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
"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
"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
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.email@example.com.
SOURCE Scottish Enterprise