In 2013, there might be no supply of oil between the east and west countries. The US will start finding its own fuel for their energy needs and rely less on their imports from Middle East. In this way, Middle East will be able to supply oil to Asian countries, as per the new research report given by Seismic Shifts.
In global oil and gas industry, 2013 is considered as a period of major evolutions. As the global energy demands continue to rise, readily available oil would become scarce and hence the industry would be forced to start exploring new methods in order to extract resources which were completely inaccessible 10 years ago.
In the same period, the Americas would be considered as a suitable destination for investments in oil and gas sector, since US have already overtaken Asia in oil and gas industry, as per the survey made by 400 oil and gas professionals and the data given to Seismic Shifts. The research also reveals that, UK and Norway might be in the top six popular destinations for investments in this industry mainly because of the recent unlocking of the existing oil and gas reserves found in North Sea.
Within the next 10 years, the US is likely to stop relying on foreign oil imports. There would be a significant growth in Latin America and Brazil is likely to become the second most favourable country for investments in 2013, as per the report given by International Energy Agency (IEA).
As per the research made by GL Noble Denton, in global oil and gas industry, companies will have to deal with tighter margins, higher risks, more rigorous regulation and, crucially, tougher contract terms due to which oil and gas professionals will be reduced which is mainly caused because of challenging operating environments in 2013.
Inspite of the exponential increase of shale gas extraction, 44% of respondents say that gas prices will continue to deviate from the oil index and this stability along with the predictions of a steady oil price will help to increase the industry optimism, as per the data given by GL Noble Denton.
Inspite of the positivity shown by the industry, companies must ensure that the strong industry’s confidence will remain the same till the end of the year of 2013. In this period, the operators will have to take some tough investment decisions because of the shift in investment destinations along with the start of innovative projects around the world.