Oil and natural gas, two of the most essential fuels, will continue to account for about 80 percent of the world’s energy demand in the next three decades.
Many projects were put on hold during the recession, are kicking off again and new projects continue to be planned. Global demand for drilling rigs is at an all time high and countries like Libya, Brazil, Iraq and many others, continue to allow foreign companies to flood in. As new fields are developed old fields are coming to the end of their life. Already lots of decommissioning projects are underway in the North Sea and Worldwide. High oil prices mean oil companies can offset the cost of decommissioning while continuing to expand into new areas. New rigs are being ordered, new fields developed, old fields re-visited with new technology and the renewables industry is growing and swallowing up more of the oil and gas workforce as it does. The oil & gas market is going to be full of opportunities. An important fact to know, because it can also boost the business of your company.
The second major challenge in offshore oil & gas is the availability of and increased costs for services across the board, including seismic, drilling, facilities, engineering, procurement, and construction. This too is a function of higher commodity prices, which have driven industry activity to a point that exceeds the service industry’s capacity to respond.
If you are a supplier to the oil & gas industry, we can offer you insight in these opportunities and develop business plans to turn them into real business.
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