Global crisis creating ?new risks for oil and gas sector?

The report is based on interviews with some of the sectors? leading CEOs, analysts, commentators and academics. It shows that there has been a near reversal in the top six of the ten major business risks identified for the sector, compared to last year. Access to reserves was identified as the number one business risk for the oil and gas sector, up from fourth place in 2008; while uncertainty around energy policy moved up from sixth to second position, followed by a new entrant in third place ? price volatility. Languishing in sixth were human capital deficits, identified as the number one business risk for the sector in 2008, reflecting the easing of hiring pressures in a downturn. ?Events of the last six months have shown how quickly and dramatically market conditions can change,? said Wendy Fenwick, Ernst & Young?s Global Oil and Gas Leader. ?These events have resulted in the need to fundamentally change how businesses act in a new environment. Oil and gas companies need to ensure that their risk management policies and procedures allow them to react and respond quickly to unexpected events,? Fenwick said; Kazinform cites the Arab News. See www.arabnews.com for full version