The study was commissioned by Production Services Network (PSN) and law firm McGrigors and involved several universities in the United Kingdom and North America.

PSN General Manager Australia Matt Gavin said that the study shows the global recession has presented both threats and opportunities for the sector and highlights that those companies who manage the current period successfully will be particularly well placed to capitalise on the economic recovery.

Some of the research findings include:

  • 81 per cent of the companies surveyed had been affected by the global recession, with half either seriously (27 per cent) or badly affected (22 per cent).
  • 47 per cent of interviewees were optimistic about an imminent recovery in the global economy in 2010 and beyond.
  • Access to capital and funding, in terms of securing finance for new developments and for cash flow, remains a challenge across the sector.
  • Companies with a diversified global business had received some protection due to their exposure to economies and industries which had not been heavily impacted by the recession.

The study included in-depth interviews with 31 senior executives, mostly chief executive officers and managing directors, from the major oil and gas companies as well as service providers and financial institutions involved in the sector. The companies involved employ more than 740,000 people in over 130 countries, including Australia, New Zealand and the Asia Pacific region.