It is important to turn positive sentiment into lasting, tangible benefits for the North Sea oil and gas sector.
That is the view of Scott McClurg, head of oil and gas for HSBC’s corporate banking team, who made the comment following the release of a new industry survey by Aberdeen & Grampian Chamber of Commerce, which showed that contractors are becoming more optimistic about their prospects in the UK Continental Shelf.
"It is encouraging to see such positive sentiment coming from oil and gas businesses based in the north-east of Scotland,” McClurg said.
“Part of this can be attributed to underlying confidence around oil prices appearing firmer and more certainty around cash-flow for operators. Progress towards balancing supply and demand and inventory levels is also very encouraging,” he added.
The HSBC representative said the bank is seeing evidence from its customers of improved activity levels, ‘impacting the immediate short-term and medium-term when compared to recent years’.