to 82% of buyers. Similarly, just over half the suppliers polled (57%) were confident about reaching the profit goals they had set, compared to 80% of buyers.

The report also highlighted a fall in the number of respondents who predicted cost-efficiency measures put in place during the oil-price slump would be a permeant measure from 62% in 2018 to 54% in 2019. It also found that fewer oil and gas professionals believed cost efficiency would be a top priority this year, falling to 21% from 41% in 2016.

Chief executive of DNV -GL’s oil and gas business, Liv Hovem said: "The efficiency measures and lower costs achieved by the industry have enabled companies to be more confident that they can make money, even at a lower oil price and in an industry that will remain cyclical."

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