Petrofac, the UK oil and gas services company, has not yet seen cancellations from customers because of falling oil prices, Chief Executive Ayman Asfari said on Tuesday. Asfari, speaking on the sidelines of the Oil & Money conference in London, said: "None of the clients so far have come up to say we are cancelling or delaying plans."
He said he was concerned about the overall impact of the credit crisis and lower oil prices on investments and projects in the oil industry. "We strongly believe in (oil's) fundamentals. Decisions should not be made on short-term outlook." Oil has fallen sharply from record highs above $147 hit in July, pressured by weakening demand amid a global economic slowdown due to the financial crisis. North Sea Brent crude futures were trading below $62 a barrel on Tuesday. Many industry officials and analysts have voiced concerns that the plummeting oil price might deter investment and cause delays to some oil projects.