Slow road back for oil and gas in 2017: Deloitte

2016 was a year of uncertainty for the oil and gas industry, according to John England, US Energy & Resources leader and US and Americas Oil & Gas leader, Deloitte LLP, in a recently released report.

The sustained low prices of 2015 had not resulted in the collapse of the industry as many expected. While the upstream segment bore the brunt of expenditure cuts, the midstream and downstream segments largely held.

Moving into 2017, England shares his perspective on the long-term impacts of the oil and gas downturn. He also shares his outlook for the industry, characterising 2016 as the “year of tough decisions” and 2017 as “the slow road back” – with supply and demand imbalances seemingly tightening towards equilibrium by early 2017, helped by OPEC production cuts even if not fully realised.

For more insights, please refer to the full report here.

By : Deloitte