World energy industry is steadily moving towards stability after the turbulence in recent years. Markets are responding positively to early signs of compliance. Over the near term future, we expect oil prices to remain under pressure despite posing an upward trend in 2017. Most markets will shift towards increased efficiency and low cost oilandgas production. Gas continues to outpace other fuels as a cleaner alternative to coal power and nuclear power. Renewable energy is forecast to witness highest growth rates among all fuels and will become commercial at scales.
Between 2014 and 2016, World conditions continued to challenge the oil and gas industry. In particular, upstream Capex cut downs, economic slowdown in developing nations have impacted major projects. However, the new face of industry is posing several challenges along with opportunities. The industry has always exhibited enormous capacity in difficult times.
Achieving scale and profitability is the most observed trend among leading oil and gas players. Companies are working on scaling up volumes, rebuilding partnerships with contractors, implementing lessons learnt during challenging times. In particular, the upstream industry players are focusing primarily on reducing times and costs involved in project development. Prior to 2012, almost any exploration activity was giving good returns. However, the current scenario is forcing companies to look for the most efficient assets, information and technology.
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