Lower oil prices the ‘New Normal’ say CEOs

Industry experts have told the Asia Oil and Gas Conference that companies need to get used to lower oil prices

Lower oil prices are here to stay and the industry will have to make some difficult decisions to succeed in the new price environment, the chief executives of Petronas and ConocoPhillips told delegates to AOGC 2015 on Monday. “This is certainly not the first time the sector is going through a downturn, but it is amongst the most drastic,” Datuk Wan Zulkiflee Wan Ariffin, Petronas’ chief executive, said.  “The outlook is not very rosy. In my view it will be many years before we see prices anywhere near the $100 mark. I think we have underestimated the resiliency of US shale production,” he said. ConocoPhillips’ chief executive Ryan Lance largely echoed that view.  “We see a gradual rise in pr