89% of execs rosy on oil and gas industry
Print Edition
An overwhelming majority of oil and gas professionals in Asia-Pacific are optimistic about the industry in 2014 although they also warned about rising costs and uncertainty in oil prices, according to a new report.
While 89 percent of senior professionals said they are confident, only 22 percent of operators in Asia Pacific believe they can hit their profit targets this year, according to the report published yesterday by DNV GL, a leading advisor to the energy industry.
“The Asia-Pacific region is home to some of the world’s most capital-intensive projects, many of which are facing major cost inflation as operators come under pressure to bring them on stream on time,” said Richard Bailey, division director in Asia Pacific for DNV GL.
“Our research shows that these spiraling costs, coupled with a growing shortage of skilled oil and gas professionals, are causing industry leaders to re-evaluate their capital spending plans and take a narrower strategic focus in the year ahead to keep a tighter rein on capital expenditure.”
Asian operators therefore have to rein in their capital expenditure, and they face growing pressure to extend the life of existing assets and increase the return on investments, according to the report based on a survey of over 430 oil and gas professionals and in-depth interviews with more than 20 industry executives.
In response to rising costs, operators will seek to rely on bigger supply chain partners who can provide a consistent global service, the report said. About one in five respondents said their company would increase ties with larger partners, up from just 6 percent two years ago.
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