Businesses and lenders in the upstream oil and gas sector will have to work hand in glove in the coming months in what promises to be one of the toughest years faced by the industry in recent times, according to professional services firm KPMG.

The continuing slide in the price of crude, the cancellation of billions of dollars of upstream capex, the lifting of sanctions on Iran, and bearish forecasts for global economic activity and demand for oil in recent weeks have all further unsettled investor and lender confidence in the sector.

Tags: KPMG