Oil, gas firms face 'tough balancing act'

The nation's long-term outlook for energy demand will remain strong, according to an industry report released on Monday.

The energy sector faces a tough balancing act in 2015. It was affected by the plunge in oil prices during the second half of last year, which followed prolonged high output levels amid weakening global demand.

The Outlook for the Oil and Gas Industry in 2015, produced by Det Norske Veritas and Germanischer Lloyd, the world's largest risk management company by revenue, said the rising demand is being driven largely by the central government's Energy Development Strategy Action Plan (2014-20) and increasing urbanization.