Amid a positive outlook for the industry in 2014, senior oil and gas professionals have forecasted tighter monitoring of capex this year, according to new research published by DNV GL, a technical advisor to the oil and gas industry.

While nine in 10 (88%) respondents to the research are confident about the sector, concerns over rising operational costs, a shortage of skilled professionals, and competition from international rivals are causing professionals to focus spending on the projects that will provide the greatest return on investment.

The reports says that the proportion of companies planning to increase investment in new projects has declined by 18% over the past three years, from a high of 63% in 2012 to just 45% in 2014. For the first time since 2011 and the aftermath of Macondo, overall confidence in the oil and gas sector has fallen – although only by 1% – signaling a shift in sentiment.

The findings come from a new research report, “Challenging Climates: The outlook for the oil and gas industry in 2014,” which was undertaken on behalf of DNV GL. The research is based on a survey of more than 430 senior oil and gas professionals and in-depth interviews with more than 20 industry executives.