LONDON -- Access to funding for oil and gas projects is slowly easing, according to David Phillips, an equity analyst with HSBC.

Phillips, speaking at last week's Subsea Europe conference in London, said global project finance across all sectors of the industry is down 50% in the first half of this year on the corresponding period in 2008. Oil and gas was the worst hit -- down 78% in this period --with the sector raising less in funds than renewable energy.

So far this year, he added, the oilfield services sector had raised $22 billion in funds, and marine services groups around $19 billion. As for operators, the situation should gradually improve over the next couple of years, he predicted, more so for the majors than independents, which may continue to struggle to secure financial support. Full Story...

Posted by claire at November 30, 2009 8:31 AM