In the past 24 months, the oil & gas industry has experienced the best macroenvironment in more than 20 years. Global demand for crude oil and natural gas is strong, interest rates and cost inflation are low and hydrocarbon prices are at historic highs. Record levels of profitability and cash flow have resulted for large integrated oil companies and other sectors of the oil and gas industry. After years of cautious investment to find new oil and gas reserves, companies are increasing exploration and development, and the oilfield services sector is seeing improved margins. The shift toward natural gas is accelerating in many markets with unprecedented levels of investment in LNG and GTL plants, pipelines and ships for production and transportation of natural gas.
 
Yet oil and gas companies are facing a multitude of  challenges as well as opportunities, including:

• Robust growth in demand for crude oil, natural gas and petroleum products
• Competitive operating environment in all industry sectors
• Challenging regulatory, tax and legal environment
• Increased focus on corporate governance and risk management
• Continuing industry consolidation and asset portfolio rationalization
• International expansion while the direction of globalization is uncertain
• Workforce issues–attracting and retaining people
• Growing international role of state-owned companies
• Conflict, unrest and political instability in several oil exporting countries

With more than 2,500 oil and gas professionals worldwide, our Oil & Gas practice is focused on providing audit and enterprise risk services, tax services, consulting services and financial advisory services to companies in all segments of the oil and gas industry. Our oil and gas industry specialists help our clients develop solutions for capitalizing on the opportunities and managing the challenges.

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