"Everyone in the oil industry will suffer"

The consolidation wave within the oil industry will hurt all levels of the supply chain, says the chairman of Oil Gas Danmark at the industry organisation's annual meeting Wednesday.

No one can guarantee their own survival in the oil industry. That was the opening message from the chairman for industry organisation Oil Gas Danmark at its annual meeting, which took place in Copenhagen Wednesday. The meeting was shadowed by a massive fall in the oil price, which has dropped by 50 percent over the last 15 months. Oil companies had already been feeling the burn in their profit margins, but the weakening of their core sales item has pushed the industry into a consolidation mode, as it scrambles to make savings in construction costs and layoffs.

Already a subscriber?Log in here

Read the whole article

Get access for 14 days for free. No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

With your free trial you get:

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
Must contain at least 6 characters
Must contain at least 2 characters
Must contain at least 2 characters

Get full access for you and your coworkers

Start a free company trial today

Sign up for our newsletter

Stay ahead of development by receiving our newsletter on the latest sector knowledge.

Newsletter terms

Front page now

Further reading