(BP chief executive, Lord Browne: ‘There are an awful lot of players and I guess the sector will change shape’)
By Russell Hotten, Industry Editor
25 October 2006
Lord Browne, the chief executive of BP, predicted a wave of consolidation in the oil and gas industry as falling prices led companies to re-assess the finances of their exploration and development activities.
Speaking as he unveiled a small rise in the company’s third-quarter net profits, Lord Browne said oil prices would continue downward. “A lot of supply is coming on to the market. We are not suggesting a crash, but more of a moderation.”