LAS VEGAS–(BUSINESS WIRE)–Fresh off the signing of an important letter of intent to explore business opportunities in the oilfield service market, First Titan Corp. (OTCQB: FTTN) is noting one bold prediction that the industry could soon enjoy a welcome rebound.
According to one noted industry analyst, the oil market is showing the first signs of tightening, meaning demand is starting to outpace supply. If this trend holds, the price of crude could rise, leading to expanded budgets for exploration, production and service – a market FTTN wants to enter.
Tudor, Pickering, Holt & Company Managing Director and Head of Macro Research David Pursell said in a video presentation that global crude oil markets are nearly “balanced” after a long period of supply swamping demand. Pursell contends inventory data indicates the market is tighter than the current conventional consensus. As a result, it’s possible the price of oil could rise to as much as $80 a barrel in 2016.
“If this analysis holds, it’s great news for the entire industry,” said FTTN CEO Sydney Jim. “In particular, it’s wonderful news for us as we would be entering the market right as it recovers and is ready to open the spending taps. Purcell’s research warrants additional study and we intend to take it into account as we move forward pursuing opportunities in the midstream services sector.”
Recent forecasts have predicted the oilfield equipment market will top $127 billion by 2020. However, that figure could rise substantially should the oil and gas industry shake its current price slump.
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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