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Message from the CEO - Oct 15

Posted by: Richard Madden
07/10/15
Have we reached the bottom? 

Last month when I put pen to paper for my monthly message the oil price was close to $52/bbl (Bloomberg Energy).  Today we are hovering over $46 after monthly lows of $44. Bruce McCain at Forbes wrote an interesting article at the start of the year - Facts behind the oil collapse. I tend to agree with him that oil price will recover to approx $70/bbl and all being well this will allow major projects to continue.

The last six months have been very difficult but I am pleased to say we were awarded two new projects in September (Exploration in North Africa and a Drilling project here in Abu Dhabi). We have also expanded our specialist PVT and EoS team by hiring Ms. Agata Smigielska. Agata joins Jeff Broad and the PVT team from Schlumberger. 

I will be attending the SPE dinner tomorrow evening on 'Growing the next generation of oil and gas professionals'. The event will be hosted by Ms. Aseel N. Hamoodi (ADCO). Looking forward to hearing what the ADNOC group are doing to capitalise upon the available talent in the industry. It is a great time to hire experienced people and transfer knowledge to the next generation.

All the best for the month ahead,


Richard



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