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Monday, June 29, 2009

Oil firms threatened by global economic crisis, environmental pressure

ABU DHABI — The global energy sector could be harmed by the economic crisis, a report said.   

A leading financial consultant, Ernst & Young, asserted that access to energy reserves has been identified as the leading business risk for the oil and natural gas sector.

In a report, the consultant, based on interviews with leading industry executives, said many companies were hampered by uncertainty over energy policy, including environmental concerns, Middle East Newsline reported.


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"Events of the last six months have shown how quickly and dramatically market conditions can change," Ernst & Young global oil and gas leader Wendy Fenwick said.

"These events have resulted in the need to fundamentally change how businesses act in a new environment. Oil and gas companies need to ensure that their risk management policies and procedures allow them to react and respond quickly to unexpected events."

The third biggest business risk for the oil sector was identified as price volatility. The report said this could threaten development and other plans by energy contractors.



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