Interface Consulting Sees Rising OTC Attendance as Energy Industry Indicator Interface Consulting analyzes world oil production levels and price per barrel averages against 30 years of Offshore Technology Conference attendance records
HOUSTON, May 21, 2013 /PRNewswire/ -- Interface Consulting International, Inc., a leading construction and engineering consulting firm, once again helped break attendance records during the 44th annual Offshore Technology Conference held May 6-9, 2013, at Reliant Park. Turnout broke last year's 30-year high with over 104,800 attendees, up from 89,400 attendees in 2012. The sold-out exhibition brought together offshore energy industry leaders from around the world and marked a steady rise in attendance over the past five years. Interface Consulting experts note that the recent rise in attendance levels reflect an upward momentum of interest in marine and offshore production and exploration.
Interface Consulting has assisted energy industry clients since 1986 and has witnessed first-hand the cyclical nature of the oil and gas industry. As attendees of OTC for the past 20 years, Interface Consulting has observed a link between OTC attendance levels and overall activity in the industry.
OTC historical statistics show a sharp fall in attendance levels in 1984 and 1986, which coincided with a significant fall in the price per barrel of oil in the United States. In 1987, OTC attendance levels began a steady and progressive ascent from under 30,000 to current levels over 100,000. Worldwide oil production has increased at a similar pace since experiencing a slump in the early 80s.
For comparison purposes, price per barrel data was determined using the West Texas Intermediate Cushing Crude Oil Spot Price, a benchmark used in the energy industry.
Most notable to consider is oil production and price levels compared to OTC attendance before and after the Great Recession from 2007 to 2009. The data shows a corresponding incline in OTC attendance and annual spot prices from 2005 to 2008, and then a sharp decline in both factors in 2009. The Great Recession, sparked by the US subprime mortgage crisis and financial crisis in 2007 and 2008, hit its lowest level in 2009. According to the National Bureau of Economic Research, the recession ended in June 2009. Since this time, both OTC attendance and annual spot prices have drastically rebounded.
"Looking at the OTC attendance data and the global dependence on oil and gas, I predict a continued increase in OTC interest," said Frank G. Adams, president of Interface Consulting. "It is remarkable to see the correlation between OTC attendance levels and the health of the offshore energy industry as a whole."
Interface Consulting anticipates that its services in construction claims consulting and expert analysis will continue to grow as world oil production continues to necessitate investment, construction, and operation of major offshore projects.
"Although alternative energy sources, such as nuclear, solar, wind, and biofuels, are increasing their market share, the oil and gas industry still dominates the energy marketplace," said Adams. "OTC is an important resource for energy industry stakeholders to stay current on developments in the offshore oil and gas sector, and we are honored to have been part of this state-of-the-art forum for so many years."
About Interface Consulting:
As engineers and construction consultants since 1986, Interface Consulting International, Inc. (www.interface-consulting.com), has provided a wide range of consulting and expert services to the construction- and engineering-related industries in a variety of challenging settings – from the project field to the boardroom and courtroom. Interface Consulting is an authority on construction claims and construction management consulting with experience in more than 40 countries worldwide.
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SOURCE Interface Consulting International, Inc.