Bob Ruddiman, head of energy at law firm McGrigors LLP, who has been closely involved in the Riding the Rapids project, told Energy: "Over the years, we have coped with volatility of the oil price, but never before has it been linked so strongly to a credit crunch and squeeze on capital markets. It's suggested in the survey that oil&gas sector companies have not learned the lessons of past recessions, but I think, this time, it could be different and new business models will emerge."
Slumps may be an important mechanism for assuring the ultimate health of the oil&gas industry, according to a study commissioned by major contractor Petroleum Services Network.
