Rising Energy Demand Drives Global Upstream Oil and Gas Market

Driven by continued strong demand and record high oil prices, the oil & gas industry made robust capital expenditures in automation in 2011. Though oil prices have been in a slump following a period of extraordinary growth and demand has been reined in by the economic downturn, the oil & gas industry still enjoys a favorable investment environment. The upstream segment will continue to see strong project activity. The industry faces some key issues. These include the increasing cost and difficulty of extracting oil from both older developed deposits and from newer non-conventional finds, the shrinking availability of knowledgeable personnel, and a need for real-time production data across the enterprise to enable quick, well-informed business decisions.