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1. What is your view on the outlook for oil & gas industry in 2016?

Fossil fuels of the oil and gas industry would continue to be the dominant energy source for the world. The exploration and production of fossil fuels would continue at concerted efforts in spite of the current oil price scenario, as it has been for decades. The industry has gone through many rounds of ups and downs in the oil prices, and has been resilient enough to weather both the good and not so good times. 2015 appears to be one of the many challenging years the industry has had. We estimate the oil prices to settle around USD50 – USD60 per barrel in 2016. Exploration and Drilling activities would slow down to some extent along with new development projects until further outlook. However, production and maintenance activities would have to continue as these directly impact oil and gas asset performance and asset integrity.

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