The oil and gas sector is remaining positive as economic expectations improve, a market report from Ernst & Young Global Oil and Gas Centre has revealed.
The report claims that the oil and gas industry is expected to fare better in the year ahead as global economic conditions improve.
“Larger companies in the sector, supported by stronger oil prices and more robust balance sheets, are on the lookout for opportunities to expand their asset base. I believe that more consolidation in the sector is inevitable as larger companies take advantage of the strategic opportunities presented by their junior counterparts,” said David Barringer, Ernst & Young’s Oil & Gas leader in the Middle East.
He added that a number of IPOs are planned for 2010 and if successful, there will be an increase in investment in the sector.
“More consolidation in the sector is inevitable as larger companies take advantage of strategic opportunities,” he concluded.
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