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The recent and precipitous decline in oil prices creates both challenges and opportunities for companies involved in the oil & gas markets. Challenges in that the natural tendency is to cut back on investments, layoff staff and retrench until such time that oil prices recover to more economically sustainable levels. Opportunities in that some industry players such as NOCs (national oil companies) will see declining oil prices as a time to invest in acreage and upstream projects that previously were very attractive at a $100/bbl oil price that are now less attractive at $60/bbl but still so given the need to meet long-term energy needs of their respective citizenry. Respol's recent acquisition of Talisman Energy is just but one example of this likely emerging trend.
Future blogs will address additional challenges and opportunities that arise as a result of the rapid and precipitous drop in oil prices; among them will be the increasing awareness and likely action taken by many companies to consider investing more in automation and technologies that will enable them to extract, produce and market hydrocarbons more cost effectively then ever before.