HOUSTON, April 30 /PRNewswire/ -- The multi-billion dollar global offshore drilling industry is set to grow by 50% over the next four years, according to the latest market intelligence report on the energy industry commissioned by Scottish Enterprise. The report, available by request at the Scottish Pavilion at the Offshore Technology Conference (OTC) in Houston, finds that more than $305 billion worth of investment is planned between 2007 and 2011, compared with the $204 billion over 2002-2006. In addition to increased drilling activity, a greater focus on deeper and more challenging environments in the deep waters of West Africa & Latin America and the harsh conditions of the Arctic Circle will be driving growth in the offshore sector and demand for new technologies and enhanced expertise. "There is clearly going to be an urgent need for new technologies, expertise and training as countries and companies look to tap into the opportunities presented in new waters around the world," said Brian Nixon, director of the energy team at Scotland's enterprise, innovation and investment agency. "Scotland's oil & gas industry has a depth of experience, knowledge and innovative approaches developed to respond to the ever changing, and ever more challenging, conditions for offshore activity," said Nixon. "It is exciting, on the eve of OTC, to see that expertise and the technology developed by Scottish companies in such great demand around the world." The research, conducted by Douglas-Westwood, found much of the market growth will be driven by increased activity into the deep waters of West Africa, Latin America and the Gulf of Mexico. It is expected that deepwater spending will grow from 21% percent of the 2006 global drilling market to 29% by 2011 -- in particular, Africa will account for roughly a third of deepwater expenditure over the next five years. Other significant deepwater growth markets include Latin America & North America. However, growth will not be limited to deepwater, with the shallow water Middle Eastern region to experience market growth from $3billion in 2006 to over $4billion by 2011. "There is excellent work being done in the sector and Scottish companies are very well-regarded internationally for their highly-skilled staff and innovative techniques," said Nixon. "We will be helping them reach potential global customers, meeting a clear market demand for the services and skills they offer." Among the Scottish companies attending OTC are QuickWells, Caledyne; Qserv & Petrowell. For further information or interviews with representatives from the Scottish Government or Scottish companies attending the show, please contact Carol Decker 713-461-2289 or Carol.firstname.lastname@example.org.
SOURCE Scottish Enterprise