INDUSTRY REVIEWOIL & GAS


Sarens said it is seeing cashflow-positive companies


showing an interest in pursuing projects that had been


previously taken off the table.


is no guarantee OPEC members will reach a consensus to extend it.” Immediately prior to the events of late


2016, anecdotal reports and recently published research all pointed to a mixed picture across the various sectors of the global oil and gas industry regarding current and short-term future levels of project activity.


Industry assessment One typical logistics industry assessment was delivered by Namir Khanbabi, managing director of the tramp and projects division of worldwide multipurpose heavy lift vessel operator AAL. “We are expecting a slight upward trend in oil and gas industry investment in new projects during 2017, but with oil prices predicted to peak at USD55 a


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barrel in that period any growth will be slow and incremental,” he stated. “Regions that we envisage will show growth over the course of the year are the Middle East, USA and intra-Asia.” Expanding on those observations, he said


the Middle East is continuing to see “substantive investments in oil and gas as well as the petrochemical sector”, the intra-Asia market is “still buoyant” and in the USA “we perceive the recent election of Mr Trump as having a positive impact on the oil and gas sector”. Maximilian Harmstorf, director project


management for ocean carrier Hansa Heavy Lift (HHL), suggested that more generally, while low oil prices have led to upstream projects being pushed aside, there are still


Regions that we envisage will show growth over the course of the year are the Middle East, USA and intra-Asia. – Namir Khanbabi, AAL


January/February 2017 45


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