News

December 03, 2008

Island Oil & Gas Seeking Quick Wins To Negotiate Gloomy Economic Conditions

A lot of companies are battening down the hatches in readiness for what is shaping up to be a difficult year ahead. Banks are nervous about lending, economies are shrinking and demand for oil is falling. The oil barrel price has sunk US$100 since the summer months.

Island Oil & Gas unveiled its own strategy yesterday to cope with these uneasy conditions, announcing a bundle of measures including asset sales to generate short-term cash, as well as a growing focus on international opportunities in Eastern Europe and North-West Africa.

Island’s CEO Paul Griffiths said independent E&P companies must now learn to live with these “new economic realities” and called on management teams to be “both creative and aggressive” in order to survive.
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