| A new report from leading business and financial advisor Grant Thornton UK LLP finds that a prolonged drop in the global oil price is forcing companies in the sector to dramatically reassess and reshape their operations. Based on a survey of senior oil and gas executives, the report finds that 42% have put some plans on hold, while 11% need to raise extra finance or sell existing assets to remain operational.
Moreover, a further 11% suggest they will need to engage in significant financial restructuring before the end of the year. Asked for a prediction on oil prices by the end of the year, a divergence between existing producers and early stage companies was clear, with 63% of early stage respondents predicting the price of oil to be between $55 - $65 per barrel, as opposed to 46% of existing producers who saw the price within this range...............................................Full Article: Source
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