The existing economic environment is unfavorable for the oil and gas industry, and customer confidence levels remain constant in H1 2016 (January 2016- June 2016). Companies are slightly optimistic about economic conditions in North America due to improvements in the US financial position, accelerating growth in the job market, and increased investments in infrastructure and information technology. Over the next six months the industry would increase its expenditure towards mergers and acquisitions. Moreover, oil and gas companies operating in North America and Europe forecast budget allocation for offshore equipment to remain flat in 2016, compared to 2015. The report Oil and Gas Industry Business Confidence Survey H1 2016 examines executive’s opinion on business environment over January-June 2016. It also highlights existing economic condition, supplier price variations, sales performance, industry and company growth outlook, spending patterns, and key priorities. Additionally, the report includes the trends in the offshore equipment market, analysis of the procurement budget allocations and leading suppliers of offshore equipment.
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Key Finding
Respondents hold a favorable opinion of the current economic climate in Asia and the Middle East, but do not hold a very favorable opinion for both Western and Eastern Europe
Industry competitors are slightly more confident about their company’s growth prospects compared to industry growth prospects in H1 2016 (January-June 2016)
In total, 35% of respondents note that there will be no change in expenditure on information technology in H1 2016
Performance of developing economies and social unrest in countries of operation are identified to be the important concerns for the business executives operating in the Rest of the World region
Oil and Gas industry respondents operating in Europe intend to allocate the majority of their procurement budget towards operational expenditure, both in 2015 and 2016
Points from Table of Contents:
Procurement budget and expenditure outlook
Purchase preferences for offshore equipment
Frequency of investments towards various equipment categories
Procurement of number of pieces of equipment
Average expenditure per purchase
Allocation of investment for equipment purchases
Distribution of procurement budget between capital and operating expenditure
Change in procurement budget expenditure
Variation in offshore equipment budget from 2015 to 2016
Leading suppliers across oil and gas equipment types
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