| 04 Nov 2009 |
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Deloitte Energy Predictions Report Suggests An Improved State For The Energy And Resources Sector
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November 4, 2009 - DeloitteDeloitte
released today its "Energy Predictions 2010", a perspective on the state of the industry across its various sectors. This is the first of an annual series by DeloitteDeloitte. Highlights from the report include:
- Oil & gas companies - both international oil companies (IOCs) and national oil companies (NOCs) - are expected to face a particularly difficult set of issues in the year ahead. Mergers and acquisitions (M&A) activity is likely to begin to rebound in 2010 and attain pre-recession levels by 2011.
- Power and utilities companies will likely face their own set of issues. The most important of these is the continued rise of the Smart Grid which has the potential to revolutionize the power sector by reducing energy consumption by up to 30 percent and decreasing the need to construct new power plants.
- Renewable energy production will likely heat up in two places synonymous with fossil fuels: the Middle East and North Africa. The geographic and demographic conditions are just right for a new type of renewable energy leadership.
- The shift from decentralized to centralized decision making is likely to increase over the long-term, giving companies an opportunity to exert more control over increasingly complex and costly E&R projects.
Mutasem Dajani, oil and gas partner at DeloitteDeloitte in the Middle East, commented on the report: "While uncertainty about the direction of energy markets will continuously preoccupy any analysis of the industry in the Middle East, it is insight into global trends and challenges that brings an understanding of the changing landscape into better focus."
Paul Navratil, oil and gas consulting partner at DeloitteDeloitte in the Middle East added: "In these times of extreme change and volatility in the energy sector, the need for effective planning is more prevalent than ever. As such, DeloitteDeloitte has begun a new annual report to bring to light the key issues and trends we foresee across the energy industry. Our observations and comments are meant to stimulate the debate across management teams, and provide challenges to consider in your strategic planning process".
To read the full report, please click here.
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About Energy & Resources
The DTT Energy & Resources Group, made up of senior member firm partners and industry-focused professionals from the DeloitteDeloitte network of member firms, provides comprehensive, integrated solutions to the energy sector. These solutions address the range of challenges facing energy companies as they adapt to changing regulatory environments, to political, economic and market pressure, and to technological development. DeloitteDeloitte member firms' in-depth expertise in this dynamic sector serves as an indispensable resource for a significant proportion of the world's largest energy companies. DeloitteDeloitte member firms' Energy and Resource practices are designed to conform to this rapidly changing sector's unique needs; to that end, they offer a complete range of services designed to provide the energy industry with unparalleled service, innovation, and critical thinking.
About Deloitte
DeloitteDeloitte refers to one or more of DeloitteDeloitte Touche Tohmatsu, a Swiss Verein, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of DeloitteDeloitte Touche Tohmatsu and its member firms.
DeloitteDeloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 140 countries, DeloitteDeloitte brings world-class capabilities and deep local expertise to help clients succeed wherever they operate. DeloitteDeloitte's more than 168,000 professionals are committed to becoming the standard of excellence.
About DeloitteDeloitte & Touche (M.E.)
DeloitteDeloitte & Touche (M.E.) is a member firm of DeloitteDeloitte Touche Tohmatsu (DTT) with uninterrupted presence for over 80 years in the Middle East region. DeloitteDeloitte & Touche (M.E.) is among the region's leading professional services firms, providing audit, tax, consulting, and financial advisory services through 26 offices in 15 countries with over 2,000 partners, directors and staff. DeloitteDeloitte & Touche (M. E.) is a 2009 Hewitt Best Employer in the Middle East.
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