Investment Intentions in the Oil & Gas Industry show significant improvements over the next 12 months
By Sylvie MacKenzie, PMP on Feb 06, 2012
According to a recent survey conducted by the Economist Intelligence Unit (EIU) and commissioned by GL Noble Denton, “Big Spenders: the outlook for the oil and gas industry in 2012” there has been significant improvement in a number of key areas around investment intentions over the next 12 months:
- Industry optimism is high and rising up 6% on last year
- Investment intentions are significantly stronger than last year, 63% of Executives plan to invest more or substantially more over the next 12 months.
- Rising operating costs are seen as the key barrier to growth for the second year running, both employees and contractors
- Skills are a growing concern with 34% of respondents identifying it as a top-three issue.
With this in mind it is important that organizations look to manage their project portfolios throughout the Plan, Build and Operate phases, and to support this a solid PPM solution will help them to:
- Ensure the correct investments are selected to provide the highest ROI
- Ensure the most appropriate contractors are selected
- Optimize the correct mix of contractor and employee staff
- Forecast the skills requirements based on current/future projects