The annual global survey of oil and gas industry has thrown light on the current and expected future scenario of the worldwide Oil and Gas market status.
The truth facing oil and gas industries has changed noticeably over the last year. The industry is facing over-supply and lower prices of oil and gas as a result nearly two-thirds of oil and gas CEOs say their companies are facing more threats to growth than they did 3 years ago.
Although the current scenario for the oil and gas industry doesn’t look very good as it is hit by an economic downturn, 35% of the CEO’s in the conducted survey do anticipate an improved future ahead. Also, when it comes to their own prospects, 29% of oil and gas CEOS are very certain of revenue growth over the next 12 months. As per the detailed survey, looking ahead three years are even more optimistic according to 43% of CEO’s who are very confident of seeing a noticeable growth. While CEOs don’t have control over market factors around global supply or the health of the world economy, they can impact how their company responds to market conditions.
Another important outcome of the survey reveals that many oil and gas companies are relying on joint ventures, strategic alliances and informal partnership to drive cost-efficient ways of operating in the industry. 50% of oil and gas CEOs expect to enter into a new calculated alliance over the next 12 months. Such partnerships are used to access geographic markets, new customers, emerging technologies, as well as to share risk. CEOs say they are ready to work with competitors, or are open to doing so.
In an attempt to achieve the expected growth in the next 12 months, data mining and research along with energy storage technologies are strategically important to the oil and gas industry. These are some of the areas where energy companies are investing, despite tight budgets, to better manage risk and improve operations.
These in depth analysis of the market and drivers help the CEO’s come up with new strategies that help them yield concrete benefits. A comprehensively analysed research data is of utmost value to the oil and gas companies today that shall help them take wise decisions towards the anticipated growth in the near future. Find some of the newly published research reports on energy, environment and power sectors at http://emarketorg.com/cat/energy-environment-and-power/ .