LONDON, Jan. 16, 2019 (GLOBE NEWSWIRE) -- Oil and gas producers had a lot to consider in 2018. Turmoil in Venezuela, the re-imposition of US sanctions on Iran and OPEC’s larger than expected production cuts all had a major impact on the market. By limiting global supply, they all helped prop up oil and gas prices.   

Towards the end of the year, however, volatility returned, with price falls observed post-October. In acknowledgement of this up-and-down year, the World Finance Oil and Gas Awards 2018 recognises the companies that chose not to engage in knee-jerk reactions, but rode out price falls by following a measured, long-term strategy.

Many of these businesses adopted a forward-thinking approach by making the investment required to future-proof their operations, even when times were tough. New technologies such as digital twin software, drones and data analytics were all explored by oil and gas firms looking to innovate last year.

Fracking also continued to have a significant effect on the petrochemicals industry in 2018, particularly in the US, where the process was employed extensively to ramp up production levels. As a result, the US is now predicted to overtake Saudi Arabia as the world’s top exporter of oil before the end of the year.

Of course, even a long-term approach cannot overcome all challenges. Disappointing economic forecasts for the year ahead will continue to make life difficult for producers, as will the continued worldwide movement away from fossil fuels.

However, even as green technologies grow in popularity, the oil and gas industry remains a vital driver of global growth. In fact, fossil fuel companies represent some of the biggest investors in renewables. They see opportunities where others see challenges. These are the companies celebrated by the World Finance Oil and Gas Awards 2018.

To see the full list of this year’s winners, pick up the latest issue of World Finance, available in print, on tablet and online now.  

www.worldfinance.com

World News Media is a leading publisher of quality financial and business magazines, which enjoys a global distribution network that includes subscriber lists of prominent decision-makers around the world.

CONTACT INFORMATION
World News Media
Elizabeth Matsangou
Editorial Department
+44 (0)20 7553 4162
elizabeth.matsangou@wnmedia.com