Confidence for improved margins and higher capital investment has returned to the oil and gas industry this year, according to a group of industry leaders. However in the long-term, the energy sector faces unprecedented challenges that could have a lasting impact for years to come.

The comments were among those made at an exclusive roundtable event held recently in Houston by GL Noble Denton, an independent technical advisor to the industry.

This event followed 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, for which more than 180 senior energy executives across the world were surveyed at the end of 2011.

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