OIL PRICES MAY not be at 2008 levels but they are strong and are likely to remain so for some time. E&P budgets are rising across the globe. Continuing moves into offshore oil production and the growing emphasis on unconventional gas sources particularly shale will probably also be long-term trends. The upshot is robust demand for oilfield services. In particular, strong demand in the US, Latin America, South America, the Middle East and West Africa is expected to continue through the balance of 2011 and 2012, says a recent study* from IHS, a global source of information and analysis.
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