Once-booming petroleum market falters under economic uncertainty

The combined effects of decreasing energy prices, a slumping global economy, and the lingering credit crisis are likely to affect the largest energy and petroleum companies in 2009 and 2010. A decrease in energy prices has led Organization of Petroleum Exporting Countries and oil and gas companies to revise their 2009 expansion plans and may also delay some major projects. A joint venture called Petrofac Emirates LLC is aimed to provide engineering, procurement and construction (EPC) services for onshore oil and gas, refining and petrochemical projects throughout the UAE. The full-field FEED contract involves design and other work for offshore and onshore facilities including pipelines. The companies developing oil-sands deposits in western Canada are aimed to expand production capacity after the oil pricing topped $140 per barrel.