Prices were suffering not only because of the surge in supply but the fall in the percentage increase in demand, said Flanagan, who has been in the industry for 35 years.
For the shale oil sector to break even in the US prices had to be at least US$60 a barrel.
Rigs were being shut down - "Right now there's a lot of equipment going into the barn."
But the need for oil and gas to fuel transport systems and power stations wouldn't go away. As Flanagan sees it the world is addicted to hydrocarbons.
"People like a cold beer in summer and their furnace on in winter," he said.
New Plymouth-based Intergroup provides several oil and gas services, including tank cleaning.
"We've felt the pinch - a lot of major clients [including] STOS (Shell Todd Oil Services) and Vector are not spending the money. It's quite challenging," said business development manager Anthony Vaoga.
But the company has a broad client base - it cleans out dairy tanks and has local government work that still has to be done.
England-based Gardline offers marine mammal monitoring, among other services.
Environmental business development manager Joana Cid Torres said the global company was having to redeploy its ships around the world to chase work. The industry was slowing down in the North Sea but there was work off South America.
Gardline had done mammal observation work last summer off New Zealand and was now confident enough to open an office in Wellington.
