Despite extensive macroeconomic pressures, the outlook for the Middle Eastern oil and gas sector remains positive for 2010, with investment capital returning to the industry.

Such is the conclusion of the latest industry report from Ernst & Young, which reports that capital inflows and a recovery in crude prices will support exploration and production growth throughout the region, although refineries may suffer amid persistently weak demand conditions.

"Larger companies in the sector, supported by stronger oil prices and more robust balance sheets, are on the lookout for opportunities to expand their asset base," said David Barringer, Ernst & Young's oil and gas leader in the Middle East.

He added that the upstream growth seen in 2009 is likely to continue throughout the year, a factor which is likely to an increased investment in oil and gas training programmes as companies look to expand their employee base.

The report also concluded that the oil and gas industry is particularly well-suited to weather further economic storms as it has unparalleled experience in managing market volatility.

Oil and Gas Directory: Training and Development