According to a recent survey conducted by international law firm, Pinsent Masons, 96 percent of senior executives believe the oil and gas industry will recover to peak levels of profitability.
One quarter of the 200 senior executives interviewed expect such profitability to occur within the next three years, despite volatile oil prices.
It was also revealed that 86 percent believe that further acquisition activity will assist future growth, with 60 percent reasoning that new technology is required.
“With up to 22 billion barrels of oil still to be extracted in the North Sea, it is of no surprise that this new Pinsent Masons research study outlines that the UKCS will return to peak profitability, as oil prices recover, in the years to come,” said Peter Strachan, Robert Gordon University’s professor of energy policy.
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