Scottish Oil And Gas Exports Increase By 4.5% In 2010 - 11
EDINBURGH, Scotland, April 30, 2012 /PRNewswire/ -- Scotland's oil and gas supply chain exports rose by 4.5 percent in 2010-11, according to the latest survey of international activity in the sector, published by Scottish Enterprise (http://bit.ly/ITu5rs) and the Scottish Council for Development and Industry (SCDI).
International sales for the year stood at $12.3 billion, accounting for a record 46.4 percent of total Scottish supply chain sales. In 2002, the international share was 31 percent of total sales, indicating that growth in international markets has been driving growth overall.
Total oil and gas supply chain sales from the Scottish market also increased by 2.1 percent, reaching $26.4 billion.
The survey also found that North America remains the top for Scotland's supply chain exports, with $4.2 billion of sales targeted into this region.
In addition, sales activity from the Scottish oil and gas supply chain was recorded in 100 different countries. Strongest regional growth was in the Australasian market followed by the African region. Greatest growth in the major markets was to Canada and Australia, with markets such as Ghana, India, Brazil and Qatar as the new markets of greatest interest.
The results were published at the same time as a delegation of nearly 50 Scottish companies that are exploring potential global business at this year's Offshore Technology Conference (OTC) arrived in Houston, Texas.
The conference, which is attended by 70,000 delegates and 2,000 exhibiting companies from over 110 companies, represents a huge opportunity for Scottish companies to take advantage of business opportunities at a global level.
Many companies within the Scottish delegation are also using OTC as a platform to introduce new products including: Bowtech's (www.bowtech.co.uk) underwater cameras and imaging equipment, Petrotechnic's (www.petrotechnics.com) sophisticated operational performance and predictive risk software platform, WFS Technologies' (www.wfs-tech.com) underwater wireless modem and datalogger, and the launch of NSL's (www.nsl-aberdeen.com) 3D animation characters that further enhance training and safety demonstrations.
Commenting on the results Scottish Enterprise chief executive Lena Wilson, who is attending OTC with the Scottish delegation, said:
"These results show the huge importance oil and gas continues to play in Scotland, and in particular how our skills and expertise in this area are in increasing demand worldwide. The steady growth in sales at a time of a global economic downturn is particularly encouraging.
"The continuing challenge will be to capitalize on our strengths and build on Scotland's international capabilities - both in the oil and gas industry itself and in the application of our expertise in this area in the fast-growing renewables sector. That's why OTC is such a fantastic opportunity for our companies, enabling them to make new contacts and develop new business opportunities with partners from across the globe."
SCDI Regional Director, Ian Armstrong, said:
"The latest survey results back up the anecdotal perception that Scotland's oil and gas sector has weathered the global downturn relatively well. While recovery in the world economy continued to be slow in 2010 the rising oil price has enabled exploration and production activities to continue across the globe and the Scottish supply chain has been able to maintain growth during this period.
"With data from the International Energy Agency (IEA) predicting a 40% rise in global energy demand by 2035, of which oil and natural gas will continue to be the key components, the export outlook for the Scottish supply chain remains very positive. Anchoring the supply chain in Scotland is critical to gaining maximum economic benefit from these opportunities and to that end the recent announcements in the UK budget regarding an extension of field allowances and greater certainty around decommissioning tax relief is most welcome."
Energy Minister Fergus Ewing said:
"With more than half of the value of the North Sea's oil and gas reserves yet to be extracted these results highlight the fact that oil and gas remain an enormous economic resource for Scotland's long-term benefit. Continued and sustained investment is needed in order to maximize recovery of the remaining 24 billion barrels with a wholesale value of $2.4 trillion.
"The Scottish Government will launch shortly a new strategy developed in consultation with the sector to support the oil and gas industry. By working together within a stable, supportive tax regime to develop Scotland's rich natural resources, we will continue to be the energy powerhouse of Europe.
"And with the powers of an independent nation we can ensure that the next four decades of oil and gas production in Scotland yield even greater benefits than the last four decades."
CONTACT: Jordan Robinson, PH: 1-212-444-7140, Email: firstname.lastname@example.org
SOURCE Scottish Enterprise