Oil and gas industry in Scotland is well positioned for growth

The oil and gas industry in Scotland is well positioned to take advantage of a projected 73% increase in global offshore investment, according to a report

An oil rig in the North Sea
An oil rig in the North Sea

The oil and gas industry in Scotland is well positioned to take advantage of a projected 73% increase in global offshore investment, according to a report.

The rise over five years equates to capital spending of about 614bn US dollars (£393bn), the Global Spends and Trends summary shows.

Energy Minister Fergus Ewing highlighted the figures during a visit to the Offshore Europe conference in Aberdeen.

“Scottish companies are continuing to work together on an international scale in cementing Scotland’s global reputation within the oil and gas sector,” he said.

“Scotland is leading the way in the world of oil and gas and has a clear competitive advantage in this truly global industry. There are huge opportunities open to us from Angola to Brazil and we are determined to make the most of them.

“Decades of experience recovering oil and gas from the challenging North Sea has given Scottish companies the expertise needed for oil and gas production and exploration, expertise which is helping our companies gain contracts in countries around the world.”

As well as capital investment, the report projects that operational expenditure will increase by 55% to a total of 640bn US dollars (£410bn) over the same period to 2017. The report looks at investment by key markets such as North and South America. The Scottish supply chain comprises about 2,000 companies domestically and internationally.

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