The presidential elections in the USA, the Brexit and struggling global economics where perhaps the most discussed topics in 2016. Also the number of projects were still declining in 2016 due to the continuous low oil prices and resulted in many lay offs in the global Oil and Gas industry.
But there is light at the end of the tunnel. According to Wood Mackenzie Ltd’s latest report the number of final investment decisions are expected to double in 2017. An increase of E&P spending of 3% to $450 billion in 2017 is also expected, though still 40% below the 2014 level.
With increasing oil prices and increasing global economic growth it seems that 2017 may be the start of better times for the oil, gas and chemical industry. Within 12 months we will know.