Oil and Gas Outlook for 2016’s Fourth Quarter
Akanimo Udofia began his career in the oil and gas industry twenty-five years go. Along this path he handled oil and gas service agreements as a consortium partner at Stolt-Bouygues Offshore for four years. Currently, Akanimo Udofia serves as the managing director of Desicon Engineering Limited. Over the last ten years at Desicon he has overseen the company’s growth from 100 to 4000 employees.
For the remainder of the year, the oil and gas industry can expect a steady increase in demand from the US and Asian markets. In the United States, low oil prices have directly affected the demand for new cars. An increase in auto sales in turn means a further increase in oil and gas demand. Meanwhile, recent changes in policies in the Asian market, such as China’s revised child policy, also mean more opportunities for the industry to grow in the eastern markets.
The low cost of oil also compels the industry to discover more cost-effective methods of production. With alternative sources of energy becoming more viable, the increasing demand for oil and gas may slow. To compete with these alternatives, the industry must keep production costs low.