Oil & Gas Industry Business Outlook and Procurement Sales Market Report H1 2016

Press Release   •   May 20, 2016 16:55 EDT


Amid growing market uncertainty, pricing pressures and falling demand, organizations within the oil & gas industry are planning to increase focus on improving operational efficiency, expanding in current market, and strengthening sustainability framework. Mergers and acquisitions are expected to increase within the oil & gas industry with emerging markets such as the Middle East, China, and India offering prominent growth opportunities. Over one-third of oil & gas industry executives indicate average expenditure of less than US$1 million for drilling outfit and tool equipment. Additionally, 50% of global oil & gas industry business executives from large companies expect a surge in capital expenditure on machinery and equipment purchase in H1 2016. Furthermore, large and small companies highlight a decline in revenue contribution towards the oil & gas equipment market within Middle East & Africa from 2016 to 2020.

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Topics Covered in this report

Key Findings

  • Improving operational efficiency and expansion in current market are the top priorities for oil & gas industry executives over the next six months
  • Overall, 52% of executives expect the US to offer a significant boost to the oil & gas industry over the next six months
  • The majority of respondents project a significant increase or increase in M&A activity in H1 2016
  • Market uncertainty, responding to pricing pressure, and falling demand are the pressing business concerns for global oil & gas industry executives
  • The highest percentage of respondents operating in the Rest of the World and Asia-Pacific indicated preference for outright purchase of offshore equipment of respondents, 50% anticipate no change in capital expenditure on offshore equipment within Latin America in 2020


MIR’s Oil & Gas Industry Business Outlook and Procurement Report H1 2016 examines executives’ opinion on the business outlook and procurement activities over April–September 2016. Organizations can know about key business priorities, supplier price variations, changes in capital expenditure, and the key equipment categories with highest revenue contribution to the oil & gas industry. Additionally, it provides information categorized by region and company type.

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What else does this report offer?

  • Key business priorities: examines the oil & gas companies’ important priorities for H1 (April–September) 2016
  • Emerging and developed markets: provides information about key emerging and developed markets that will offer the most growth over H1 2016
  • Change in M&A activity: analyzes oil & gas industry executives’ opinion on changes in merger and acquisition activity globally
  • Business concerns: identifies major business concerns that are likely to impact oil & gas companies
  • Change in capital expenditure: tracks the expected change in capital expenditure both globally and regionally
  • Purchase preferences: analyzing the purchasing behavior towards oil & gas equipment and investment allocations in the oil & gas equipment categories
  • Budget allocation: examining the total procurement budget split between capital expenditure and operating expenditure, and tracking the changes in the budget for 2016 and expectations for 2017
  • Equipment categories: highlights the key equipment categories with the highest revenue contribution to the oil & gas industry from 2016–2020

Reasons to Buy:

  • Highlights key business priorities thus helping oil & gas companies to realign business strategy
  • Develop or adjust business expansion plans by knowing about significant growth offering emerging and developed markets
  • Make changes in procurement budget allocations through procurement budget projections anticipated by executives for April–September 2016
  • Helps to alter investment allocation by understanding key focus areas highlighted by survey respondents during H1 2016
  • Enables organizations to make key decisions on purchase preferences and investments in oil & gas equipment

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