A group of European oil and gas industry leaders have expressed heightened confidence in the development of the sector this year, following an impressive start to 2012. However, executives said that success will rely on more than the high price of oil, growth in energy demand or even a recovery in economic conditions.

The comments were made at an exclusive roundtable event held recently in London by GL Noble Denton, an independent technical advisor to the industry. The discussions follow the publication of “Big Spenders: The outlook for the oil and gas industry in 2012”, the second Economist Intelligence Unit report commissioned by GL Noble Denton, which sets the scene for a year of increased investment, according to a survey of more than 180 senior energy executives across the world at the end of 2011.

According to the discussions at the GL Noble Denton roundtable event, oil and gas sector leaders’ confidence in increased investment has continued to grow during the first quarter of this year, thanks to the improved prospects for global economic growth. However, Economist Intelligence Unit Senior Editor Chris Webber warned that a potential further rise in the sector’s confidence might be overshadowed by the risk of ‘black swan’ events such as political conflicts, and major oil and gas accidents.

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