editorial
year's event. OTC 2008 was unmatched in size and scope, and
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s we go to press I am preparing for the trip to the Offshore Technology Conference in Houston. Barring the potential of contracting a case of Swine flu, I'm interested to see the turnout and buzz at this
with the price per barrel heading toward $150 at the time, there was an undeniable feeling of invincibility among the oil majors and the legions of technology providers that work with them. Today is dramatically different from just 12 months ago, with the price per barrel hovering around $50 and the world collectively thrashing its way through a "100 year storm" of financial crisis. The latest forecast for 2009 global oil demand is revised down by 1.0 mb/d, according to the most recent report from the International Energy Agency via its Oil Market Report dated April 10, 2009. Global demand is now forecast at 83.4 mb/d, 2.4 mb/d below 2008. The pace of contraction is close to early 1980s levels, with a growing consensus that economic and oil demand recovery will be deferred to 2010. Even amidst the gloom and uncertainty, however, the subsea technology sector appears to be weathering this storm better than most. There has been much read and said in recent months about the offshore oil and gas industry storing up problems for the future by curbing investment. While the crisis is real and has put many companies in a precarious position in the near term, those that circle the wagons and seek out lucrative opportunities in hot and/or emerging markets, such as Brazil, will be better positioned when the financial picture improves and energy prices resume their march upward, as they undeniably shall.
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Vol. 52 ISSN 1559-7415 USPS# 023-276
No. 4
1 1 8 E a s t 2 5 t h S t re e t , N e w Yo r k , N Y 1 0 0 1 0 tel: (212) 477-6700; fax: (212) 254-6271
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6 MTR
May 2009
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