Oil & Gas Industry Business Outlook and Procurement Report H1 2016
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Amid growing market uncertainty, pricing pressures and falling demand, organizations within the oil & gas industry are planning to increase focus on improving operational efficiency, expanding in current market, and strengthening sustainability framework. Mergers and acquisitions are expected to increase within the oil & gas industry with emerging markets such as the Middle East, China, and India offering prominent growth opportunities. Over one-third of oil & gas industry executives indicate average expenditure of less than US$1 million for drilling outfit and tool equipment. Additionally, 50% of global oil & gas industry business executives from large companies expect a surge in capital expenditure on machinery and equipment purchase in H1 2016. Furthermore, large and small companies highlight a decline in revenue contribution towards the oil & gas equipment market within Middle East & Africa from 2016 to 2020.
Scope
• Improving operational efficiency and expansion in current market are the top priorities for oil & gas industry executives over the next six months
• Overall, 52% of executives expect the US to offer a significant boost to the oil & gas industry over the next six months
• The majority of respondents project a significant increase or increase in M&A activity in H1 2016
• Market uncertainty, responding to pricing pressure, and falling demand are the pressing business concerns for global oil & gas industry executives
• The highest percentage of respondents operating in the Rest of the World and Asia-Pacific indicated preference for outright purchase of offshore equipment
Of respondents, 50% anticipate no change in capital expenditure on offshore equipment within Latin America in 2020
Reasons to Buy
• Highlights key business priorities thus helping oil & gas companies to realign business strategy
• Develop or adjust business expansion plans by knowing about significant growth offering emerging and developed markets
• Make changes in procurement budget allocations through procurement budget projections anticipated by executives for April–September 2016
• Helps to alter investment allocation by understanding key focus areas highlighted by survey respondents during H1 2016
• Enables organizations to make key decisions on purchase preferences and investments in oil & gas equipment
Petróleos Mexicanos
Enel Green Power
Abengoa
SNC-Lavalin Group Inc.
Oil and Natural Gas Corporation Limited
Woodside Petroleum Limited
Sempra LNG & Midstream
Sempra Energy
ABB
TransCanada Corporation
Columbia Pipeline Group
Royal Dutch Shell P
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