Contractors Follow Search for New Oil But Middle East Is Still the Work Hub

摘要

Prophecies of supply, disruption and price volatility in the global oil and gas market proved unfounded in 2003, despite instability in the oil-rich Middle East and other key producing regions. After shedding older properties such as the North Sea and shallow Gulf of Mexico, the new "mega-major" oil companies, formed by the 1990s consolidation wave, now are focusing attention on potentially huge reserves in Africa, Russia, central Europe and Asia. "With the consolidation of the majors, as well as a desire to soften dependence on Middle East supplies, we are seeing a lot of new development around the world," says Houston-based Jim Heavner, president of Fluor Corp.'s upstream oil and gas group. "The biggest piece of our clients' budgets is now in the upstream sector."