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Oil industry warned over impact of downturn

Oil industry  warned over impact of downturn
THE former vice-president for the UK with oil field services giant Halliburton said last night in Aberdeen that the oil industry was used to price-driven "boom and bust" cycles, but the present cycle was totally unexpected.

THE former vice-president for the UK with oil field services giant Halliburton said last night in Aberdeen that the oil industry was used to price-driven “boom and bust” cycles, but the present cycle was totally unexpected.

Mike Bowyer said at the annual dinner of the Energy Institute’s Aberdeen branch: “We are in uncharted territory as we have never seen such a rapid industry downturn accompanied by a recession, a credit crunch and near collapse of the banking system, all at the same time.

“Solvent businesses, both operators and contractors, are finding their banking facilities have been drastically reduced or in some cases withdrawn. Unless the banking system recovers quickly, there are likely to be further business failures.”

Also speaking at the dinner was Sir Robert Smith, MP for West Aberdeenshire, who discussed the importance of the oil and gas industry and how it engaged with government.

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