Economic recovery and lower energy prices are expected in the future, but energy industry executives also have a high concern for the security of oil and natural gas supplies, according to a survey conducted this week at Andersen’s 22nd Annual Energy Symposium in Houston.

“Most oil and gas and electric power company executives believe we are entering a new world of energy where industry fundamentals and structures are changing,” said Victor Burk, managing partner of Andersen’s Energy & Utility Practice. “Over the next three years, industry and consumers can expect lower but more volatile prices, increased consolidation and restructuring among companies, higher industry spending to find and deliver energy and a significant impact from new technologies.”

Among the findings, Andersen’s survey revealed the following:

Burk said that the rationale supporting more capital spending may be the confidence in technology, despite heightened security concerns, price volatility and lower available investment capital. “Eighty percent of survey respondents believe technology advances will deliver improved success and lower costs,” he said.

Attendees this week also predicted by a 79% margin the following:

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