Arshad Matin

President and Chief Executive Officer, Paradigm
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The Road Less Taken: Weathering the Downturn with an Eye on the Future

Posted by Arshad Matin on Jul 6, 2016 3:09:32 PM RSS Share Post

It becomes a vicious cycle. Oil prices drop for an extended season. Oil and gas operators cut budgets and lean on suppliers to contain costs.  According to PWC’s global team of strategists, operator capital spend on the exploration sector alone has dropped 26% since 2014. With operator cutbacks, the cost of R&D is increasingly shifting to suppliers who are already faced with tight margins, and oilfield workforce reductions worldwide reached over 258,000 by early 2016.

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Tags: oil and gas, reservoirs, strategy