The 2013 Oil and Gas Business Confidence Report shows that 73 percent of the industry has a positive outlook for company growth in the next six months.

The research, conducted among executives in the global oil and gas industry, also shows that confidence in industry growth is currently at 63 percent and improved operational efficiency, increased sales and customer retention are cited as key drivers of the recent uplift in the global industry.  Additionally, 42 percent of leading executives regard the economic climate to be ‘stable’ and 36 percent regard it as either ‘favourable’ or ‘very favourable’. As a result, increased recruitment activity is predicted internationally, along with more expenditure on marketing activity and facilities development.  Across the board, improved sales and efficiency are top priorities for the near future.

Patrick Phelan, Managing Director of Aquaterra Energy, said: “Aquaterra energy has enjoyed a record year in 2013 and all signs are positive for 2014.  Oil and gas is a buoyant but extremely competitive market; while this report suggests other firms are investing in facilities and marketing, our priorities for the coming year are safety, quality, skills and training, to build on our strengths and secure our future growth.”