Oil and gas industry reports improved business outlook

Oil and Gas UK’s quarterly business confidence index, published today, reveals that the business outlook in the UK upstream oil and gas industry for the fourth quarter of 2010 has recorded the highest score since the survey began in December 2009.

The index for overall industry confidence for the last three months of 2010 measured 63 points, representing an increase of six points over the previous quarter.

A ten-point increase from 61 to 71 was recorded for Exploration and Production companies, with independent operators leading this wave of optimism.

The index provides the overall measure of industry confidence on a 100-point scale, with a higher rating above 50 indicating a positive outlook and a lower rating below 50 giving a more negative standpoint.