The oil and gas industry is now in the midst of “a perfect storm” with low oil prices compounded by a slump in upstream activity and lack of exploration success, DNB Markets managing director Rune Magnus Lundetrae told an ONS conference session in Stavanger.

This has in turn compromised the ability of struggling players to restructure their strained balance sheets as bank and bond lenders shy away from risky investments in the sector given significantly reduced growth prospects.

However,