From the moment north-east business men and women arrived at Aberdeen Airport to head off to OTC, the positive vibe and buzz hit them and that upbeat mood will increase as this week goes on.
With high oil prices, increased spending and activity, OTC will be bigger than ever before.
There will be more headline-grabbing deals, awards and other good news. The oil and gas industry is in its “golden era”.
The price of crude continues to be stable at around $118 per barrel.
At these levels the oil and gas industry can support strong levels of spending.
Last year, we predicted that operational expenditure and capital expenditure spend would rise by around 18% and this is feeding through into rising revenues and profits for oil services companies.
The UK market is experiencing a new lease of life with significant developments and a boost from the chancellor in the last Budget, which has gone some way to reversing the damage he inflicted in 2011.
The US market has enjoyed new highs in the last 24 months with a pick-up in offshore drilling post Macondo slump and, although the onshore shale gas market is cooling due to low gas prices, the Americans will still be upbeat as the onshore shale investment gets redirected to oil.
As for the rest of the world, the international delegates and exhibitors at OTC will also be in good spirits as activity is strong almost everywhere.
The oilfield service companies will be celebrating the market conditions and making the most of the event to show off their technology and services.
I will be providing a daily recap of events at OTC on my blog on the Press and Journal Energy website.
Colin Welsh is chief executive with Simmons & Co