2012 Russian Oil & Gas Outlook Survey
In 2011, the oil and gas industry saw high oil prices and a steady increase in global energy demand. Global energy demand is still growing and the results of Exxon Mobil’s survey revealed that, by 2040, demand would increase by 30 per cent from countries in the Organization for Economic Cooperation and Development (OECD), including North America and Europe, and by 60 per cent from other countries. The share of unconventional hydrocarbon sources (such as shale formations) will increase. Oil and gas will account for 60 per cent of all energy sources.
At the end of each year, we conduct a survey given to oil and gas company executives to find out their views on the prospects of business development in the upcoming year. The respondents were asked their opinions on industry processes and their expectations during the period from September to November. Both private and state oil and gas company executives took part in the survey.
Given the favourable outlook for hydrocarbon demand, most oil and gas companies plan to expand their core asset portfolios and are preparing to invest in the resources and field development mainly using their own funds for financing.
For most oil and gas companies, the main operational priorities are to improve contractors' performance and optimize logistics.
The companies' expectations of tax regulations are clear – nearly 40 per cent of all respondents said Mineral Extraction Tax (MET) differentiation is the main factor that will favourably affect industry development.
The results of the Deloitte survey can be found below. We hope that the results of our survey are interesting and useful for you.
We would like to thank all those who shared their thoughts on the future of the oil and gas industry with us and we wish our readers all the best for 2012.