A new day for you, a new day for us
The last thing you need right now is another dreary recitation of industry statistics that show how hard hit the global oil and gas industry has been in the past eighteen months.
The fact is that amazing new technologies over the past two decades have produced a glut of both oil and natural gas. Shale technology, offshore developments in 3,000 metres of water, and new technologies applied to conventional reservoirs have created supply of more oil and gas today than the world consumes.
The industry has endured massive dislocation recently, with lay-offs, a scaling back of capital investment that is unprecedented in percentage terms, and an existential scramble to lower costs. But out of such a time of turmoil come many opportunities.
The industry will emerge leaner, meaner, and more profitable. Operators will adapt new technologies to make E&P much more efficient, including the wide-spread and exciting application of data analytics. Vendors and equipment makers are working on standardisation and their supply chains, all of which is good for the industry.
Gulf Publishing has seized the opportunity to buy Petroleum Economist. On our 100th anniversary, we have become an independent company with headquarters in Houston and offices in London. Our brands cover the entire market: Petroleum Economist for analysis, commentary and reportage; World Oil for the upstream; Hydrocarbon Processing serving the downstream; and Gas Processing in the midstream.
Petroleum Economist is well known for its directional insight, its geopolitical nous and its reading of market trends. Over the years our editors and writers have built up a reputation for tackling big stories in difficult parts of the world, from the ground up.
We at the new Gulf Publishing Company have made a number of forecasts, set to drive the market:
1) The world’s demand will grow for oil and natural gas, and the industry will continue to produce, transport, and process hydrocarbons in ever more efficient and safe ways;
2) The industry will return to profitability and growth;
3) New technologies will increase efficiencies;
4) Petroleum Economist will continue to serve its readers with strategic insight timely analysis, strong reportage, and rich data to allow executives to make the decisions that will restore the industry’s health.
So, dear reader, I thank you for your devotion to Petroleum Economist. As I travel around the world it is always gratifying to hear from readers about the publication, the website and our newsletters, and how the information is interesting, but more importantly, beneficial in their work. I also thank all of the advertisers who support this publication. During our 100th anniversary year, I invite you to dive into Petroleum Economist. Remember, our aim will remain the same: to help you do your job better.
John Royall, CEO
John was interviewed recently for the Houston Chronicle. A press release detailing the management buyout is available here.