US oil and gas bosses are losing their appetite for risk and are worried about rising operating costs as they grapple with the consequences of a tougher, post-Macondo regulatory regime, according to new research.
But the study by GL Noble Denton, a technical service provider to the global energy sector, also shows the vast majority believe America will continue to be a leading investment destination.
The report, Reinventing Regulation: The impact of US reform on the oil and gas industry, provides a snapshot of industry sentiment towards the issue of new regulation being introduced in the US.
It is based on a survey of more than 100 senior oil and gas professionals with operations in America, plus interviews with senior industry bosses, analysts and academics.
The US government is implementing a raft of regulatory measures in the wake of the fatal Macondo incident in 2010, with the aim of transforming the industry’s safety culture.
GL Noble Denton executive vice-president Arthur Stoddart said: “As the new rules continue to come into force over the next two years, the sector will need to adapt to survive in a new climate.”