Are folks in the oil & gas area, specially those focussing on international strategy, asset valuation and gas commercialisation, seeing a weakening in this market segment ? We have already seen a string of Capex reduction by big players so is consulting to get the chop next ? What is the likely impact of another 2 quaters at 50$/bbl likely to be specially on NOC demand ?

Going into 09, oil and gas firms will continue to seek operational efficiencies ( BPR etc). They will have less of a tolerance for risky new projects. They will likely continue with investments/committments already made in alternative energy projects, but wont start new alt energy projects.In general, like most forms, they will see belt tightening in 09--no risk taking endevours, just keeping the lights on in the most efficient manner stuff. I dont think they will see many reductions in headcount, but wont hire aggressively either.