Monday 28 September 2009

Supply chain looks towards a positive future post-recession

Oil & Gas UK's third breakfast briefing of 2009 on Wednesday 7 October at the Aberdeen Beach Ballroom, will provide valuable insight into the challenges that the world-renowned supply chain operating in the UK has faced over the duration of the economic downturn. Speakers at the event which is sponsored by The Royal Bank of Scotland, will reflect on how the supply chain has responded to these challenges, look towards the future in terms of business prospects at home and abroad, and outline financial issues such as changes to the oil price that may affect the way in which the UK supply chain operates post-recession.

Norman McLennan, Oil & Gas UK's supply chain manager, said: "It has been a challenging environment for many businesses over the last year. In order to realise the compelling case for a long term sustainable supply chain, serving the UK but also as a centre of excellence for export; it is important to examine how the sectors supply chain has coped with challenges such as financial restrictions over the last year, as well as demonstrate the positive way in which businesses can look to the future for opportunities at home, and abroad."

One of the speakers at the event will be Thorsten Fischer, The Royal Bank of Scotland's senior economic advisor, who will discuss factors that will affect the outlook for the oil and gas supply chain such as supply and demand fundamentals, the effect of the oil price, and the global oil and gas infrastructure.

Thorsten Fischer said: "Many observers believe now that the worst of the recession is over and that demand will start growing again. Oil prices will go up further only once the global economy really comes back and demand growth picks up. Because inventory levels are high, upward pressure will be dampened at first. But oil companies in the West have cancelled some oil projects during the downturn and it will take time before new supplies become available. Once demand grows faster than supply, prices will rise."

Also speaking at this event will be Brian Taylor, chief operating officer of KCA Deutag, and Alan Curran, chief executive officer of Wood Group Engineering.

This event presents an excellent opportunity to network with industry colleagues and to be informed of the latest developments in the UK oil and gas sector. To book a place, go to www.oilandgasuk.co.uk

For more information, please call 020 7802 2400.