Oil and gas companies plan more businessStaff writer ▼ | July 4, 2015
A study by Ernst & Young shows that business in the oil and gas sector throughout the world will be booming in the next twelve months.
Survey Oil & Gas Global Capital Confidence Barometer
Data released by the consulting firm indicates that the appetite of the sector’s companies for business recovered in the last six months, after the consequences of the oil price drop were assimilated.
Almost all of those surveyed (99%) hope that the oil and gas market will improve or stay stable in the next twelve months. Among the companies that are seeking business, 74% are considering transaction of less than $250 million.
According to Ernst & Young, in the last three years growth was the main strategic agenda of the oil and gas companies. But the current survey shows that the focus is now on the optimization of the portfolio and risk management in the economic environment.
The majority of the executives, 63%, declare to be dedicated to cost cutting and improvement of operational efficiency, besides acquisition planning for next year. ■