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Maritime Logistics Professional

May 20, 2011

Industry Professionals Undecided on Future Oil Price

Oil and gas industry professionals are divided in opinion on whether the price of a barrel of oil will exceed $150 by the end of 2011, according to an Industry Snapshot poll conducted by GL Noble Denton at the SPE Offshore Technology Conference (OTC) 2011 in Houston.  52% of participants believed that oil will not exceed $150 per barrel by the end of 2011, while 48% thought it would.

Nearly three quarters (72%) of participants in the research also felt that the industry is not doing enough to avert an impending shortage of technical professionals, while 28% felt the industry is providing enough support to attract future technical talent.

When asked whether post-Macondo regulation is likely to have a negative impact upon their business, nearly two-thirds (61%) of participants in the poll thought that it would, while 39% felt an impending revision of industry regulation following last year's Deepwater Horizon disaster would not cause harm.

John Wishart, President of GL Noble Denton, said: "Our Industry Snapshot poll has provided the opportunity for oil and gas professionals to give their opinion on some of the most important issues facing the sector. The results show that the opinion regarding the future price of oil is split, and that the full regulatory impact of last year's Macondo incident has raised concerns over potential higher operating costs.

"The poll also sends a clear message that the oil and gas sector needs to work together more cohesively to help educate emerging young talent about the benefits of joining the industry."

* 52% of industry professionals polled by GL Noble Denton do not expect a barrel of oil to exceed $150 by the end of 2011

* 72% of participants felt that the industry is not doing enough to avert an impending shortage of technical talent

* 61% of professionals felt that post-Macondo regulation will be harmful to their business


Source: GL Noble Denton

GL Noble DentonJohn Wishartoil and gas professionals