#Oil17: New World Order is the publication’s third annual sector survey.
The exclusive results will be revealed at Energy Voice’s OTC breakfast on Tuesday, May 2 at the Hilton Post Oak.
An expert panel, which will be announced later this month, will debate the findings.
Energy Voice editor Rita Brown said: “Since the collapse of the oil price in mid-2014, markets watched as the Middle East played a defensive price war, new player Iran flexed its oil producing prowess and Brent’s value dropped 75%. The US repealed a 40-year ban on crude exports and Mexico opened its energy borders for the first time in nearly 80 years. It also triggered a milestone OPEC decision to curb oil production rates.
“And while the markets watched, thousands lost their jobs, businesses readjusted their spread sheets and a new sector mantra – ‘Doing business lower for longer’ was born. Then, in late 2016, industry leaders slowly started calling bottom and planning their business around a recovered oil price of $55.
“Not to mention Brexit, Trump and a second Scottish independence bid being re-tabled. All of these social, economic and political factors will play into how effective the offshore sector will be a stabilising itself.
“Our latest research looks to take the industry’s pulse to better understand how 2017 will take shape, including what the sector’s expectations are of the next nine months.”
The research examines regions of growth, sector diversification opportunities and confidence levels.
Last year’s findings pegged the Middle East as the best region to invest in. And a resounding majority said the most important factor for the North Sea was achieving sub $15 operating costs, ahead of new seismic data and diversification of skills.
This year’s survey is supported by headline sponsors law firm Burness Paull and the Greater Beaumont Chamber of Commerce in Texas, and travel sponsor Singapore Airlines.
Burness Paull Oil and Gas partner Jamie Stark said: “The triple layered uncertainty caused by Brexit negotiations, IndyRef 2 and continued oversupply of oil will pose the main challenges for 2017, and there were certainly be an increased focus on technology and more consolidation in the industry throughout year.”
The survey is also gauging whether the sector expects a return to growth in 2017.
However, Mr Stark said it was still too early to call a market shift.
“Growth through new projects and capital investment will only follow when there is demonstrated stability in the oil price,” added.
Mrs Brown added: “The results of this survey have helped form and prompt sector discussion. And with everything the sector has experienced the in the past 12 months I expect these results to provide our most interesting talking points yet.”
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