(MENAFN) According to PricewaterhouseCoopers (PwC)'s latest industry report, regional spending, including Bahrain, on oil and gas projects is not expected to change, even as oil prices continue with their global plunge, Gulf Daily News reported.
The report also indicated that 60 percent of the organizations working in the oil and gas sector have spent more than USD1 billion last year, with more than a fifth saying that spending overtook USD5 billion.
Despite the plunge in oil prices, this high level of spending is projected to continue, with over three quarters of these organizations saying that they are expecting spending to rise over the next 12 months and 40 percent expecting spending to increase by more than 25 percent.
"Irrespective of the recent decline in oil prices, there is cause for optimism in the regional oil and gas industry. However, it also brings to sharp focus some issues that need to be addressed as a matter of urgency if the sector wants to deliver on its ambitions. If oil prices remain as they are, or drop further, then the need for efficiency of capital will be even more important," PwC's Middle East leader of energy, utilities and mining said.
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