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the dynamics of the oil and gas industry

and the dynamics of the oil and gas industry are evolving

The oil and gas industry has been traditionally characterised by long-lead times projects with predictable production profiles. Yet as a result of the shale revolution in the United States this trend is changing and the industry is re-thinking the way they choose, execute and manage projects. Furthermore, investment in conventional assets (responsible for the bulk of supply) remains focused on expansion of existing projects rather than developing new sources of production.

Moving forward, the overall balance of market supply will be given by combination of conventional activities (which respond slowly) and unconventional projects (which respond to market conditions in a much more rapid way) suggesting the possibility of more volatility ahead in the markets.Share of upstream oil and gas investment by asset typeOnshore conventionalOffshore conventionalShale/tight oil