LAS VEGAS–(BUSINESS WIRE)–Low petroleum prices have forced exploration and production (E&P) companies and oil field service organizations to come up with dramatic new ways to profitably work together. First Titan Corp. (OTCBB: FTTN) has noticed this seismic relationship shift and believes it signals that the service industry is now not only becoming a strong place to invest in, but is also a new market worth exploring.
Some industry watchers are seeing that service companies and E&Ps are developing working partnerships and moving away from adversarial relationships. A major reason is that each now realizes they need the other to survive the current downturn.
As a result, E&Ps and service firms are collaborating more rather than each trying to gain the upper hand in contracts. The new working environment has produced more streamlined operations and this streamlining could ultimately lead to technological advances that will make even this current low-price environment profitable.
“The oil field service industry is stronger than many casual observers think,” said FTTN CEO Sydney Jim. “Firms have developed far-sighted plans that could help them weather the present slowdown. Optimization is the new normal. We believe a strong opportunity exists here that others are missing. We are pursuing possibilities in equipment sales and refurbishment, but we’re also looking at service companies themselves. If we can find a suitable prospect, we’re open to entering this market.”
Market forecasts predict oil field services to grow at a steady 5 percent compound annual rate through 2020.
For more information on FTTN’s oil and gas projects, please visit www.firsttitanenergy.com.
About First Titan Corp.
First Titan Corp., through its wholly owned subsidiary, First Titan Energy, LLC, is committed to the exploration and development of oil and natural gas resources around the globe. The Company continually seeks to partner with energy developers that are pursuing innovative new methods of oil and gas extraction, including the development of new technologies, cleaner methods and unconventional resources.
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