World Finance

World Finance

November 11, 2013 07:30 ET

A Transformative Year for the Oil and Gas Industry

LONDON, ENGLAND--(Marketwired - Nov. 11, 2013) -

The state of the oil and gas markets in 2013 is markedly different to what it was just a few short years ago, and somewhat different to the predictions of many industry analysts.

In 2009, the price of a single barrel of oil stood at $40, a huge shortfall on the pre-financial price of $150 only six months previous. This year's price has leveled out at around $115 as industry developments have seen the means by which fossil fuels are extracted undergo major change. Put another way, 2013 is the year of the shale revolution and the year in which natural gas has emerged as the dominant force in the fossil fuels sector.

In the wake of this transformation, many companies and projects have stood out as examples of how the oil and gas industry has indeed progressed. In light of these changes, we at World Finance are celebrating those who have really changed the face of the industry for the better in our annual Oil and Gas Awards.

Elsewhere in the magazine, World Finance spoke to the CEO of Breitling Oil and Gas, Chris Faulkner about the major trends and developments at large in the ever-volatile oil and gas industry.

The company is well positioned to comment on the industry, having this year seen a 25-year high in US oil production and contributed in large part to a promise of energy self-sufficiency for the US.

Faulkner talks to World Finance about the region's oil and gas prospects, the infamous Bakken Shale site and the ways in which the US government could foster industry developments.

To find out more about this year's Oil and Gas Award winners and read the Breitling Oil and Gas interview in full, see the November-December issue of World Finance, available online and in print now.

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