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The oil and gas industry privately will admit that due to prevailing low oil prices, they will be needing more than a DOLLAR
Bloomberg has the story how low oil prices is creating a NEW US$1 Billion a Year business in Malaysia, China and Indonesia. Read Below:
Low crude prices that have been hammering oilfield service companies for the past two years might be ready to give a little back.
Sinopec Oilfield Service Corp., Keppel Corp. Ltd. and others will have a chance to fight for $1 billion a year in new business in Asia as the crude crash forces energy producers to decommission aging and unprofitable fields, industry analyst Wood Mackenzie Ltd. said in a new report. More than 600 fields, mostly in China, Australia, Indonesia and Malaysia, could be shut down over the next decade.
The decommissioning represents an opportunity for oilfield service firms to rebuild their business after two years of layoffs and cost-cutting as the crude plunge caused a drop in drilling and exploration, the main activity for these firms. The Bloomberg World Oil & Gas Services Index has dropped 40 percent since the summer of 2014, compared with a 12 percent gain in the S&P 500.
