New research from DNV GL has highlighted that senior oil and gas executives are split over how to tackle the year ahead. Those who are most confident about reaching their profit targets plan to take a long-term approach to riding cost management, while those pessimistic about hitting their profit targets are more likely to take short-term cost-cutting measures.

A Balancing Act is our fifth annual benchmark study on the outlook for the industry, providing a valuable snapshot of industry confidence, priorities and concerns for the year ahead. It draws on a survey of more than 360 senior oil and gas professionals during the week of 19 January 2015, in addition to in-depth interviews with industry experts.

The report also highlights other important expectations for 2015. These include new approaches to cost control and R&D spending, and shifting trends in the industry's shortage of skilled professionals.

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