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3.24

Success Of Oil And Gas Recovery Depends On Several Factors

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Experts agree that 2017 is a recovery year for the oil and gas industry.

At $53 a barrel, the price of West Texas Intermediate crude oil is now double of what it was one year ago, when the downturn hit its low point.

How fast production will go back up depends on several factors, according to John England, Deloitte’s U.S. oil and gas sector leader.

“There’s been a lot of equipment that’s been pulled off the market,” he said. “This is fracking equipment, pressure pumping equipment and in many cases it’s been cold-stacked and it’s not going to go back to work easily any time soon.”

Another question is whether oil companies will be able to bring the lost talent back after the many layoffs in the past two years.

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Written by Florian Martin for HoustonPublicMedia.com

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