Fossil Fuels Still Attractive Despite Financial Crisis

摘要

Demand for oil and natural gas continues to grow despite the current economic downturn, indicating a positive future outlook for oilfield services, according to a new report by business intelligence expert, GBI Research.The new report shows that, for the most part, the global oilfield services industry has grown exponentially over recent years, witnessing a rapid increase in revenue and advancement in technologies. Increased exploration and production activities have seen the discovery of reserves in new regions, necessitating an expansion in oilfield services.A significant rise in unconventional plays within the North American region has necessitated an increase in the demand for pressure pumping services, which are currently driving the capital expenditure of oilfield services. This will come as a much-needed boost to operators, which may have been affected by the cuts in exploration and production activity following the global financial crisis and Deepwater Horizon incident in the US Gulf of Mexico, which resulted in the implementation of regulatory stringency plans worldwide. Since then, operations have been accelerating, with a steady rise expected until 2016.