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Oil and Gas Sector will become more streamlined in 2010

Middle East : 11 March 2010

David Barringer of Ernst and Young says that the outlook for the oil and gas sector will remain relatively positive during the remainder of 2010. Ernst and Young also believe says that it is during recessionary times that the larger Oil and Gas giants will seek out opportunities to amalgamate many smaller Company’s into their portfolios.

This year it appears that the larger companies are enjoying the benefits of higher oil prices and corresponding improved profits from this improved financial outlook. Due to their increased confidence levels they are now looking to expand once again.

The larger Oil and Gas Companies have been able to weather the bad times better than their smaller competitors who are now becoming enticing prey for the large multinational conglomerates. It is inevitable that the sector is set to become more streamlined as many independent companies are amalgamated into the leading companies. Although this may not be good news for some for the sector as a whole it will lead to renewed confidence in the industry during 2010.

In 2009 there were 837 new deals announced in the Oil and Gas sector and Andy Brogan of Ernst and Young is confident that the figure for 2010 will far exceed this. Statistics for 2008 confirm this current trend as although the overall number of transactions was down by 24% compared to 2008, the total value of oil and gas transactions was up by 10% which indicates there may have been less trading by smaller companies and increased large scale operations.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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