Oil and gas industry optimistic about growth: survey

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Wednesday, June 1, 2011 at 11:09AM

A new survey of oil and gas companies reveals widespread optimism in the industry regarding the economy and future growth potential. Ernst & Young's Capital Confidence Barometer found that 37 per cent of oil and gas respondents plan to grow "organically" in 2011 by adding projects and properties, while 46 per cent are looking to grow through mergers and acquisitions.

Almost two-thirds, 65 per cent, expressed greater optimism today than they felt last October.

For many respondents, the economic climate remains problematic, causing them to focus on cost-cutting, operational efficiencies and cash flow/liquidity. Most, however, feel that financing will not be a problem for funding major acquisitions and capital projects in the next six months to two years, or at all.

The continuing instability in the Middle East is forcing companies to develop resources outside that region, and companies are responding to the challenge. Economic growth is also driving higher demand for oil and gas worldwide.

* SPECIAL OIL & GAS |

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