Industry confidence returning to oil and gas sector: report

Over 90% of oil and gas professionals believe that the industry will improve or remain the same in the mid to long term, according to the second annual Industry Confidence Report commissioned by the Australasian Oil & Gas Conference & Exhibition (AOG).

The report surveyed 700 oil and gas representatives from senior and operational management, engineers, consultants, contractors and business development managers and found that the current health of the Australasian oil and gas industry was either stable or improving.

The white paper, which will be released to coincide with the opening of AOG at the Perth Convention & Exhibition Centre on Wednesday, also found that 76% of respondents believed exploration would remain the same or improve despite many major projects coming online and fewer large fields actively being sought.

The survey found that increasing investment in new technology and innovation was the highest priority for the respondents’ organisations over the next three years (narrowly followed by increasing collaboration with other industry organisations).

Almost 45% of respondents classified new technology investment as either a high priority or their highest priority, with just 23% considering it a low or non-existent priority.

Renewables were also a prominent talking item amongst respondents with 81% agreeing that the oil and gas industry’s movement into new energy sources (such as renewables, remote energy sources, and alternatives to traditional energy sources and fossil fuels) was a positive move. Only 7% disagreed, with the remaining 12% unsure of the impact. Many respondents noted that becoming involved with and using renewable sources of energy provided future avenues of growth.

“As AOG represents all areas of the business, the Industry Confidence Report is a great gauge of the health of the whole industry across the entire oil and gas value chain,” said Bill Hare, AOG Event Director.

A full copy of the Industry Confidence Report is available for all delegates to download after visiting the event. AOG opens on 13 March 2019. Find out more and register free at www.aogexpo.com.au.

Image: ©iStockphoto.com/HAYKIRDI