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Fresh investment in equipment and jobs points to acceleration in oil and gas sector growth

Posted by Esther Akers on Oct 23, 2013 11:20:00 AM


    

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The oil and gas sector is experiencing a bit of a boom at present, as constant innovation is opening up a whole host of opportunities.

Investment into the market is dramatic, while experts are predicting that companies will spend $106 billion globally by 2017.

Indeed energy sector analysts Douglas Westwood forecast a 54% increase in demand for subsea vessels in the same period.

This would follow the trend towards more complex offshore operations as several companies are securing deals for just such projects.

Darlington subsea company DeepOcean UK is to bring three vessels to market following field developments in recent times that allow for oil and gas operations to be done at deeper levels.

Two of these vessels will be new while the third, the Havila Phoenix, will be on long-term charter.

The latest move follows on from the biggest deal in the company’s history that will see Statoil provide DeepOcean UK with £175 million to carry out necessary inspections, repair and potential maintenance.

This will take place on Statoil-operated fields on the Norwegian Shelf and highlights the direction that the sector is heading in.

Meanwhile, exploratory work in Brazil and African regions is expected to account for upwards of 50% of projected global demand in the coming years.

With vessels needing more deck space, product storage and lifting capability to deal with the evolving pressures of subsea work, it is likely that large scale funding will continue to be poured into the sector.

This provides massive economic benefits alongside job creation in various roles across the sector.

Furthermore, Scottish firm ROVOP has also won a large contract to carry our remote controlled submarine work on North Sea oil and gas projects.

This is set to create 50 jobs as part of a £45 million deal to supply Remote Operated Vessels to Ceona for work projects including the laying of deepwater pipelines.

The bumper contract represents another positive step for the sector which appears to be expanding despite a global recession.

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Topics: Oil news

   

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