In this industry barometer, the EIU focuses on investment prospects, the changing risk environment and the new industry dynamic, where international oil companies and national oil companies are redefining their relationships in developing conventional and unconventional hydrocarbons assets.
Key findings include:
- Industry investment plans remain on track.
- Spending will remain focused on core oil and gas projects, especially given that new reserves are predominantly in tough, deepwater areas.
- Asia is an emerging opportunity for the oil and gas industry, both in terms of demand and supply.
- Natural gas has emerged as a key industry "game changer".
- Regulatory change in the wake of BP's Gulf of Mexico disaster is certain, although the precise impact of this is less clear.
- Smaller oil companies are seen as vulnerable to increased operational risk.
- E&P specialists will need to deal with more complex relationships with national oil companies.
- A new breed of "internationalising" NOCs are increasingly competing in markets outside of their home country.